Devote some time to internal leadership development
Internal leadership development is practiced when owners and executives devote time to mentoring current managers and employees who might one day become leaders. Try these tips: Sit down with current and potential leaders to bolster strengths and address shortcomings. Invite them to meetings they might not otherwise attend, including those with vendors and customers. Get them involved with an industry trade group or local chamber of commerce. When they’re ready, give them real decision-making authority on a project. Contact us for further info and ideas.
Does prepaying property taxes make sense anymore?
Prepaying property taxes has been a popular year-end tax-planning strategy. But does it still make sense? For many, particularly those in high-tax states, it doesn’t. The TCJA made two changes that affect this strategy: 1) nearly doubling the standard deduction, so fewer taxpayers will itemize, and 2) putting a $10,000 cap on state and local tax deductions. If you no longer itemize or you’ve already used up your $10,000 limit (on income or sales taxes or on previous property tax installments), prepaying property tax will provide no benefit. Contact us for details.
When holiday gifts and parties are deductible or taxable
It’s a great time of year for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Gifts to customers are generally deductible up to $25 per recipient per year. De minimis, noncash gifts to employees aren’t included in their taxable income yet are still deductible by you. Holiday parties are fully deductible provided they’re primarily for the benefit of non-highly-compensated employees and their families. If customers attend, parties may be partially deductible. Questions? Contact us.
Catch-up retirement plan contributions can be particularly advantageous post-TCJA
Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your retirement plan contributions can be particularly advantageous if your itemized deductions for 2018 will be smaller than in the past because of changes under the TCJA. The additional contributions can reduce your taxable income and help make up for the loss of some of your itemized deductions. Contact us for more information.
Estimates vs. actuals: Was your 2018 budget reasonable?
If your company created a budget for the 2018 calendar year, you can now compare its estimates to actual results and determine whether it was reasonable, and, if not, how to adjust it to be more accurate for 2019. Estimates often start with historical financial statements. But internal and external factors may merit adjustments. Think about new contracts, major growth moves and regulatory changes. Above all, find the right method of tracking your financials throughout the year so you’re working with up-to-date data. Let us help you through the budgeting process.
How Do We Fix The Manufacturing Skills Gap? Lots Of Ways!
The skills gap is real. But even if we were able to go back to the days of shop classes and home/auto repair “on the job training,” there would still be a gap, since today’s manufacturing environment is so much more technically demanding than what past generations faced. As the above examples show, solutions today must come from a variety of sources (for both funding and training), and provide resources for a variety of wildly differing needs.
Venturing Wisely into Smart Manufacturing
There are always risks for new manufacturing technology programs. To ensure progress, you’ll need to consider five key aspects.
Recreating the Tech Boom of the 20th Century with Advanced Manufacturing
The 21st century is maintaining the rate of innovation in large part thanks to America’s manufacturing scene.
AI In Manufacturing: Ready For Impact
Manufacturers should not wait before addressing these and other AI-related challenges, including the acquisition of skills and expertise. AI may not yet have made a heavy imprint on the sector, but that is certain to change in the foreseeable future.
4 front office billing tips
When the front desk staff does their part, your billing and collections routine gets off to a smart start, and that eventually means more income for your practice.