blog | Bowman & Company, LLP

7 Year-End Tax Planning Moves for Small Businesses

Posted by Bowman & Co on Nov 16, 2018 11:00:00 AM
7 Year-End Tax Planning Moves for Small Businesses

Business owners still have time to significantly reduce their tax bills for 2018. Here are seven year-end moves to consider, taking into account changes included in the Tax Cuts and Jobs Act (TCJA).

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Topics: Construction, Funeral Homes, #BowmanGivesBack, For-Profit Entities

Tax Savings from Cost Segregation Studies Add Up for Businesses

Posted by Bowman & Co on Nov 9, 2018 11:00:00 AM
Tax Savings from Cost Segregation Studies Add Up for Businesses

Has your company invested in buildings this year to rent out or use for business purposes? Real estate investors have used cost segregation studies for many years to lower their tax bills. In a nutshell, these studies divide property into smaller parts, allowing for faster depreciation of certain parts of a building.

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Topics: Construction, Funeral Homes, Not-for-Profits, Government Entities, For-Profit Entities

The NJ Sick leave Law is Going into Effect on October 28, 2018

Posted by Harry P. Wills III, CPA, CGMA, Partner on Oct 26, 2018 1:19:09 PM
The NJ Sick leave Law is Going into Effect on October 28, 2018

I wrote earlier this year (see detailed post here) about upcoming changes to sick leave policy in New Jersey.  Please be advised that the new law goes into effect on October 29, 2018, just a few days from now!  Is your business prepared?

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Topics: Construction, Funeral Homes, Not-for-Profits, Government Entities, For-Profit Entities

Reporting Income from Vacation Home Rentals under Today's Tax Rules

Posted by Bowman & Co on Oct 26, 2018 11:00:00 AM
Reporting Income from Vacation Home Rentals under Today's Tax Rules

Do you own a vacation home that's rented out but also used for a significant amount of time by you personally? Such properties are subject to tax rules that are different from those that apply to properties rented out with minimal personal use. Here's how to optimize your tax results in light of several key changes made by the Tax Cuts and Jobs Act (TCJA).

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Topics: Construction, Funeral Homes, Not-for-Profits, Government Entities, For-Profit Entities

Create an Accountable Plan to Reimburse Employees for Business Expenses

Posted by Bowman & Co on Oct 19, 2018 2:00:00 PM
Create an Accountable Plan to Reimburse Employees for Business Expenses

Did you know that the Tax Cuts and Jobs Act (TCJA) eliminated itemized deductions for employees who incur unreimbursed expenses for company business for 2018 through 2025?

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Topics: Construction, Funeral Homes, Not-for-Profits, Government Entities, For-Profit Entities

Now is the Time to Invest in Opportunity Zones

Posted by Harry P. Wills III, CPA, CGMA, Partner on Oct 17, 2018 11:30:00 AM
Now is the Time to Invest in Opportunity Zones

Are you in the market to open a business in a low-income neighborhood? If so, now is the right time to do it. A tax law enacted in 2017 includes tax breaks for Opportunity Zones, which, according to the IRS, is an economically distressed community where new investments might be eligible for preferential tax treatment.

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Topics: Construction, Funeral Homes, Not-for-Profits, Government Entities, For-Profit Entities

What Does NJ's Individual Mandate Mean for You?

Posted by Harry P. Wills III, CPA, CGMA, Partner on Oct 1, 2018 11:25:51 AM
What Does NJ's Individual Mandate Mean for You?

As a New Jersey business owner, this is important healthcare policy information that you need to know. New Jersey governor Phil Murphy has signed a law requiring all New Jersey residents who don't have health coverage through their employment or a government program (e.g. Medicaid or Medicare) to buy a policy or pay a fee. This provision (known as the individual mandate) is currently part of the Affordable Care Act, which originally imposed the mandate nationwide to make sure that healthy people who might otherwise opt not to buy insurance to share costs. However, the recent tax law removes that mandate at the federal level by 2019. Not so for New Jersey.

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Topics: Construction, Funeral Homes, Not-for-Profits, Government Entities, For-Profit Entities

Gen Z May Change How You Manage Employees

Posted by Bowman & Co on Sep 21, 2018 11:00:00 AM
Gen Z May Change How You Manage Employees

Is your workplace ready for Generation Z? Lately, many demographers and generation-focused marketing experts have been vocal about what they observe in Gen Z, the newest additions to the job applicant pool.

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Topics: Construction, Funeral Homes, Not-for-Profits, Government Entities, For-Profit Entities

There's Never a Bad Time to Review your Internal Controls

Posted by Michael Thilker, CPA, CITP, Manager on Sep 20, 2018 11:00:00 AM
There's Never a Bad Time to Review your Internal Controls

As a small business owner, it can be easy to neglect internal controls in your business. You’re running a small company, and you probably know your co-workers well. You may even hang out on weekends. However, that doesn’t mean that every employee should have access to all of your business systems, and nowhere is that more true than your accounting system.

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Topics: Construction, Funeral Homes, Not-for-Profits, Government Entities, For-Profit Entities

Bowman Presents for Rotary

Posted by Bowman & Co on Sep 17, 2018 3:00:00 PM
Bowman Presents for Rotary

This summer, Thomas J. Kleinhans, an Associate at Bowman & Company LLP, presented to 200 high school seniors at Stockton University as a part of the Rotary Youth Leadership Awards (RYLA). In addition, he presented to the White Horse Rotary Club on the subject of Federal and New Jersey individual tax law changes.  The Stockton presentation consisted of teaching the students about credit cards, student loans, and their credit score (financial literacy). The students were selected by the various Rotary Clubs of District 7640 in conjunction with their respective high schools in the state of New Jersey.

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Topics: Events, #BowmanGivesBack