Tax Tips

One area that many don’t pay much attention to until the end of the year is tax planning. It’s common to think about what steps can be taken to help reduce the company’s overall taxes before year-end. The good news is since the 4th quarter just started, there are many steps companies can now take to ensure they pay the least amount possible. There are some new opportunities courtesy of the Tax Cuts and Jobs Act of 2017 (tax reform) and a bevy of other strategies as well.

Finding new ways to increase productivity is an essential task for many Georgia business owners Whether it’s refining a manufacturing process, identifying ways to streamline materials and equipment scheduling or reducing the number of steps in the sales process, enhanced productivity is essential to reducing costs and driving profits. Although it can be challenging to identify broad changes that will have a significant impact on the bottom line, there are still opportunities to make small changes. This is especially true of the software applications found in most offices such as Microsoft Word, Excel and even Outlook. There are several shortcut keys and options that make it easier to leverage the various functions and tools often hidden in plain sight.

In May of 2014, a new set of revenue recognition standards were released by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). These two bodies worked together to publish codified guidelines for how companies should report the revenues they earn from contracts with customers.