Category: SR Glossary
SR Glossary: Basis
What’s your basis in your business? When you own an interest in a partnership or S corporation you may run into issues from time to time regarding “basis”, or simply, how much money you have in the business. Basis can...
SR Glossary: Business Valuation
Every year, thousands of small businesses are bought / sold, and as a small business owner, maybe you have wondered "How much is my business worth? Can I sell it for $xxx,xxx? When is the right time to sell my...
SR Glossary: “Documentation”
One of the first terms you might encounter if you or your company is audited by the IRS is a request for documentation of expenses, or proof of receipts. In years past, this was a simple request, as receipts were...
SR Glossary: Nexus
An increasingly complex tax consideration for companies who operate or sell in more than one state or via online involves the question of nexus, the term used to describe when a business has sufficient presence (direct or indirect) within a...
SR Glossary: Exemption to DoL Overtime Rules
The U.S. Department of Labor and the State of Michigan have regulations which state that an employee shall receive compensation at not less than 1-1/2 times the regular rate at which the employee is employed for employment in a workweek...
How to make gifts to your kids (with strings still attached!)
A common method of providing for education and long-term savings for children by parents is the creation of accounts under the “Uniform Gifts to Minors Act” (UGMA) or the more flexible “Uniform Transfers to Minors Act” (UTMA). This month’s edition...
Taking Aim at the AMT Tax
Over the past ten years a majority of our clients have become subject to a tax that is little known and even less understood: the Alternative Minimum Tax (AMT). The name actually does a good job of explaining what it...
SR Glossary: Document Retention
We all seem to be inundated with documents. They start piling up and we do not know which ones we should keep for documentation purposes and how long should we keep them. There are several types of documents typically generated...
SR Glossary: Tax Deduction vs. Tax Credit
Tax deductions reduce your taxable income. Your tax is calculated on taxable income. Therefore, if you are in the 25% tax bracket, for every $1,000 tax deduction you have you save $250 in tax. Tax credits directly reduce your tax. ...
SR Glossary: Is this person working for me an employee or independent contractor?
We often get asked the question “Is this person working for me an employee or an independent contractor?” The classification can have many affects to the way they get paid and the cost of utilizing their services. For instance, if...
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