Olsen Thielen Advisor Blog

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Strong Cash Flow for Manufacturing

Every manufacturer is different, but strong cash flow for manufacturing companies is essential throughout the industry.  The right cash flow strategies do, however, depend on your situation. Here are some ideas to improve your cash flow.
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Advertising and Marketing Expenses

Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. However, the expenses must be “ordinary and necessary” to be deductible.
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SEP and SIMPLE Retirement Plans

SEP and SIMPLE retirement plans are two options for small business owners consider because they have fewer administrative requirements than a traditional plan. Let’s take a look at a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE).
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Discontinuation of QuickBooks Desktop 2020 Support

QuickBooks Desktop 2020 will no longer be supported by the vendor. If you are using an older version of the software, it may be time to consider which accounting software is most effective for your business needs.
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Schmidt & Schmidt, Ltd. to Join Olsen Thielen CPAs and Advisors

We are excited to announce that Schmidt & Schmidt, Ltd, has joined Olsen Thielen CPAs and Advisors, effective January 1, 2023. Both Twin Cities-based CPA firms have an established reputation across the country and share a strong emphasis on personalized client service and key industry expertise.
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Home Office Expenses

If you’re self-employed and run your business from home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income.
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Heavy SUV Tax Break

If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get from a smaller vehicle. The reason has to do with how smaller business cars are depreciated for tax purposes.
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Adding Kids to Accounts & Deeds

Adding kids to your bank account or home deed can create a host of legal, financial, and tax issues that can leave you and your loved ones vulnerable to significant risks and losses. Learn about the issues and alternative solutions to help you achieve your estate planning goals.
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Manufacturing Cyberattacks

Manufacturing cyberattacks are becoming more common and the attacks are designed to disrupt operations and extort money. Here are some ideas to get ahead of the cybercriminals.
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Bill-Pay Services Add Efficiency and Security

Managing accounts payable (A/P) can be challenging for any business. Many organizations have turned to outsourced bill-pay services to add efficiency, security, and accuracy.
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M&A Tax Implications

If you’re considering buying or selling a business, it’s important to understand the M&A tax implications before moving ahead. After the transaction is complete, it may be too late to get the best tax results.
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Tax Savings for Manufacturers

Do you know what are the top tax-saving opportunities for manufacturers in 2023? Once your manufacturing company’s 2022 tax return has been filed, you can focus your efforts on reducing its 2023 tax liability.
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Reason to Renew

When inflation is high, you may need to give your members a reason to renew because it’s common for people to cut expenses by deciding not to renew subscriptions and memberships.
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Value of Tangible Donations

Is the value of tangible donations simply the price a not-for-profit would charge if it sold the goods in a rummage sale or on an auction website?
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Endowment Investments

Endowment investments come with major responsibility and generally need to be managed by a financial expert. And, nonprofit organizations must adhere to certain regulations.
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