In many manufacturing plants, a parts room occupies considerable space, uses non-value-added staff and takes employees away from their jobs to get the supplies they need. Typically, if staff members need new gloves or a machine part, they take the old… Read More
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Save Money by Improving Your Purchasing System
Do you ever get an uneasy feeling that your purchasing system is out of whack? Are you concerned that expenditures are being made on your company’s behalf that would never meet with your approval? Finding an agreeable balance within a purchasing system… Read More
Offshoring Relationships: Improve Quality Assurance
In the ever-expanding global economy, nothing about suppliers or distributors can be taken for granted. As illustrated by the numerous high-profile recalls that have occurred, manufacturers outsourcing to foreign countries must maintain quality control in their supply chains. According to the… Read More
Order Entry: Take the Time to Do It Right
Success in a manufacturing/distribution business starts with your order entry system. It’s an expensive proposition to say there’s no time to do things right the first time but always time to redo mistakes over and over again. If you don’t get… Read More
It’s Not Too Late for Some Business Owners to Lower Their 2018 Taxes
Most businesses will owe less tax for the 2018 tax year than they would have under prior law, thanks to changes brought by the Tax Cuts and Jobs Act (TCJA). But have you done everything possible to lower your business tax… Read More
5 Last-Minute Ideas to Lower Your 2018 Taxes
It’s almost Tax Day! But don’t despair; there still may be time to make some moves that will save taxes for your 2018 tax year. Here are five tax-saving ideas to consider. Choose to Deduct State and Local Sales Taxes If you live… Read More
Tax Court Sets Boundaries on Commuting Deductions
Although you usually can’t deduct typical “commuting” expenses from home, you may qualify for a special exception if you’re away working on temporary assignments. But the IRS and the U.S. Tax Court won’t allow borderline deductions, as evidenced by one… Read More
How to report stock compensation paid to nonemployees
The accounting rules for reporting stock compensation have been expanded. They now include share-based payments to nonemployees for providing goods and services, under recent guidance issued by the Financial Accounting Standards Board (FASB). Old rules Under existing U.S. Generally Accepted… Read More
Will leasing equipment or buying it be more tax efficient for your business?
Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s no universal “right” choice, many businesses that formerly leased assets are now deciding to buy… Read More
There’s still time for small business owners to set up a SEP retirement plan for last year
If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2018, and you can… Read More