Solo business owner? There’s a 401(k) for that
September 22, 2023
If you own a successful small business with no employees, you might be ready to set up a retirement plan. Now a 401(k) might seem way out…
That email or text from the IRS: It’s a scam!
September 20, 2023
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come…
Use an S corporation to mitigate federal employment tax bills
September 18, 2023
If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023,…
Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”
September 15, 2023
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do…
Strong billing processes are critical to healthy cash flow
September 13, 2023
Once a business is up and running, one fundamental aspect of operations that’s easy to take for granted is billing. Often, a system of…
Corporate officers or shareholders: How should you treat expenses paid personally?
September 11, 2023
If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end…
Retirement account catch-up contributions can add up
September 8, 2023
If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the…
A tax-smart way to develop and sell appreciated land
September 6, 2023
Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them…
Improving your company’s sales pipeline management
September 4, 2023
“It’s in the pipeline!” Business owners often hear this rather vague phrase, which may be good news in some cases or code for “don’t hold…
Moving Mom or Dad into a nursing home? 5 potential tax implications
September 1, 2023
More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not…
The advantages of using an LLC for your small business
August 30, 2023
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to…
Pocket a tax break for making energy-efficient home improvements
August 28, 2023
An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have…
Should your business add a PTO buying feature to its cafeteria plan?
August 25, 2023
With the pandemic behind us and a red-hot summer in full swing, many of your company’s employees may be finally rediscovering the…
Receive more than $10,000 in cash at your business? Here’s what you must do
August 23, 2023
Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the…
Can you deduct student loan interest on your tax return?
August 21, 2023
The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may…
5 tips for more easily obtaining cyberinsurance
August 18, 2023
Every business should dedicate time and resources to cybersecurity. Hackers are out there, in many cases far across the globe, and they’re…
Consider adverse media screening to vet vendors, customers and others
August 16, 2023
Whether you know it or not, if your business has ever applied for a commercial loan, you’ve likely been subject to “adverse media…
The IRS clarifies what counts as qualified medical expenses
August 14, 2023
If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently…
6 tried-and-true strategies for improving collections
August 11, 2023
Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take…
Use the tax code to make business losses less painful
August 9, 2023
Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by…
Questions you may still have after filing your tax return
August 7, 2023
If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions…
The IRS has just announced 2024 amounts for Health Savings Accounts
August 4, 2023
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An…
Is it time for a targeted marketing campaign?
August 2, 2023
If you’ve been in business a while, you might assume that you know exactly who your customers are. But, as the saying goes, “life comes at…
Being a gig worker comes with tax consequences
June 16, 2023
In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out…