Manufacturing

If Your Manufacturing Company Is Considered a “Small Business,” It May Be Eligible for Tax Benefits

Small-sized manufacturers may enjoy several tax advantages that allow them to reduce their tax bills, defer taxes and simplify the reporting process. Federal tax rules used to generally define a “small business” as one with average annual gross receipts of $5 million or less ($1 million or $10 million in some cases) for the three […]

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Manufacturers: Aim to Hire “Target” Workers This Year to Claim the WOTC

If your manufacturing company is like many others in the industry, you’re having difficulty finding top-notch new hires to expand your workforce as well as to replace employees who are retiring or quitting. At the same time, you’d like to reduce your tax liability for 2022. Practical solution: Kill two birds with one stone by […]

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Independent Contractors Vs. Employees: Are Your Manufacturing Workers Properly Classified?

Manufacturing company owners may mistakenly believe that the misclassification of employees as independent contractors doesn’t really matter, so long as contractors satisfy all of their tax obligations. However, this couldn’t be further from the truth. Improper classification of workers can come at a high cost, and both federal and state authorities have been cracking down […]

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7 Midyear Tax-reduction Strategies for Manufacturers

As the midpoint of the year fast approaches, it’s a good time for manufacturers to assess their tax status and plan appropriate strategies for reducing their 2022 tax liability. Although each situation is unique, here are seven general tax moves that could potentially lighten your manufacturing company’s tax load this year. 1. Place Business Property […]

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A Segmented Income Statement Can Be a Powerful Tool for Manufacturers

A companywide income statement may be sufficient for lenders or other outsiders to evaluate your manufacturing company’s financial performance. But from management’s perspective, a segmented income statement can provide valuable insight into key performance drivers and possible improvement strategies. Segmented vs. Traditional Income Statement A conventional income statement starts with revenue and then subtracts costs […]

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