February 14, 2025
Surprise IT failures pose a major financial risk to companies
2023 Q3 tax calendar: Key deadlines for businesses and other employers
October 6, 2023
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. Keep in mind that…
Are you married and not earning compensation? You may be able to put money in an IRA
October 4, 2023
When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable…
Hiring family members can offer tax advantages (but be careful)
October 2, 2023
Summertime can mean hiring time for many types of businesses. With legions of working-age kids and college students out of school, and some…
The Trust Fund Recovery Penalty: Who can it be personally assessed against?
September 29, 2023
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund…
The best way to survive an IRS audit is to prepare
September 27, 2023
The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with…
Starting a business? How expenses will be treated on your tax return
September 25, 2023
Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau…
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…