Cheryl Lanese CPA CCIFP

Posted in: Articles, Current Events, Manufacturing

Inflation Reduction Act Enhances Payroll Tax Break for Small Manufacturers’ Research Expenses

Is your manufacturing company on the cutting edge? It’s important to keep pace with the competition, especially if you’re trying to carve out a niche in a new marketplace. Fortunately, federal tax law allows manufacturers to claim a generous tax credit for qualified research expenses. The credit generally offsets income tax liability on a dollar-for-dollar […]

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Cheryl Lanese CPA CCIFP

Posted in: Articles, Manufacturing

On the Road Again: It’s Time for Manufacturers to Review Business Travel Expense Deduction Rules

Business travel has been picking up again this year. If your manufacturing company has recently resumed travel to visit key customers and suppliers — or is planning to soon — it’s a good time to review the tax rules for deducting domestic business travel expenses. The Basics An employer may deduct an employee’s “ordinary and […]

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Kim Zagar CPA

Posted in: Articles, 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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Cheryl Lanese CPA CCIFP

Posted in: Articles, Manufacturing

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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Cheryl Lanese CPA CCIFP

Posted in: Articles, Manufacturing

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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