Recently, the IRS answered the question on many business owners’ minds: Can businesses still generally deduct 50% of the food and drink expenses related to operating their business? The answer, in most cases- Yes! The deduction is allowed so long as: the expense is ordinary and necessary, the expense is not lavish, the taxpayer or […]
Having an associate buy into a company is often one of the most rewarding moments of the selling owner’s career. The Associate buy-in can take many forms, but one method we have advised and highly recommend is a staggered purchase of the following: Initial buy-in of 25% ownership 2nd buy-in at a later, predetermined date […]
No matter where you are with your company – at the start-up phase, still growing, or at full maturity – it’s always important to keep the end in mind. Often, business owners wait too long to begin planning their exit strategies. We recommend using these 5 questions to get the conversation rolling to make a successful departure […]
Too often, business owners are so focused on their company’s financial results that they forget to pay attention to the people who are helping them achieve those results. Use these practices as a way to strengthen the relationship between you and your staff. 1) Diagnose […]
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The new 20% pass through deduc- tion can be a huge tax savings for many small businesses and their families. Get the conversation going now and strategize ways to take full advantage of this deduction! Our Pass Through Deduction Chart will help you focus your unique needs. [custom-button link=”https://granitepeakcpa.com/wp-content/uploads/2018/09/Abbott-Pratt-Blog-Mock-1.pdf”]Download Pass Through Deduction Chart[/custom-button] […]
Make sure to check on the health and wellness of your practice just as carefully as you do your animal patients. At Abbott Pratt, we find it invaluable to lead these ‘check-ups’ for the 40+ animal hospitals we advise across the country. […]
Now is the time to be reviewing year to date earnings and fine-tuning year end income tax planning strategies. No one likes surprises, and as we have seen and discussed with clients, and as this article suggests, many taxpayers can be looking at unexpected liabilities come April 2019. Start the conversation now, so these next […]