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Blogging Beyond the Numbers

Posted by: Mike Scholz 2 years ago
More than 90 percent of businesses in the United States are family owned, but fewer than 30 percent make it to the second generation. And less than 12 percent make it to the third generation. The key reason cited for failure is that they had a poor - or worse yet - no business succession plan. In fact, recent surveys show that only 30 percent of business owners have a succession plan. Whether yo...
Posted by: Mike Scholz 2 years ago
Many expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into a single year may allow you to exceed this "floor." So now is a good time to add up your potential deductions to date to see if bunching is a smart strategy for you this year. Should you bunch i...
Posted by: Derek Hilst 2 years ago
The Financial Accounting Standards Board (FASB) has issued "Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954)." This is the biggest change to Not-for-Profit (NFP) reporting since 1993. The changes will provide the users of the financial statements with better information about the financial health of an NFP. This standard will affect net asset classifications, liquidity, and financial...
Posted by: Mary Raabe 2 years ago
What is your business worth and why does it matter? Valuations can be used for a variety of reasons including: business sale and purchase price analysis, establishing value for estate and gift taxation, obtaining financing, succession planning, and matters tied to divorce and ownership disputes. In addition, one of the best reasons to obtain a business valuation is to use it as a management tool. ...
Food Donation Deduction
Posted by: Bruce Mayer 2 years ago
Highlights: Food must be given to a food pantry or similar nonprofit organization for feeding the ill, the needy, or infants. The deduction is the cost of the food plus the lesser of: One-half of the gross margin using the normal retail price, or The cost of the food. This makes the maximum deduction equal to twice the cost of the food.  In a food co-op 2a will almost always apply. ...
Posted by: Christin Biermeier 2 years ago
For many nonprofit organizations, the inability to identify upcoming financial challenges mean they are in a constant struggle to fulfill their mission. Early identification of a problem is usually the most efficient way to galvanize an organization's resources to address it.   Undetected and unaddressed, the challenges can grow, and solutions become more costly and time-consuming. For many org...
Business Travel
Posted by: Mike Scholz 2 years ago
If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can you write off? Transportation expenses Transportation costs to and from the location of your business activity are 100% deductible as long as the primary reason for the trip is business rather than pleasure. On the other hand, if vacation is the primary reason fo...
Budget
Posted by: Christin Biermeier 2 years ago
No matter what stage your business is in, it is important to create and manage a budget.  By creating a budget, your business will be able to plan for both future growth and unexpected decline. In today's economy, a business must always be prepared for the unexpected and should never be without a working budget. Why a budget is important Budgets allow a business to create a financial roa...
stack of coins
Posted by: Mike Hablewitz 2 years ago
Many nonprofits would like to create or expand revenue-producing activities in addition to their existing sources of primary financial support. These might include: Membership dues Fundraising events Government, foundation or corporate grants Program service revenue Investment income Rental income Gains from sale of assets or merchandise Tax-exempt revenue Depending on ...
Posted by: Adam Kuczynski 2 years ago
As I’ve been back from the Netherlands for a few weeks now and I think back on my time there, it’s hard to pick a favorite place as everything was unique and great in its own way.  Rotterdam was neat due to the modern architecture, with the new Market Hall being my favorite building.  Dinner with Rene and Fabricio on the ship was a cool experience, as well as taking the water taxi to get there.  Vi...