If you’re a business owner and you hire your child (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money.
The Tax Cuts and Jobs Act changed the rules for business autos. Here are a few highlights.
Despite the prevalence of employers offering Roth 401(k)s, most employees aren’t choosing to contribute to them. If you offer a Roth 401(k) or you’re considering one, educate your employees about the accounts to boost participation.
Landmark PLC, Certified Public Accountants is pleased to announce Senior Accountant Kenny Whitehead has been named to Northwest Arkansas Business Journal’s Fast 15 list.
New revenue recognition standards for contractors seem pretty simple until you start thinking about some of the complexities inherent in construction contracts. Let’s take a look at a couple of key concepts.
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can write off office supplies and certain other expenses.
Errors in allocating contract costs on the job schedule can produce some unpleasant surprises. Sometimes when financial statements are audited according to U.S. generally accepted accounting principles (GAAP), a project that seemed to be profitable can suddenly turn into a loss. In many instances, this is due to the discovery of job-related costs that were not properly allocated to the project.
Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But the government is on the lookout for businesses that classify workers as independent contractors simply to reduce taxes or avoid their employee benefit obligations.
The job schedule can help you do a better job of analyzing and improving your company’s performance, but it is essential that the cost estimates on the schedule be as realistic and accurate as possible.
Entrepreneurs are often unaware that many start-up expenses can’t be deducted right away. You should be aware that the way you handle some of your initial expenses can make a large difference in your tax bill.