Renaissance Advisory

In the business world of today, where time is of the essence, firms are always looking for ways to maximize costs and enhance cash flow. One of the most underutilized yet powerful means of accomplishing these objectives is through fixed assets depreciation . Knowledge of how to use depreciation affects not only the financial report, but also offers vast potential for corporate tax savings. Renaissance Advisory has assisted many companies in tapping these opportunities and ensuring maximum savings while still being compliant with tax rules. Learning Fixed Asset Depreciation Fundamentally, fixed asset depreciation is the gradual diminution of value of tangible assets over a period of time in their useful life. These are assets such as buildings, machinery, vehicles, computers, and other equipment necessary for business operation. Depreciation is an expression of wear and tear, obsolescence, or use of such assets as it occurs over time. From the accounting viewpoint, depreciation enabl...

For companies looking to innovate and remain competitive, knowledge of the research and development tax credit can be a company-changing move. This tax credit is intended to incentivize businesses to invest in new products, processes, or technology by reimbursing some of the expenses related to research efforts. But untangling what does and does not qualify can be tricky. At Renaissance Advisory, we are experts in tax advisory services that assist businesses in identifying and maximizing these credits. What the Research and Development Tax Credit is The R&D credit, or research and development tax credit, was established to drive innovation and economic expansion. It enables firms to claim a tax credit for qualified spending that is directly related to the creation or enhancement of products, processes, or software. Unlike tax deductions , which lower taxable income, the R&D credit is one that lowers the taxes due, providing a more immediate financial reward. This incentive ...

  When businesses look for ways to balance employee satisfaction with cost efficiency, one tool that often stands out is the cafeteria plan. Cafeteria plans, also known as flexible benefits plans, allow employees to choose from a variety of pre-tax benefits that best suit their personal and family needs. These plans are made possible by a key piece of tax legislation: Internal Revenue Code Section 125 . At Renaissance Advisory, we’ve seen firsthand how businesses that understand and leverage this provision can gain a competitive edge in attracting talent, improving employee retention, and optimizing their tax strategy. Let’s explore how Internal Revenue Code Section 125 works, why it matters for employers and employees, and how it ties into broader tax planning and tax return programs. What Is Internal Revenue Code Section 125? Internal Revenue Code Section 125, commonly referred to as Section 125 of the IRS tax code, is the legal foundation that authorizes cafeteria plans. Befo...

When it comes to driving business growth, few topics spark as much debate among business owners and financial professionals as the role of fixed assets and current assets . Both are essential for operations, yet their impact on growth can vary dramatically depending on your industry, stage of business, and long-term goals. Understanding the distinction—and how to balance the two—can be the difference between sustainable expansion and stalled progress. At Renaissance Advisory, we help businesses navigate this balance, often uncovering hidden opportunities for growth and even tax reduction services that improve cash flow. Defining the Two: Fixed Assets vs. Current Assets Before we determine which is more important for business growth, it’s important to understand what we mean by fixed assets and current assets. Fixed Assets These are long-term resources a business owns and uses for more than one year to generate revenue. Examples include: Real estate and buildings Machinery an...

Effective management of fixed assets and depreciation is essential for accurate financial reporting, operational efficiency, and long-term business planning. Yet, many organizations—regardless of size—struggle with getting it right. Mistakes in this area can lead to compliance issues, distorted financial statements, and even missed opportunities for corporate tax reduction. At Renaissance Advisory, we’ve seen firsthand how seemingly minor oversights in asset management can snowball into costly problems. This article explores the most common mistakes businesses make in managing fixed assets and depreciation, why they happen, and how to avoid them. 1. Inaccurate Asset Recording One of the most basic yet damaging errors is failing to maintain a complete and accurate asset register. In some cases, businesses forget to log newly acquired assets; in others, they continue recording assets that have been sold, scrapped, or are no longer in use. When your asset register is incomplete or ou...

In today’s competitive business surroundings, knowing how to navigate the contract negotiations process can provide your organization a clear facet. Whether you are negotiating vendor contracts, carrier contracts, or purchaser deliverables, a established method can result in better results, fewer misunderstandings, and more potent long-term partnerships. At Renaissance Advisory, we’ve worked with a number corporations—startups to seasoned organizations—and one common thread amongst those who always near favorable deals is they follow a clear, strategic negotiation framework. So, what exactly does a hit Contract negotiations process appear like? Let’s smash it down grade by grade. 1. Preparation Is the Foundation Before you input any negotiation room (physically or truly), training is key. This step includes expertise your desires, limits, and alternatives—generally referred to as your BATNA (Best Alternative to a Negotiated contract). Ask yourself: What is the correct outcome o...