by | Sep 8, 2014 | Cost Cutting, Income Taxes
My daughter earned about $500 for part-time work this summer. Will she have to file a tax return? She should if the company treated her as an employee. If they instead treated her as an independent contractor, she will not even receive a 1099. The...
by | Mar 29, 2014 | Cost Cutting, Small Business Owners
Paying employee bonuses is a common year-end tax planning choice. Many business owners would rather reward their employees than pay more in income taxes. A few rules to remember: Cash-basis employers should date the check before the end of the year. I...
by | Nov 6, 2013 | Business Profit & Cash Flow Tips, Business Success Series, Cost Cutting, Small Business Owners, Small Business Success Series
If you lease an automobile and use it for your business 100 percent of the time, you can deduct the entire amount of your lease payments. Of course, if you only use the vehicle for business 80 percent of the time, then you can only deduct 80 percent of the...
by | Oct 30, 2013 | Client Question of the Week, Cost Cutting, Small Business Owners, Small Business Success Series
I Started a Home Repair Business. Can I Deduct My Personal Tools and Pickup Truck That I Am Now Using For Business? Yes. You can claim a depreciation deduction for personal assets that are converted to business use. Your basis for...
by | Oct 29, 2013 | Cost Cutting, Small Business Owners, Small Business Success Series
Labor costs are usually the biggest cost item for a service business, and the second biggest cost for a business that sells products. But rarely does the owner make a serious attempt at controlling it. They may work at controlling overtime and...
by | Sep 28, 2013 | Business Profit & Cash Flow Tips, Business Success Series, Cash Flow, Cost Cutting, Small Business Owners, Small Business Success Series
Increasing sales is important to any profit enhancement plan. But cost cutting cannot be left out. If you are operating on a 10 percent net profit margin, a $1 cost reduction is equal to a $10 increase in sales. In order to achieve lower...
