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Although Mexico’s budget for 2019, which entered into effect as of January 1, 2019 does not include any new taxes, there are some changes that should be kept in mind during this fiscal year such as: Elimination of universal offset One of the most significant changes included in the 2019 tax reform is the elimination…

One of the most talked about changes under the Tax Cuts and Jobs Act is the new 20% deduction afforded to qualifying businesses. This deduction applies to income from pass-through entities and may provide a substantial tax benefit to individuals that qualify for the deduction. What exactly is the pass-through business income deduction? The deduction…

Good business owners and managers are always hunting for ways to reduce costs without impacting their companies. You may have heard of companies starting their own insurance company but not have considered it a valid option for your company because of its size. Starting an insurance company to cover business risks can be accomplished by…

Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses. Two still-available tax credits are especially for small businesses…

Work-in-progress (WIP) is a major inventory account for manufacturers, media and film companies, construction contractors, and other entities that enter into long-term contracts. WIP reports help management gauge the profit on each long-term project. To maximize profitability, it’s essential to regularly monitor these reports. What should be included? There are many ways to create WIP…

With so much data flying around these days, it’s easy for a company of any size to get overwhelmed. If something important falls through the cracks, say a contract renewal or outstanding bill, your financial standing and reputation could suffer. Here are four ways to get — and keep — your business data in order:…