January 27, 2025
Is your money-losing activity a hobby or a business?
Tax breaks to consider during National Small Business Week
September 14, 2021
The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week,…
5 questions to ask about your marketing efforts
September 10, 2021
For many small to midsize businesses, spending money on marketing calls for a leap of faith that the benefits will outweigh the costs. Much…
Want to find out what IRS auditors know about your business industry?
September 7, 2021
In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s…
Employer-provided life insurance? Here are the tax consequences
September 2, 2021
Employer-provided life insurance is a coveted fringe benefit. However, if group term life insurance is part of your benefit package, and…
Succession planning: Expanding beyond ownership
August 31, 2021
Business owners are regularly urged to create and update their succession plans. And rightfully so — in the event of an ownership change,…
Business TaxesTax AdviceFinancial PlanningBusinessImpact on Taxes
Getting a divorce? Be aware of tax implications if you own a business
August 26, 2021
If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your…
Is your business underusing its accounting software?
August 13, 2021
Someone might have once told you that human beings use only 10% of their brains. The implication is that we have vast, untapped stores of…
Tax TipsStudent TaxesTax AdviceBusiness
Scholarships are usually tax free but they may result in taxable income
August 12, 2021
If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and…
Tax TipsBusiness TaxesFinancial PlanningBusiness
Large cash transactions with your business must be reported to the IRS
August 12, 2021
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What are…
Tax TipsBusiness TaxesFinancial PlanningBusiness
DEI programs are good for business
August 12, 2021
Many businesses are spending more time and resources on supporting the well-being of their employees. This includes recognizing and…
Tax TipsFinancial PlanningBusinessTax PlanningRetirement
5 possible tax aspects of a parent moving into a nursing home
August 10, 2021
If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications.…
Tax AdviceFinancial PlanningBusiness
Is an LLC the right choice for your small business?
August 3, 2021
Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets.…
Get serious about your strategic planning meetings
August 2, 2021
Most business owners would likely agree that strategic planning is important. Yet many companies rarely engage in active measures to gather…
You may have loads of student debt, but it may be hard to deduct the interest
July 30, 2021
More than 43 million student borrowers are in debt with an average of $39,351 each, according to the research group EducationData.org. If…
The deductibility of corporate expenses covered by officers or shareholders
July 27, 2021
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up…
Keeping remote sales sharp in the new normal
July 22, 2021
The COVID-19 pandemic has dramatically affected the way people interact and do business. Even before the crisis, there was a trend toward…
Getting a new business off the ground: How start-up expenses are handled on your tax return
July 19, 2021
Getting a new business off the ground: How start-up expenses are handled on your tax return Despite the COVID-19 pandemic, government…
Who in a small business can be hit with the “Trust Fund Recovery Penalty?”
July 17, 2021
There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the…
10 facts about the pass-through deduction for qualified business income
July 16, 2021
Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as…
IRS BulletinsBusiness TaxesBusiness
IRS extends administrative relief for 401(k) plans
July 16, 2021
As mitigation measures related to COVID-19 ease, it will be interesting to see which practices and regulatory changes taken in response to…
Tax TipsTax AdviceBusinessTax CutsIndividual Tax
Can taxpayers who manage their own investment portfolios deduct related expenses? It depends
July 15, 2021
Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses, and…
IRS audits may be increasing, so be prepared
July 12, 2021
The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior…
Eligible Businesses: Claim the Employee Retention Tax Credit
July 8, 2021
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA),…
Are you a nonworking spouse? You may still be able to contribute to an IRA
July 6, 2021
Married couples may not be able to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that…