Manufacturing

5 Tips for Reducing Workers’ Compensation Costs

For most manufacturing businesses, workers’ compensation insurance is a significant expense. Here are five tips for better controlling these costs: 1. Make sure employees are classified properly. Workers’ compensation insurers assign risk classification codes to employees based on their duties, responsibilities, and level of exposure to the risk of injury or illness. Higher risks mean […]

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Why Are Tax Implications Important When Selling Your Manufacturing Business?

If you’re contemplating selling your manufacturing business, be sure you understand the tax implications. The way that your business (as well as the transaction) is structured can impact your tax bill and, therefore, your net proceeds from the sale. Here are some issues to consider. Stock Sale Vs. Asset Sale If your business is a […]

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How Manufacturing Companies Can Benefit From the Section 179 Expensing Deduction

Does your manufacturing company need to acquire new equipment to meet demand? Fortunately, there’s a tax break that can help: the Section 179 deduction. It allows you to deduct this year the cost of qualifying new or used property you purchase. Your deduction can even exceed the amount you provided from your own funds to […]

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Expanding Employee Benefits Can Bring In Manufacturing Workers

The labor shortage in the manufacturing sector has been well documented. As of October 2021, the number of workers in the industry had declined by almost 400,000 from pre-pandemic levels. According to the National Association of Manufacturers, nearly 2.1 million manufacturing jobs could be open by 2030. Will this worker shortage adversely affect your manufacturing […]

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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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