February 17, 2025
From flights to meals: A guide to business travel tax deductions
Update on IRS efforts to combat questionable Employee Retention Tax Credit claims
May 24, 2024
The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash…
If you gave to charity in 2023, check to see that you have substantiation
May 22, 2024
Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But…
3 common forms of insurance fraud (and how businesses can fight back)
May 20, 2024
Businesses of all shapes and sizes are well-advised to buy various forms of insurance to manage operational risks. But insurance itself is…
9 tax considerations if you’re starting a business as a sole proprietor
May 17, 2024
When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship,…
Filing jointly or separately as a married couple: What’s the difference?
May 15, 2024
When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates,…
How businesses can reinvigorate strategic planning
May 13, 2024
For businesses, and people for that matter, the beginning of the calendar year can be a bit of a grind. The holidays have passed, summer…
What’s the best accounting method route for business tax purposes?
May 10, 2024
Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which…
Is it time to upgrade your business’s accounting software?
May 8, 2024
By now, just about every company uses some kind of accounting software to track, manage and report its financial transactions. Many…
Taking your spouse on a business trip? Can you write off the costs?
May 6, 2024
A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated…
If you didn’t contribute to an IRA last year, there’s still time
May 3, 2024
If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there…
Small businesses can help employees save for retirement, too
May 1, 2024
Many small business owners run their companies as leanly as possible. This often means not offering what are considered standard fringe…
Tax-wise ways to take cash from your corporation while avoiding dividend treatment
April 29, 2024
If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash as a dividend.…
New option for unused funds in a 529 college savings plan
April 26, 2024
With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t…
Applying for a commercial loan with confidence
April 24, 2024
Few and far between are businesses that can either launch or grow without an infusion of outside capital. In some cases, that capital comes…
Better tax break when applying the research credit against payroll taxes
April 22, 2024
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break…
A job loss is bad but the tax implications could make it worse
April 19, 2024
Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain…
Empower your sellers with sales enablement
April 17, 2024
The driving revenue force of just about every kind of business is sales. But all too often, once a sales team is up and running, it’s left…
Maximize the QBI deduction before it’s gone
April 15, 2024
The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So…
Beware of a stealth tax on Social Security benefits
April 12, 2024
Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the…
B2B businesses: Assess customer credit carefully
April 10, 2024
Does your company operate in the business-to-business (B2B) marketplace? If so, you’re no doubt aware of the double-edged sword that is…
Bartering is a taxable transaction even if no cash is exchanged
April 8, 2024
If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services.…
Key 2024 inflation-adjusted tax parameters for small businesses and their owners
April 5, 2024
The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to…
Should your business change its health care plan for next year?
April 5, 2024
Open enrollment for most health care plans is many months away. That makes now a good time for businesses to consider changing their…
Key 2024 inflation-adjusted tax amounts for individuals
April 3, 2024
The IRS recently announced various 2024 inflation-adjusted federal tax amounts that affect individual taxpayers. Most of the federal income…