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By Jerry Lopatka, Managing Principal

Jerry Lopatka is Dugan & Lopatka’s managing principal. He specializes in business tax planning for privately-held companies and has extensive experience in the areas of corporate tax, LLCs, real estate transactions, and succession planning.  This article appeared in the November 9, 2015, edition of the Daily Herald Business Ledger.

  • Dugan & Lopatka recently announced that four members of the firm received promotions and one member passed the Uniform CPA Exam.

  • Almost any taxpayer who owns commercial real estate can reduce his or her current income tax bill by using cost segregation. Just how much you save in taxes will depend on several variables.  The greater the cost of your property, the greater the potential for current tax savings.

    Any building that was constructed, purchased, or remodeled since 1987 may be eligible for cost segregation. Retroactive tax deductions are available on older buildings without the need to file amended tax returns.

  • A sad and oft-repeated truth is that half of all new businesses fail within the first five years. In fact, all too many fail in their first decade.

    Although many factors contribute to business failure, a common culprit is poor cash management. Farmers, retailers, and car dealers are especially aware of seasonal fluctuations in cash flows. But to some extent, all businesses, large and small, must deal with the uncertainty of fluctuating sales, inven­tories, and expenses. An owner-manager who engages in wishful thinking about profitability, who becomes lackadaisical about money flowing through the business, is often headed for disaster. By endeavoring to smooth out cash fluctuations, prudent managers keep their companies strong throughout the business cycle.

  • At this YE Closing of Your Books, Don’t Forget the New Little GAAP Exceptions for Private Companies.

  • If you own a building you may be overlooking a very important tax deduction that, if applicable, can provide substantial tax savings for your business.

  • Management Not Auditors Mandated to Assess Going Concern Issues

  • business tax climate 2016

    The Tax Foundation recently released its 2015 State Business Tax Climate Index.  Each year the Tax Foundation compiles the Index to rank the 50 U.S. states across more than 100 variables in the areas of corporate income tax, individual income tax, sales tax, property tax, and unemployment insurance tax.

  • Are you like many small business owners?  Are you too reliant on a single customer or supplier for much of your business?  If you're in that position, you're taking a big risk.  Just as the old adage says, don't put all of your eggs in one basket. You should have a well-diversified portfolio of customers and suppliers.

  • When it comes to taxes, being self-employed has some advantages. Whether you work for yourself on a full-time basis or just do a little moonlighting on the side, the government has provided you with a variety of attractive tax breaks.

  • What does "escheat" mean?  If you are like me, you have never heard of the word, let alone know what it means.  The Merriam-Webster dictionary defines escheat as "the reversion of lands in English feudal law to the lord of the fee when there are no heirs capable of inheriting under the original grant."   Ok great, but what does this mean to me, a business owner today?  Today. escheat applies to turning over unclaimed property - abandoned property, such as unclaimed security deposits and outstanding accounts receivable credits - to your state government.

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