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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 […]
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 […]
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. […]
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 […]
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 […]
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 […]
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 […]
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 […]