When it comes to figuring out a company's net profit margin, this calculation gives a business and its financial officers a much better picture of the company’s profitability. Defining Net Profit Margin Net profit margin determines the percentage of revenue that ends...
The tax deadline is days away. But if you’re going to be late in filing, can’t pay all of what you owe, or have the fear that you might be audited, don’t panic! We’ve got you covered with some smart ways to handle these three, potentially scary scenarios. Late Filing...
Do you truly understand your company’s financial statement? Having a strong understanding the three components to your financial statements — the balance sheet, income statement and statement of cash flows — allows you to make wise business decisions. Balance Sheet...
Divorce is expensive. Aside from the emotional toll divorce takes on a family, both the process and aftermath of a divorce can be costly. Below we look at some of the steps people can take to help remove the tax sting out of an already challenging time and arrive at...
The Tax Cuts and Jobs Act (TCJA) made many changes to personal returns. For example, for 2018 through 2025, the personal exemption has been suspended. This will substantially increase taxable income for large families. However, enhancements to the standard deduction...
If you gave money or property to someone as a gift, you might owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Here are eight tips you can use to figure out whether your gift is taxable. Most gifts are not subject to the gift...
Do you have questions about taxes, business planning, strategic planning? You are not alone. McConnell & Jones’ tax team is here to help. What are the IRS Mileage Log Requirements? You can deduct the mileage you put on a personal vehicle for business purposes....
Year End Reminders…. The end of the year is a great time to review your tax situation for any significant changes to report to your tax preparer, and while your last-minute tax move opportunities may be limited, here are a few ideas worth considering: Retirement...
Some experts are predicting that the recent tax legislation will create a ton of new business creation and activity – just not the kind that lawmakers originally intended. These people are predicting a surge in efforts for reclassification and the organization of...
When deciding on a firm’s record retention procedures, it would be wise to consult federal and IRS regulations and state and local government record retention requirements. The IRS generally must assess additional tax within three years after the due date on a return....