Brandon Davis of Davis CPA Group in Joplin, MO, discusses the different types of entities you have available to choose when forming your business. He also discusses the benefits and drawbacks to each. In this video, he covers Corporations, LLCs and Partnerships at a high level. “Hi, I’m Brandon Davis, owner of Davis CPA Group in Joplin, Missouri. Today … Read More
Is Your Business Staying Competitive?
Every business owner launches his or her company wanting to be successful. But once you get your business out there, it usually becomes apparent that you’re not alone. To reach any level of success, you’ve got to be competitive with other similar businesses in your market. Further, you have to find ways to out perform and make your business stand out. When strategic … Read More
Not necessarily a luxury: Outsourcing
For many years, owners of small and midsize businesses looked at outsourcing much like some homeowners viewed hiring a cleaning person. That is, they saw it as a luxury. But no more — in today’s increasingly specialized economy, outsourcing has become a common way to cut costs and obtain expert assistance. It also allows your company to focus on its … Read More
The TCJA Temporarily Expands Bonus Depreciation
There have been several stories in the media of late regarding the new tax law passed by Congress at the end of 2017. Here are some provisions worth talking about for businesses. The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. … Read More
Could an FSA offer the benefits flexibility you need?
Business owners have to make tough choices when it comes to providing benefits to their employees. Many companies, especially newer or smaller ones, may understandably prioritize flexibility and lower costs. Health insurance plans have seen significant cost increases in recent years. All that said, no one wants to get locked into a benefits offering that’s cumbersome to administer and expensive … Read More
Getting around the $25 deduction limit for business gifts
At this time of year, it’s common for businesses to make thank-you gifts to customers, clients, employees and other business entities and associates. Unfortunately, the tax rules limit the deduction for business gifts to $25 per person per year, a limitation that has remained the same since it was added into law back in 1962. Fifty-five years later, the $25 … Read More
Save More for College Through the Tax Advantages of a 529 Savings Plan
With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until they’ll be starting their higher education, is a Section 529 plan. The younger your child the more tax deferred growth they will realize in their … Read More
Are You Paying Too Much Self-Employment Tax?
I often get asked about self-employment taxes, and if there are ways to reduce this cost of doing business with structures that subject taxpayers to this level of tax. Depending on the type of business and a few other factors there may be a solution that allows for a reduction in tax costs. As a review, income that is generated … Read More