Manufacturers: Start Year-End Tax Planning Now
As the year comes to a close, manufacturers have the opportunity to implement year-end tax planning strategies to help reduce their 2024 tax liability. Several provisions of the Tax Cuts […]
Post Author: Cheryl Lanese CPA CCIFP
Key Labor Costs Manufacturers Must Keep in Check
Effectively managing workers’ compensation and unemployment insurance expenses is vital for manufacturers to ensure financial stability. Without strategies in place, these key labor costs can quickly erode profits. Cut Workers’ […]
Look Beyond Revenue to Maintain Long-Term Growth for Your Manufacturing Company
Successful manufacturers know that the key to sustainable growth is increasing profits, not just revenue. Let’s take a closer look at some ways you can boost your bottom line. Reduce […]
Can Your Manufacturing Company Benefit From a Cost Segregation Study?
When manufacturers buy, build, or improve their facilities, they make a significant investment. However, these expenses are often not immediately tax deductible. Fortunately, there may be another way to expedite […]
Ohio House Bill 435 Proposes Creation of Manufacturing Technologies Assistance Program (MTAP)
In a bid to bolster Ohio’s manufacturing sector, Ohio House Bill 435 is proposing to establish the Ohio Manufacturing Technologies Assistance Program (MTAP), a $12 million grant program that would […]
8 Strategies for Boosting Your Manufacturing Production Capacity
Are your manufacturing company’s sales booming in recent years, causing you to operate at full capacity? One solution is to broaden your operational footprint. However, this entails significant capital outlays, […]
Can Your Manufacturing Company Benefit From the Work Opportunity Tax Credit?
The search for skilled workers in the manufacturing industry continues. According to the US Bureau of Labor Statistics, over 600,000 manufacturing-related jobs were available in December 2023. The Manufacturing Institute, an […]
How Manufacturers Can Factor Depreciation Tax Breaks Into Their 2024 Asset Purchase Planning
When manufacturers purchase equipment and other tangible property, they can take advantage of various tax incentives, such as Section 179 expensing and first-year bonus depreciation. Bonus depreciation has been decreased […]
Manufacturers: Pay Attention to These 6 Tax-Related Items in 2024
What are the tax implications for manufacturers as 2024 begins? While some sections of the Tax Cuts and Jobs Act (TCJA) begin to expire, other tax laws, such as the […]
Year-End Tax Planning for Manufacturers: Combine the Sec. 179 Expensing Election With First-Year Bonus Depreciation
Implementing year-end tax planning strategies now can help reduce your manufacturing company’s 2023 tax bill. Indeed, a lower tax bill can improve your cash flow and your bottom line. One […]
Review Your Manufacturing Company’s R&E Expenditures
Recent changes to the tax treatment of research and experimental (R&E) expenses may affect the tax bills of many manufacturers. Amendments made to the Tax Cuts and Jobs Act (TCJA) enacted impactful changes that […]
Manufacturers: If You Qualify, Be Sure You’re Taking Maximum Advantage of the Section 199A Deduction
Manufacturing company owners who value personal asset protection from creditors typically operate their businesses as C corporations. However, in recent years, some owners have switched their companies’ form of business […]
