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Choosing the right accounting method for tax purposes

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of…

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Trust is an essential building block of today’s websites

When business use of websites began, getting noticed was the name of the game. Remember pop-up ads? Text scrolling up the screen? How about those mesmerizing rotating banners? Yes, there were — and remain — a variety of comical and some would say annoying ways to get visitors’ attention. Nowadays, most Internet users are savvy…

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An FLP can save tax in a family business succession

One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business. A family limited partnership (FLP) can help owners…

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In Memoriam: Edith Bateman

Bland Garvey is saddened to learn of the passing of Edith Bateman.  Edith worked for Bland Garvey for 32 years as a skilled and dedicated employee.  We will miss her spirit and charm.  http://bit.ly/2vSqjOw

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Get SMART when it comes to setting strategic goals

Strategic planning is key to ensuring every company’s long-term viability, and goal setting is an indispensable step toward fulfilling those plans. Unfortunately, businesses often don’t accomplish their overall strategic plans because they’re unable to fully reach the various goals necessary to get there. If this scenario sounds all too familiar, trace your goals back to…

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Do you qualify for the home office deduction?

07/30/2018 Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may still be available to you. Home-related expenses Homeowners know that they…

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Tax Deductions Limited

07/24/2018  Taxpayers win a little but lose a lot in court. A married couple had full time jobs and owned rental properties. The IRS denied several tax deductions related to the properties, including expenses for cleaning, maintenance and utilities. The U.S. Tax Court agreed that the couple wasn’t entitled to thousands of dollars of deductions…

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Tax Reform 2.0

07/25/2018   House Ways & Means Committee Chair Kevin Brady (R-TX) issued a “listening session framework” outlining the main themes of Tax Reform 2.0, the second phase of proposed legislation following enactment of the Tax Cuts and Jobs Act (TCJA). The framework focuses on themes including: 1) making the individual and small business tax cuts in…

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3 keys to a successful accounting system upgrade

Technology is tricky. Much of today’s software is engineered so well that it will perform adequately for years. But new and better features are being created all the time. And if you’re not getting as much out of your financial data as your competitors are, you could be at a disadvantage. For these reasons, it…

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A midyear review should go beyond financials

Every year is a journey for a business. You begin with a set of objectives for the months ahead, probably encounter a few bumps along the way and, hopefully, reach your destination with some success and a few lessons learned. The middle of the year is the perfect time to stop for a breather. A…

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The Financial Perils of Old Age

Failing to properly plan for the costs associated with aging can have dire consequences for the retirement you envision. Larry Swedroe unpacks a resource to help investors navigate the many financial aspects of elder and long-term care. In planning for retirement, most people—and their advisors—consider issues such as: How much savings will be needed to…

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5 Steps to Maximize Your Workday 

Tim Maurer lays out the ways you can sidestep interruptions and productivity detours by focusing your time and energy on doing the work you do best when you’re at your best. Being busy doesn’t necessarily mean you’re getting work done — or doing doing it well. Tim Maurer lays out the ways you can sidestep…

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