Working on a Better Budget in 2013: Five Steps for a Dynamic Approach

Another year, another time to put together a business budget. However, if your business operation has been struggling the last few years, you might do things a little differently this go-round.

In the past, the budget may have hindered managers from doing their jobs and discouraged them from taking risks. This could compromise integrity, distort information and result in bad decision-making. For instance, budgeting based on data that is likely no longer relevant may not reflect where your firm...

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Four Year-End Money-Saving Tax Planning Considerations

As the end of the 2013 tax year approaches, set aside some time to evaluate your situation. Here are some things to keep in mind as you consider potential year-end tax moves.1.     The tax landscape has changed for higher-income individualsThis year, a new 39.6% federal income tax rate applies if your taxable income exceeds $400,000 ($450,000 if you're married and file a joint return, $225,000 if you're married and file separately). If your income crosses that threshold, you'll also be subject...

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This Kind of Goodwill Donation Isn't the Write-Off You Want

Every year, I make a few trips to my local Goodwill store to donate clothes and household items. One of the benefits of making these donations is a personal tax write-off for the value of the donated items.

When business acquisitions occur, another type of goodwill is created — a kind of goodwill that people prefer not to write off. Generally Accepted Accounting Principles (GAAP) require that the amount of purchase price remaining in an acquisition after one has allocated value to all of the...

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Fun Money or Bonafide Business Loss? What you need to know about hobby loss rules

I have worked with many business owners over the years that are always showing losses on their tax returns, year in and year out. Every time I see these kind of results, I bring up the IRS and the "hobby loss" rules (Section 183 of the IRS Code). The IRS and their flagging systems easily detects this activity and word on the street is they are targeting the improper reporting of hobby losses on business owner's tax returns.When an IRS agent is reviewing your business and whether or not it is a...

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Skoda Minotti Announces Fall Speaker Series Schedule

As part of our commitment to delivering on the promise of providing transformational business solutions, Skoda Minotti announces its fall Speaker Series and Aurum Wealth Management events for professionals and interested members of the community.

Our events feature experts-in-the-field covering current and trending financial topics affecting businesses and employees.  Each session is presented free of charge and is open to all. Onsite parking is free and the building is handicapped accessible.

Morn...

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Tax Provisions Set To Expire December 31, 2013

Many tax cuts were permanently extended when The American Taxpayer Relief Act was signed into law this past January.  

However, by year end, many others that were temporarily extended will now expire. These provisions had targeted their purpose to benefit businesses, individuals, charities, energy, community assistance, and disaster relief.Some of the more popular provisions that will expire include: • Accelerated expensing allowances through bonus depreciation and the shorter lives for some...

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How Making a Phone From a Soup Can and a Piece of String Can Help You Save On Your Taxes

Can you hear me now? Similar to the clarity of a soup-can phone, the IRS recently ruled and cited very broad interpretations of "manufacturing" for purposes of the domestic production activities deduction ("DPAD") under IRC Section 199. 

In general, the DPAD deduction allows a company that manufactures products a deduction equal to 9% of manufacturing net income.  So far, sounds great; and just as simple as a soup can phone.

But you may be saying “but wait, I’m NOT a manufacturer of goods or...

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Five Ways to Build Profitability in the New Construction Landscape

Since the economic downturn, construction firms have been constantly adapting to the new industry environment.  Shrinking profit margins, reducing staff, and cutting overhead are just a few examples of ways companies are trying to stay above the line and build profitability.

However, it is important to take a step back and ask yourself, “Does my company operate from a place of ‘disconnect’?”  Meaning, have you given thought to merging the accounting and operations activities of your company to imp...

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Next Mandated Affordable Care Action-Step Only 30 Days Away

Many employers mistakenly believe that all of the provisions of the Affordable Care Act (ACA) were postponed this past July; unfortunately, only the employer mandate that imposed excise taxes on certain employers who did not offer affordable healthcare coverage was delayed. As of the writing of this blog, all of the other provisions of the ACA are to be implemented on schedule. 

The next ACA deadline is October 1, 2013.  This deadline requires all employers to provide their employees...

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Ohio Commercial Activity Tax (CAT) and Private Equity Companies: A Target for Audits

Are you a private equity company or are you owned by a private equity company? How are you currently handling the Ohio Commercial Activity Tax ("CAT") filing requirements? 

Private equity companies are currently the target of Ohio Commercial Activity audits. It has come to our attention that auditors in Ohio have been charged with auditing a minimum of one private equity company a year until all private equity companies have been audited.

Don’t be caught unaware of your Commercial Activity Tax...

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