February 3, 2025
Employers: In 2025, the Social Security wage base is going up
The ins and outs of Series EE savings bond taxation
June 24, 2022
Many people own Series E and Series EE bonds that were bought many years ago. They may rarely look at them or think about them except on…
Businesses: Prepare for the lower 1099-K filing threshold
June 21, 2022
Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall…
Could your business benefit from a PEO?
June 17, 2022
Keeping up with employment regulations and health care benefits can be a struggle for many small to midsize businesses. One potential…
Caring for an elderly relative? You may be eligible for tax breaks
June 15, 2022
Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax…
Inflation enhances the 2023 amounts for Health Savings Accounts
June 12, 2022
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates…
Tighten up billing and collections to mitigate economic uncertainties
June 3, 2022
While many economic indicators remain strong, the U.S. economy is still giving business owners plenty to think about. The nation’s gross…
Valuable gifts to charity may require an appraisal
May 30, 2022
If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to…
Businesses may receive notices about information returns that don’t match IRS records
May 28, 2022
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that…
Business TaxesBusinessIncome Tax
Want to turn a hobby into a business? Watch out for the tax rules
May 23, 2022
Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is…
No parking: Unused compensation reductions can’t go to health FSA
May 14, 2022
Among the many lasting effects of the pandemic is that some businesses are allowing employees to continue working from home — even now that…
Offering summer job opportunities? Double-check child labor laws
May 3, 2022
Spring has sprung — and summer isn’t far off. If your business typically hires minors for summer jobs, now’s a good time to brush up on…
Once you file your tax return, consider these 3 issues
April 29, 2022
The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19…
Fully deduct business meals this year
April 26, 2022
The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19…
AI for small to midsize businesses isn’t going away
April 22, 2022
Artificial intelligence (AI) has made great inroads into certain sectors of the U.S. economy. However, it hasn’t reached many small to…
Tax considerations when adding a new partner at your business
April 19, 2022
Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a…
Establish a tax-favored retirement plan
March 31, 2022
If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow…
Impact on TaxesIncome TaxCapital GainsIndividual Tax
When inheriting money, be aware of “income in respect of a decedent” issues
March 29, 2022
Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain…
Affordable Care ActBusiness TaxesFinancial PlanningBusiness
Are you ready for the 2021 gift tax return deadline?
March 24, 2022
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to…
Affordable Care ActBusiness TaxesFinancial PlanningBusiness
There still may be time to cut your tax bill with an IRA
March 22, 2022
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If…
Business owners, lean into sales staff retention
March 18, 2022
Although there have been some positive signs for the U.S. economy thus far in 2022, many businesses are still reeling from last year’s…
Affordable Care ActTax AdviceBusiness
Married couples filing separate tax returns: Why would they do it?
March 16, 2022
If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax…
Affordable Care ActBusiness TaxesBusiness
Prudent technology upgrades call for some soul searching
March 14, 2022
By now, most business owners view technology upgrades as inevitable. Whether hardware or software, the tech your company relies on to…
Affordable Care ActBusiness TaxesBusiness
Let your financial statements guide you to optimal business decisions
March 10, 2022
Now that 2022 is up and running, business owners can expect to face a few challenges and tough choices as the year rolls along. No matter…
Affordable Care ActBusinessRetirement
The Ins and Outs of IRAs
March 8, 2022
Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed is…