Profit Statements: The P&R Blog
Dig out your business plan to plan for the year ahead
Like many business owners, you likely created a business plan when you launched your company. But, as is also often the case, you may not have looked at it much since then. Now that fall has arrived and year end is coming soon, why not dig it out? Reviewing and revising a business plan can …read more.
HSA + HDHP can be a winning health benefits formula
If you’ve done any research into employee benefits for your business recently, you may have come across a bit of alphabet soup in the form of “HSA + HDHP.” Confused? This formula represents an increasingly popular model for health care benefits — that is, offering a Health Savings Account (HSA) coupled with, as required by …read more.
Businesses aren’t immune to tax identity theft
Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity thieves have become more sophisticated, knowing filing practices, the tax code and the best ways to get valuable data. How it works In tax identity theft, a taxpayer’s identifying information …read more.
Cash vs. accrual reporting: Which is right for your business?
Small businesses often use the cash-basis method of accounting. As businesses grow, they usually convert to accrual-basis reporting for federal tax purposes and to conform with U.S. Generally Accepted Accounting Principles (GAAP). Starting this tax year, the Tax Cuts and Jobs Act (TCJA) has increased the threshold for businesses that qualify for the simpler cash …read more.
Carefully Plan Your Future…Especially in Your Sixties
While we should be financial planning for the future our whole lives, many of the realities of retirement become evident in our sixth decade. Before you settle into a retirement routine, tackle one more important task: invest the time to develop a strategy of balancing income, asset sales and distribution timing over the next 10 …read more.