Tax Time: Know Your “Tangible Property Regulations”

By Chris Morse There’s a good chance you haven’t heard of the IRS' issuance of tangible property regulations, also known as “repair regulations.” When it comes to tax matters impacting your business, it’s likelier that the Affordable Care Act has received more of your attention. Overlooking the...

How to Succeed in Succession Planning

According to the Family Firm Institute, only 30 percent of family businesses survive into the second generation, and by the third generation, only 12 percent remain viable. There are many reasons why family businesses fail, but all too often, they succumb because the owners neglect...

Tax Strategies for Farmers

Tax Strategies for FarmersWeather-related losses means government assistance programs are available for northern Michigan farmersBy Chris MorseThis year, Michigan Gov. Rick Snyder has requested that the federal government declare certain areas of Michigan, including the Grand Traverse region, a disaster area due to the severe...

BANKING & FINANCE: The Paper Chase

One basic tax planningstrategy is to accelerate deductions to the extent possible. But totake those deductions, you must prove that you're entitled to them.The IRS has numerous rules covering what constitutes appropriatedocumentation for your deductions:Business expensesDeductions for businesstravel and entertainment expenses, business use of cars,...

The early bird gets the tax worm

While most of us are engrossed in completing our 1999 taxes, you may want to get a head start on keeping your 2000 taxes as low as possible. A number of tax provisions change, expire or become effective in 2000 which could impact your business.One...