Small businesses can help employees save for retirement, too
- ByPolk & Associates
- Feb, 28, 2024
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Many small business owners believe they can’t afford to sponsor a qualified retirement plan for employees. If this is the case for your company, be aware that there are some relatively inexpensive, simple options worth considering. For example, you could create SEP IRAs for participants. Only the business can make contributions, but you’re free to do so as cash flow allows. And SEP IRAs enjoy a higher contribution limit than 401(k)s. Or you could offer employees SIMPLE IRAs. These allow both the business and participants to make contributions up to a higher limit than participants could with a self-owned IRA. Plus, your contributions are tax-deductible. Contact us for more info.
There still may be time to reduce your small business 2023 tax bill
- ByPolk & Associates
- Dec, 01, 2023
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In the midst of the holiday whirlwind, don’t forget to take steps to cut the 2023 tax liability for your business. There’s still time to implement a few strategies. For example, you can charge expenses normally paid early in the year on your credit card before Jan. 1. That way, you can claim the deduction for 2023 even though you don’t pay the bill until 2024. Are you thinking about purchasing heavy vehicles, equipment, machinery or office equipment early in the new year? Buy them now and place them in service by Dec. 31, and you can deduct 80% of the cost as bonus depreciation. Or take advantage of the Section 179 first-year depreciation deduction, if eligible. Questions? Contact us.
Tips for Creating Better Machine Shop Workflow
- ByPolk & Associates
- Aug, 03, 2023
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These five design factors will help manufacturing operations achieve a more efficient, effective, and sustainable process flow – and promote opportunities for growing the business. Originally posted in American Machinist. Read the full article here! Manufacturing businesses like machine shops, and the supply chains that serve them, have multiple moving parts that can be […]
Unusual Delivery Service Mailing Scam
- ByPolk & Associates
- Jul, 11, 2023
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The IRS and the Security Summit warned taxpayers to be on the lookout for a new scam mailing that tries to mislead people into believing they are owed a refund. The new scheme involves a mailing which comes in a cardboard envelope from a delivery service. The enclosed letter includes the IRS masthead and wording […]
Michigan Sales Tax: Change in Taxability of Delivery & Installation Charges
- ByPolk & Associates
- May, 11, 2023
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If you are doing business in Michigan and either charging to your customers/patients/clients Michigan Sales Tax or paying Use Tax for purchases in the State of Michigan, this article explains a change that the State of Michigan Treasury views the taxability of delivery and installation charges. Effective April 26, 2023 delivery and installation charges are […]
Beware of Scammers
- ByPolk & Associates
- Apr, 03, 2023
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The IRS urges taxpayers and tax professionals to remain vigilant in the face of emails and text scams aimed at tricking people about refunds or tax issues in the second of the 2023 Dirty Dozen tax scams. These messages arrive in the form of unsolicited texts or emails which try to lure unsuspecting victims into […]
Is now the time for your small business to launch a retirement plan?
- ByPolk & Associates
- Jan, 25, 2023
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Is it time for your small business to offer a retirement plan? The federal government is offering incentives for you to do so. The SECURE 2.0 Act, recently signed into law, enhances the small employer pension plan start-up cost tax credit. SECURE 2.0 makes the credit equal to the full amount of creditable plan start-up costs for employers with 50 or fewer employees, up to an annual cap. The previous 50% cost limit still applies to employers with 51 to 100 employees. Also, certain employer contributions for a plan’s first five years now may qualify for the credit, and the act fixes a technical glitch related to multiemployer plans. Contact us for more info.
Commercial Clean Vehicle Credit
- ByPolk & Associates
- Jan, 24, 2023
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For Businesses and tax-exempt organizations looking to purchase new commercial clean vehicles in 2023, you may qualify for the New Commercial Clean Vehicle Credit The credit is offered to Businesses and Tax-exempt organizations There is no limit to the number of credits used by the business The credit is non-refundable The credit can be carried […]
Reinforce your cybersecurity defenses regularly
- ByPolk & Associates
- Nov, 10, 2022
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Unlike the lock to a physical door, which generally protects property for a long time, a business’s cybersecurity measures need to be regularly updated and reinforced. Most cyberattacks fall into two categories: ransomware and social engineering. In a ransomware attack, hackers infiltrate a company’s computer network, encrypt or freeze critical data, and hold that data hostage until their ransom demands are met. Meanwhile, social engineering attacks use manipulation and pressure to trick employees into giving up sensitive data or granting cyberthieves access to internal systems and bank accounts. Be sure to keep your cybersecurity policies, training methods and security measures up to date.
Qualifying Pass Through Entities Tax
- ByPolk & Associates
- Jul, 06, 2022
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On June 14, 2022, the Ohio governor signed into law a workaround for the $10,000 SALT deduction limitation imposed by the Tax Cut and Jobs Act of 2017. Qualifying Pass Through Entities (PTE), including S corporations and partnerships, may elect to pay Ohio income taxes at the entity level beginning in 2022. The election is […]
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