Other stories by Howard Scott

  • Subletting Office Space

    One way that more businesses are using to recover occupancy costs is to sublet some of their office space.

  • Insurance Cost Savings

    It is possible to be proactive about insurance without being foolhardy or putting your company in jeopardy.

  • IRS Tax Code Section 179

    Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment purchased or financed during the tax year.

  • Save money in slow times by going to a four-day workweek.

    When business slows and you need to cut expenses, one option is to reduce staffing hours. Instead of doing this by laying off employees, consider instituting a four-day workweek with standard eight-hour days. Reducing wages and FICA by 20% can be just the medicine to help get your company through...

  • Good accountants can be helpful advisers

    For many remodelers, their accountant acts as a narrow-focused clerk. Good accountants, however, can be helpful advisers. With their specialized training, varied experience, and big-picture viewpoint, accountants make natural partners.

  • Hiring Your Children Can Save Tax Dollars

    Want to save some tax dollars and instill a good work ethic in your children?

  • Divorce Protection - Prenuptial Agreement

    Divorce is terrible, but its financial consequences can be minimized. The best time to prepare, financially, is before you are married. If you own a business, it is a good idea to draw up a prenuptial agreement.

  • Tax Tips: Cost of Goods Sold

    Knowing the Cost of Goods Sold (COGS) is critical to determining profit. Next to labor, COGS -- the total of all purchases during the year -- is usually the second largest expense for remodelers.

  • Retirement Formula

    You don't need a fortune to retire, but you do need to be realistic.Over the next 15 years, your spending is likely to decrease to, say, $45,000 per year less the $20,000 from Social Security.

  • Incorporating: Apply more operating expenses to the company: Not better, tax-wise

    Some experts believe that being incorporated provides better tax benefits than any other business designation, but they are wrong. --Howard Scott is a business writer and small business tax preparer in Pembroke, Mass.