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    • Cassady Schiller CPAs & Advisors
      May 24, 2019 | Cassady Schiller CPAs & Advisors

      IRS Updates Rules for Personal Use of Employer-Pro...

      The IRS recently announced the inflation-adjusted maximum value of an employer-provided vehicle under the vehicle cents-per-mile rule and the fleet-average value rule. Employers can use the rules to value an employee’s personal use of such a vehicle for income and employment tax purposes. The new…

    • Cassady Schiller CPAs & Advisors
      May 22, 2019 | Cassady Schiller CPAs & Advisors

      Hire Your Children this Summer: Everyone Wins

      If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to:

      Shift your high-taxed income into tax-free o…

    • May 20, 2019 | Thomson Reuters

      The Simple Truth About Annual Performance Reviews

      There are many ways for employers to conduct annual performance reviews. So many, in fact, that owners of small to midsize businesses may find the prospect of implementing a state-of-the-art review process overwhelming.
      The simple truth is that smaller companies may not need to exert a lot of effor…

    • Cassady Schiller CPAs & Advisors
      May 15, 2019 | Cassady Schiller CPAs & Advisors

      Selling Your Home? Consider These Tax Implications

      Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. Freddie Mac reports that the average 30-year fixed mortgage rate was 4.14% during the week of May 2, 2019, while the 15-year mortgage rate was…

    • Cassady Schiller CPAs & Advisors
      May 14, 2019 | Cassady Schiller CPAs & Advisors

      Consider a Roth 401(k) Plan — And Make Sure Empl...

      Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year. A recent study by the Plan Sponsor Council of America (PSCA) found that Roth 401(k)s are now available at 70% of employer plans, up from 55.6% of plans in 2016.
      However, despite the…

    • Cassady Schiller CPAs & Advisors
      May 09, 2019 | Cassady Schiller CPAs & Advisors

      Lean Manufacturers: Reap the Benefits of Lean Acco...

      Standard cost accounting doesn’t necessarily work for lean operations. Instead, lean accounting offers a simplified reporting alternative that generates more timely, relevant financial data. But it’s not right for every situation.
      What’s lean manufacturing?
      Lean manufacturers strive for co…

    • Cassady Schiller CPAs & Advisors
      May 08, 2019 | Cassady Schiller CPAs & Advisors

      What Type of Expenses Can’t be Written Off by Yo...

      If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses.
      Some expenses are detailed in the tax cod…

    • Cassady Schiller CPAs & Advisors
      May 07, 2019 | Cassady Schiller CPAs & Advisors

      Check on Your Refund — And Find Out Why the IRS...

      It’s that time of year when many people who filed their tax returns in April are checking their mail or bank accounts to see if their refunds have landed. According to the IRS, most refunds are issued in less than 21 calendar days. However, it may take longer — and in rare cases, refunds might…

    • Marc Wambaugh
      Apr 30, 2019 | Marc Wambaugh

      Déjà Vu All Over Again

      Déjà Vu All Over Again

      Investment fads are nothing new. When selecting strategies for their portfolios, investors are often tempted to seek out the latest and greatest investment opportunities.

      Over the years, these approaches have sought to capitalize on developments such as the perceived r…

    • Brian Stautberg
      Apr 30, 2019 | Brian Stautberg

      Multi-state Resident? Watch Out for Double Taxatio...

      Multi-state Resident? Watch Out for Double Taxation

      Contrary to popular belief, there’s nothing in the U.S. Constitution or federal law that prohibits multiple states from collecting tax on the same income. Although many states provide tax credits to prevent double taxation, those credits are s…

    • John Eberhart
      Apr 30, 2019 | John Eberhart

      How to Trim the Fat from Your Inventory

      How to Trim the Fat from Your Inventory

      Inventory is expensive, so it needs to be as lean as possible. Here are some ways to trim the fat from your inventory without compromising revenue and customer service.

      Objective inventory counts

      Effective inventory management starts with a physical i…

    • Cassady Schiller CPAs & Advisors
      Mar 28, 2019 | Cassady Schiller CPAs & Advisors

      Still Working After Age 70 ½? You May not Have to...

      If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½. However, there’s an exception that applies to certain plan participants who are still working fo…

    • Cassady Schiller CPAs & Advisors
      Mar 27, 2019 | Cassady Schiller CPAs & Advisors

      Stretch Your College Student’s Spending Money wi...

      If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a dependent tax credit that may be available to you. It’s not as valuable as the child tax credit, b…

    • Cassady Schiller CPAs & Advisors
      Mar 27, 2019 | Cassady Schiller CPAs & Advisors

      An Implementation Plan is Key to Making Strategic...

      In the broadest sense, strategic planning comprises two primary tasks: establishing goals and achieving them. Many business owners would probably say the first part, coming up with objectives, is relatively easy. It’s that second part — accomplishing those goals — that can really challenge a…

    • Cassady Schiller CPAs & Advisors
      Mar 26, 2019 | Cassady Schiller CPAs & Advisors

      The Department of Labor Proposes Updated Overtime...

      The Trump administration has released its long-awaited proposed rule to update the overtime exemptions for so-called white-collar workers under the Fair Labor Standards Act. The rule increases the minimum weekly standard salary level for both regular workers and highly compensated employees (HCEs)….

    • Cassady Schiller CPAs & Advisors
      Mar 26, 2019 | Cassady Schiller CPAs & Advisors

      Five Ways to Give Your Sales Staff the Support The...

      “I could sell water to a whale.”Indeed, most salespeople possess an abundance of confidence. One could say it’s a prerequisite for the job. Because of their remarkable self-assurance, sales staffers might appear to be largely autonomous. Hand them something to sell, tell them a bit about it a…

    • Cassady Schiller CPAs & Advisors
      Mar 14, 2019 | Cassady Schiller CPAs & Advisors

      Automating Your Accounting Department

      Many businesses have adopted robotic process automation (RPA), or plan to do so in the future. While most RPA initiatives target “core” business operations, routine accounting functions also can be automated to help lower costs and allow personnel to focus on higher-level analyses and strategic…

    • Cassady Schiller CPAs & Advisors
      Mar 13, 2019 | Cassady Schiller CPAs & Advisors

      The 2018 Gift Tax Return Deadline is Almost Here

      Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. Filing requirementsGenerally, you must file a g…

    • Cassady Schiller CPAs & Advisors
      Mar 13, 2019 | Cassady Schiller CPAs & Advisors

      There’s Still Time for Small Business Owners to...

      If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2018, and you can make contributions to it that you can deduct on your 2018 income tax return. Con…

    • Cassady Schiller CPAs & Advisors
      Mar 08, 2019 | Cassady Schiller CPAs & Advisors

      Vehicle-Expense Deduction Ins and Outs for Individ...

      It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven for business, moving,…