Mar 28 Why Business Succession Planning Is Important
Your business represents a big part of your wealth. Here's why you need to protect it with a succession plan, so that you can ensure the business retains its value after you're gone. ...
Mar 26 Audits, Reviews and Compilations: A Summary
Financial statements are intended to give you current information on your business's financial standing so you can make more informed decisions. There are three levels of overview you can choose to take — compilation, review or audit — and what you select will have a lot...
Feb 28 Put Your Children on Your Payroll and Reduce Taxes
Putting your children on payroll can help reduce the overall family tax bill and transfer assets to your children without introducing gift tax implications. This post explains the things you need to know to make this work for your family and your business....
Feb 05 Should Rules of Thumb Be Used to Value a Business?
I frequently receive requests to quickly value a business by applying a “rule of thumb”, that is, application of a simple formula to the gross or net income of a business to determine its value. That's a bad idea - this post explains why....
Jan 03 Now Is the Time for Business Succession Planning
According to several national surveys of closely held business owners, approximately three in five do not have any business succession plan in place. At KRS, we specialize in advising owners of family and closely held businesses and our observations are consistent with the survey results....
Dec 28 Time to Send Out Those 1099-Misc Forms
With tax season right around the corner, it’s time to start thinking about closing your books out for the year and preparing all your tax documents. One of the required tax documents you may need to send out is the 1099-Misc. While this can be...
Dec 18 Using Financial Reports to Manage Your Business
Your financial reports can be far more useful than just a report on the state of your business. You can use these reports to manage your business, diagnosis what’s going right and wrong, and set goals for how to grow and add to your bottom...
Dec 04 How to Handle Bad Debt and Taxes
When can you use bad debt to reduce business income? Even when you take the customer to court and you still don't get your money, there's a way to make lemonade from this lemon of a customer. This post explains what bad debt is, and...
Jun 27 R&D Tax Credits for Food & Beverage Companies
Companies operating in the food and beverage industry are constantly facing increased costs in raw materials, fuel, and regulatory changes while trying to keep pricing competitive and gain market share. Rising costs can be related to research and development (R&D), which include developing new products...
Feb 13 New Rules for Deducting Business Meals and Entertainment Under Tax Reform
Prior to the Tax Cuts and Job Acts, a business owner generally could deduct 50% of business related meals and entertainment expenses. Meals provided to an employee on the business premises for the convenience of the employer were generally 100% deductible. The new tax law...