Many tax-related limits affecting businesses increase for 2019

A variety of tax-related limits affecting businesses are annually indexed for inflation, and many have increased for 2019. For example, the Section 179 expensing limit has gone up to $1.02 million from $1 million. Also up are the income-based phase-ins for certain limits on the new-last-year Sec. 199A qualified business income deduction for owners of…

Getting wise to the rise of “smart” buildings

If your business is considering upgrading its facility, or moving to or constructing a new one, be prepared to encounter “smart” buildings. A smart building is one equipped with sensors that gather and track information about energy usage. With this data, the building’s energy consumption can be more accurately tracked and regulated to lower costs.…

Do your long-term customers know everything about you?

Most business owners would agree that selling to existing customers is easier than finding new ones. Yet many companies squander potential sales to long-term customers because they don’t create awareness of all their products or services. Learn everything you can about your best customers’ missions, plans and operations. Also, instruct your sales staff to regularly…

6 last-minute tax moves for your business

Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: 1) Postpone invoices. 2) Prepay expenses. 3) Buy equipment. 4) Use credit cards. 5) Contribute to retirement plans. 6) Qualify for the new…

Family businesses need succession plans, too

Those who run family-owned businesses often underestimate the need for a succession plan. But you can’t assume an ownership transition will go smoothly just because everyone involved is family. Some family members may want to continue with the business; others may want to sell it. A thorough succession plan will answer questions about future ownership…