Smart tax moves in the age of COVID-19

December 1st, 2020

By Mark E. Battersby Given the effects of the coronavirus pandemic on the economy, keeping a specialty fabrics operation’s tax bill low shouldn’t be a problem this year. However, to keep the business’s tax bill low year after year requires planning, and what better place to start than in a troubled tax year? This may […]

Read More

Small business tax prep costs still high

June 7th, 2018

According to The National Small Business Association’s (NSBA) 2018 Small Business Taxation Survey, 63 percent of the 953 small businesses participating in the survey report spending more than $1,000 annually on the administration of federal taxes. The survey also shows that one in three small businesses spend 40 hours each year preparing federal taxes. According […]

Read More

Outside expertise: how to find affordable, professional help when you need it

March 1st, 2018

While most owners of small- and medium-size businesses know the details of their companies intimately, there are often highly technical matters of law, accounting, management and marketing that are best handled by outside experts. Attorneys, accountants, and management and marketing advisers have specialized knowledge about niche areas that few business owners can hope to duplicate. […]

Read More

Recent tax changes

March 1st, 2016

Tax savings from another late law. Once again, lawmakers waited until late in the year to pass another “extenders” bill. The new “Protecting Americans from Tax Hikes (PATH) Act of 2015” retroactively extends quite a few tax-saving provisions, many of them quite narrow in scope such as those for film and theater producers, NASCAR® racetrack […]

Read More

Firm offers free analyses to determine tax credit qualifications

August 1st, 2008

The Research & Development (R&D) Tax Credit is a misunderstood area of the federal tax code, and many companies don’t know they qualify for credits. Paradigm Partners, Houston, Texas, announced in June that the tax-consulting firm would offer free feasibility analyses to determine if companies qualify for the credit—and a bigger tax refund. “Because of […]

Read More

Donating excess inventory benefits businesses

July 1st, 2008

Your business may be sitting on an important tax deduction—and you may not even realize it. The deduction lies in your excess, overstock inventory. By donating that nonmoving merchandise to charity, your company can earn a federal income tax deduction under Section 170 (e)(3) of the U.S. Internal Revenue Code. Regular (C) corporations may deduct […]

Read More

Treaty to stimulate U.S.-Belgian trade

June 1st, 2008

A new treaty signed in December 2007 reduces the tax bite on the estimated 1,200 U.S. companies doing business in Belgium. It reduces double taxation of income, eliminates barriers to trade and investment, and facilitates movement of capital across the two countries’ borders. Bilateral trade between the U.S. and Belgium is valued at $35 billion […]

Read More

Tax savings for ADA compliance

March 1st, 2008

It has been 17 years since the Americans with Disabilities Act (ADA) was signed into law. Although many specialty fabric products businesses still fall short when it comes to making their businesses—and their business premises—ADA compliant, others have used the financial and tax incentives created to help ease the cost of complying with the ADA […]

Read More