Although many companies are shipping their manufacturing processes overseas for cheaper labor and production costs, the U.S. has created a number of enticing incentives to keep your production business stateside. And one of those incentives was the Domestic Production Activities Tax Deduction — also known as Section 199. This deduction was available for tax years ranging from 2005 through 2017 and applied to businesses of all sizes. Let's take a closer look at the Domestic Production Activities Tax Deduction as well as the new deduction offered in its place. 

If you are self-employed, you may have taken advantage of the 2020 CARES Act. You will recall that the act provided tax relief from the economic stress of the COVID-19 pandemic. Employers were allowed to defer payment of their share of Social Security for part of the 2020 tax year. 

Running your own business is something that appeals to many individuals. While it might be tempting to jump into the first opportunity that presents itself, taking the time to thoroughly evaluate the situation will go a long way toward eventual success. Knowing what to look for when buying a business will make the evaluation process less stressful. Let's take a look.

No matter your industry or segment, cash is king. However, this king must be managed through a process of cash flow analysis. Very simply, cash flow is the movement of money in and out of your business. Your cash flow cycle is one of the sole determinants of your success or failure.

A balance sheet is basically a picture of exactly where a business stands at any given moment in time. This paper takes into account what a company has and what it owes to get an idea of whether the company is thriving, in trouble, or failing. Smaller businesses with one owner normally create a balance sheet once a year. as part of their bookkeeping. For larger companies that are publicly owned, a quarterly schedule is considered more appropriate.

As a small business owner, it can feel at times as if hazards and risks are actively working against your success. While you may encounter similar risks as large Fortune 500 companies, the same hazard could result in a catastrophic outcome for your small business. Because of this, it's imperative you effectively engage in risk management. 

As the end of the year approaches, paperwork is on the top of most business owners' lists. This isn't the favorite activity of most, but making sure everything is in order not only helps you know where you stand financially—it also makes the upcoming tax season much less stressful to get through. Having a checklist of tasks that need to be done can make this daunting task much easier. Let's get started.

Every year, millions of Americans file their tax returns. And, every year, thousands of them miss out on valuable tax breaks and never even know about them. Here at the MB Group, we want every client to get the best return possible and never, ever, overpay. Our Certified Tax Coaches work with you year-round to create personalized tax strategies that maximize your return and ensure you are taking advantage of every tax break available.

Today, a stunning 3.2 million people in the United States and 1.3 million internationally utilize QuickBooks Online (QBO). This very popular online accounting software package is designed to primarily help small and medium-sized businesses manage their finances. And if you're considering using QuickBooks Online, it's imperative you have an in-depth understanding of the pros and cons of this solution. Let's take a closer look at the pros and cons of QuickBooks Online. 

As an attorney, you specialize in helping your clients navigate matters of the law. But managing the accounting and tax planning for your firm may be an entirely different story. Because tax laws can be time-consuming, change often, and are virtually impossible for you to stay up to date with, savvy lawyers turn to the MB Group for specialized tax planning for attorneys.