Inflation Reduction Act enhances payroll tax break for small manufacturers’ research expenses

The research tax credit for eligible small manufacturers has been expanded by the Inflation Reduction Act for tax years beginning after Dec. 31, 2022. Learn more about what’s new and what requirements must be met to qualify.

Operating in multiple states may have tax implications for manufacturers

Could your manufacturing company owe tax in another state? One way to learn the answer is to conduct a nexus study.

If your manufacturing company is considered “small,” it may be eligible for tax benefits

Are your manufacturing company’s gross receipts under $25 million? If so, it may be eligible for small business tax benefits.

Bring manufacturing workers into the fold with a strong employee benefits package

If your manufacturing company is struggling to attract top talent, a healthy selection of employee benefits, in addition to competitive pay, can be the key to landing the best candidates.

Don’t overlook tax considerations when selling your manufacturing business

There are many tax-related variables when it comes to selling your manufacturing company. Read more about them.

How manufacturing companies can benefit from the Section 179 expensing deduction

If you’re purchasing equipment for your manufacturing company before year-end, determine if it qualifies for the Section 179 expensing deduction.

Manufacturers: Take note of key tax provisions of the CHIPS Act

The CHIPS Act aims to bolster semiconductor production and economic competitiveness. Among its provisions are funding initiatives and an investment tax credit for manufacturing facilities and equipment.

Five tips for reducing workers’ compensation costs

Workers’ compensation costs can quickly overwhelm a manufacturing company — especially if it turns out to be a rough year with many claims. Here are a few ways to rein in these costs.

Manufacturers, aim to hire “target” workers this year to claim the WOTC

One way manufacturers can widen their hiring pools while potentially qualifying for a valuable tax break is to complete the eligibility requirements for the Work Opportunity Tax Credit.

Independent contractor vs. employee: Are your manufacturing workers properly classified?

Workers aren’t considered independent contractors simply because a manufacturing company says they are. Given the significant cost of misclassifying workers, it’s critical for manufacturers to make the right determination.

7 midyear tax-reduction strategies for manufacturers

Put in the work now to implement midyear tax-reduction strategies for your manufacturing company. It could be time well spent come the next time you file taxes

A segmented income statement can be a powerful management tool for manufacturers

Creating a segmented income statement requires more work than a standard income statement, but it may benefit your manufacturing company because of its more focused financial data.