How Small Business Owners Can Control Cost Management

Many business owners, particularly small business owners, have an array of responsibilities.  From ordering supplies and making coffee, to meeting with investors and monitoring costs, small business owners wear many hats on a daily basis.

One of our client’s biggest challenges is developing cost management strategies.  When every night, and every morning starts with a to-do list for the day it’s hard to monitor “cost creep.”  Small businesses may have a dedicated bookkeeper entering data, but they don’t typically have the time or background to analyze information and understand when and where your costs are rising.   However, business owners often struggle with the battle of hiring a full time Controller and/or CFO to manage both fixed and variable expenses, vs. taking on the responsibility themselves.

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Planning for 2018 - Itemizing vs. Taking the Standard Deduction

What does the 2017 vs 2018 standard deduction look like?

Filing Status

2017 Tax Year

2018 Tax Year (new tax law)

Single

$6,350

$12,000

Married Filing Joint

$10,700

$24,000

The increase in the standard deduction, and limitations on itemized deductions under the Tax Cuts & Jobs Act (“TCJA”) has many people wondering if 2017 was the final year they will itemize their deductions.   Examples of itemized deductions, taken in prior years, to name a few, include:

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The Internet of Things is Becoming a Concrete Way for the Construction Industry to Operate

The construction industry has been, and continues to be, a key indicator of economic development.  From the Neolithic Age where buildings were made from materials such as bamboo and clay, to the Industrial Revolution with the rise of the steam engine and circular saw, to today, where energy conservation and sustainable development are on the top of everyone’s minds, the construction industry is constantly growing and modernizing to be one of the most flourishing industries across the globe.

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Will Urban Revitalization Come to a Halt Under the Tax Cuts & Jobs Act?

Do you live in Elmira, NY? What about Rochester? Or Buffalo?  The Tax Cuts & Jobs Act's (TCJA) change to IRC Sec. 118 is likely to have a significant impact on the prevalence of urban revitalization efforts in your communities.

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Your March Madness Bracket Might Cost You More than the Buy In at Tax Time

March Madness 2018.  The Big Dance is finally here, bringing days of non-stop basketball excitement and often, an office pool or two.  There are a few things we can count on this time of year; first the quick switch of the screen from March Madness games to the Wall Street Journal as the boss walks by, and second, that the co-worker who organized the tournament office pool isn’t going to send you a W-2G detailing your winnings. 

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