When it comes to growth, businesses have two broad options. First, there’s organic growth — that is, progress made through internal efforts such as boosting sales, expanding into other markets, innovating new products or services, and improving operational efficiency.
Working Capital Management Is Critical to Business Success
Business success is often measured in profitability — and that’s hard to argue with. However, liquidity is critical to reaching the point where a company can consistently turn a profit.
Tax-Saving Moves Businesses Should Consider Before Year End
Now is a good time to consider year-end moves that can help reduce your business’s 2024 taxes. The effectiveness of a particular action depends on the circumstances of your business. Here are several possibilities.
Advantages of Keeping Business Separate From Its Real Estate
Does your business require real estate for its operations? Or do you hold property titled under your business’s name? It might be worth reconsidering this strategy. Separating real estate ownership from the business may be a wise choice, with long-term tax, liability, and estate planning advantages.
Navigating IRS Audits: Essential Preparations for Businesses
The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit rates for large corporations with assets exceeding $250 million.
Businesses Should Stay Grounded When Using Cloud Computing
For a couple of decades or so now, companies have been urged to “get on the cloud” to avail themselves of copious data storage and a wide array of software. However, some businesses are learning the hard way that the seemingly sweet deals offered by cloud service providers can turn sour as hoped-for cost savings fail to materialize and dollars left on the table evaporate into thin air.
3 Areas of Focus for Companies Looking to Control Costs
Cost control is fundamental for every business. However, the location and method of addressing this challenge can change over time based on various economic and logistical factors.
Strategic Planning for Businesses Needs to Include Innovation
When the leadership teams of many companies engage in strategic planning, they may be inclined to play it safe. And that’s understandable; sticking to strengths and slow, measured growth are often safe pathways to success.
Tax Secrets: Optimizing Business Website Expenses
Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted.
However, there are established rules that generally apply to the deductibility of business expenses and provide business taxpayers launching a website with some guidance about proper treatment. In addition, businesses can turn to IRS guidance on software costs. Here are some answers to questions you may have.
Be Aware of the Tax Consequences of Selling Business Property
You should understand the tax implications if you’re selling property used in your trade or business. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, which you have held for over a year.