A capitalization policy is used by a business to set a threshold for determining when a asset purchase should be recorded as a fixed asset (and depreciated), or when the expenditure can be expensed in the current year. The IRS has allowed certain businesses with applicable financial statements with written capitalization policies to establish this […]
Gracy’s latest article… By Gracy Olmstead March 15, 2017 We all need opportunities to connect, have fun, and forget politics. There’s no better way than the NCAA March Madness basketball tournament. March is a crazy time of year for an accountant’s family. Associating the month with “madness” seems only natural. My dad would work […]
March Madness: Taxes & Traditions March Madness comes in many forms. We call it “Tax Season” because it is a time of year… each year, and every year… when there is a season of abundance. There is so much work to do before the tax deadline. Like any season of harvest, you try to prepare […]
2016 INCOME TAXES: OBAMACARE & TRUMP’S EXECUTIVE ORDER by Rick Howard, CMA, CPA 2/17/2017 The Affordable Care Act, referred to as “Obamacare”, imposes a penalty for taxpayers who do not have the required health care coverage. President Trump signed an Executive Order directing the authority and discretion to “waive, defer, grant exemptions from, or delay […]
Update… 11/23/2016. Yesterday, a Federal court in Texas put a temporary injunction on the new law. 21 states had been contesting the bill, which was consolidated into a single suit claiming the Department of Labor did not have the authority to make this large change. This action doesn’t reverse law, but only puts the implementation […]
If you wait until April 15th to try and reduce your 2016 income tax, there will be very few things you can do. “If” you qualify, you can make contributions to Retirement or Health Savings account up to the April 15th filing deadline that can be deductions for the prior year’s income, however, most tax […]
Part 1 – How will the increased minimum wage rate impact your business? Many states have, or are considering, increasing the minimum wage rate. As a business owner and/or manager, it is important that you have a clear understanding of the impact that a wage rate increase has on your operations. This is the […]
Part 2 – Managing a Minimum Wage Rate Increase – Increasing Prices, Sales Volume, Cutting Prices, etc. This is the second post in a series of posts relating to dealing with an increase in a minimum wage rate. The first post dealt with estimating the impact that a wage rate increase would have on your […]
Part 3 – Increasing The Minimum Wage Rate: Solution or Problem? Many states have, or are considering, increasing the minimum wage rate. I’ve written two articles to help business owners/managers analyze the impact a wage rate increase (Part 1), and to discuss some of the primary strategies in dealing with it (Part 2). […]
Part 4 – Excel Spreadsheet: Analyzing the Impact of a Minimum Wage Rate Increase FREE EXCEL SPREADSHEET – We have provided an Excel spreadsheet to help you compute the financial impact of the wage increase to your business. Do you have the latest spreadsheet update? Most current spreadsheet is dated: 1/14/2016 WARNING: The […]