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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.

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

  • Tax planning for losses is important - so if you think your S corporation will show a loss for 2014, now's the time to plan to make sure you'll get the full tax benefit.  Basis will play a major factor.

  • Management Not Auditors Mandated to Assess Going Concern Issues

  • Fraud can crippling your business.  One o fthe largest forms of fraud is Embezzlement.  Embezzelment often is considered the worst form of fraud because the crime is being committed by a trusted employee.  Embezzelment is a real danger and often goes undetected for long periods of time before discovery.  Some embezzelment never gets detected.

  • 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.

  • Are you starting a new business or new venture and need money to fund it?  You might want to check into an online option known as "crowdfunding."  In simplest terms, crowdfunding means many people (the crowd) give you money to fund your venture in exchange for a reward such as a free copy of your product or a small stake in your new business.  As accountants, we were interested in how to treat this money in terms of tax treatment.  Is it an investment in your business? A gift? Taxable income?

  • 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.

  • Facebook Announces Hashtags – How It Can Help Your Business?

  • For most businesses, the end of a year is a busy time.  It's important that you get your business off to a good start in the new year by closing the books on the prior year and preparing and filing the 1099 forms by the end of January.

  • Almost every business today relies on computers to operate.  When your servers go down, your productivity comes to a screeching halt.  Downtime equals lost profits, employee frustration and inconvenienced customers.

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By Dugan Lopatka - Accountants for Midsize Businesses in Chicago:  CPAs for Small Businesses

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Dugan & Lopatka, CPAs, PC, 104 E. Roosevelt Road, Wheaton, Illinois 60187 -MAP- T: (630) 665-4440 Fax: (630) 665-5030