Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances
May 29, 2023
You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example,…
Supreme Court: Overtime rules still apply to highly compensated employees
May 26, 2023
If you were told someone earns more than $200,000 annually, you might assume the person is a salaried employee who’s ineligible for…
Protect the “ordinary and necessary” advertising expenses of your business
May 24, 2023
Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones.…
Forming a cross-functional sales team
May 22, 2023
Business owners are often warned about silos. Not the tall, cylindrical structures typically seen on farms or at grain processing…
Changes in Sec. 174 make it a good time to review the R&E strategy of your business
May 19, 2023
It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. Several provisions in…
Keep an eye out for executive fraud
May 17, 2023
Occupational fraud can be defined as crimes committed by employees against the organizations that they work for. Perhaps its most dangerous…
ACA penalties will rise in 2024
May 15, 2023
Recently, the IRS announced 2024 indexing adjustments to the applicable dollar amount used to calculate employer shared responsibility…
Choosing an entity for your business? How about an S corporation?
May 12, 2023
If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form…
Some taxpayers qualify for more favorable “head of household” tax filing status
May 10, 2023
When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head…
How businesses can use stress testing to improve risk management
May 8, 2023
If you’ve been following the news lately, you’ve surely heard or read about the sudden rise in concern about the banking industry. Although…
The tax advantages of hiring your child this summer
May 5, 2023
Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time, you may have…
The tax rules for donating artwork to charity
May 3, 2023
If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax…
It’s happening: Using social media for customer service
May 1, 2023
Everyone is on social media these days, including businesses and their customers. This creates a natural — or shall we say virtual — nexus…
Paperwork you can toss after filing your tax return
April 28, 2023
Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain…
Retirement saving options for your small business: Keep it simple
April 26, 2023
If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment…
5 valuation terms that every business owner should know
April 24, 2023
As a business owner, you’ll likely need to have your company appraised at some point. An appraisal is essential in the event of a business…
Renting to a relative? Watch out for tax traps
March 24, 2023
If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules…
Look forward to next year by revisiting your business plan
March 22, 2023
Businesses of all stripes are about to embark upon a new calendar year. Whether you’ve done a lot of strategic planning or just a little, a…
The standard business mileage rate is going up in 2023
March 20, 2023
Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the…
SECURE 2.0 law may make you more secure in retirement
March 17, 2023
A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few…
Unused PTO a problem? Consider a contribution arrangement
March 15, 2023
A new year has arrived. For many businesses, this means employees’ paid time off (PTO) arrangements have reset. And at companies with “use…
Employers should be wary of ERC claims that are too good to be true
March 13, 2023
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the…
Tax-wise ways to save for college
March 10, 2023
If you’re a parent or grandparent with college-bound children, you may want to save to fund future education costs. Here are several…
3 ways your business can uncover cost cuts
March 8, 2023
Every business wants to find them, but they sure don’t make it easy. We’re talking about cost cuts: clear and substantial ways to lower…