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Important Tax Figures for 2025
Every year, the amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. This chart...
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Embrace the Future: Sales Forecasting for Businesses
So, how are sales looking for next year? It’s not a rhetorical question. Your business should be able to look ahead and accurately estimate how its...
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Operating as a C Corporation: Weigh the Benefits and Drawbacks
When deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages and...
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Growing the Business Means Supporting Your Managers
Many different shortcomings can hold back the growth of a company. Some are obvious, such as poor cash flow management or flawed strategic plans....
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2025 Tax Outlook for Businesses and Their Owners
The Republicans will soon control the White House and both chambers of Congress, likely opening the door for major tax legislation next year. Here...
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BOI Reporting Updates: What Small Businesses Need to Know
BREAKING UPDATE: January 1, 2025 On 12/31, the U.S. Department of Justice (DOJ) has filed an emergency application with the Supreme Court seeking a...
5 min read
Wrap Up Your Business Year with Big Tax Savings
With year-end rapidly approaching, many business owners are focusing on budgeting and strategic planning for 2025. But you shouldn't overlook...
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What's Your Post-Election Tax Outlook?
The Republicans will soon control all three branches of the federal government. What does that mean for taxes on individuals? Here's an overview of...
2 min read
Family Business Focus: Taking It to the Next Level
Family businesses often start small, with casual operational approaches. However, informal (or nonexistent) policies and procedures can become...
2 min read
What Small Business Owners Need to Know About BOI Filing - December 2024 Update
The Corporate Transparency Act (CTA) brought new requirements for businesses to report Beneficial Ownership Information (BOI) to the feds. However, a...
3 min read
Six Reasons to Separate Real Estate from Your Business Assets
When businesses acquire real estate, they often title it under the company name. Although this might seem straightforward and logical, it's not...
3 min read
From Flights to Meals: A Guide to Business Travel Tax Deductions
As a business owner, you may travel to visit customers, attend conferences, check on vendors, and for other purposes. Understanding which travel...
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Business Owners: Beware of the Limits on Deducting Losses
Even successful businesses occasionally incur losses. Start-ups and expanding businesses often have unprofitable years, and unexpected events like...
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How Businesses Can Prepare for and Respond to an IRS Audit
The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit...
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Which Leadership Skills are Essential to Strategic Planning?
Businesses need to engage in some form of strategic planning to help ensure continued stability and profitability. A recent survey by insurance giant...
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Why an LLC Might Be the Ideal Choice for Your Small to Medium Size Business
Choosing the right business entity is a key decision for any business. The entity you pick can affect your tax bill, personal liability, and other...
1 min read
2024 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2024. Keep in mind that this list isn't...
4 min read
Department of Labor Updates Rules on Worker Classification
Navigating Worker Classification: How to Keep Your Small Business on Track with the Department of Labor's New Rules If you're a small business owner...
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Paying Out Tips - Daily, Weekly, Payroll?
Do you remember your first day of work at your job? I remember being equally excited for the new adventure and anxious about how well I would do. I...
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Hiring Employees: 7 Tips to Help Attract the Best
In today's labor market, some small businesses — including restaurants, delivery services, retail stores, and manufacturers — struggle to attract and...
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IRS Explains the Differences Between Tips and Service Charges
Employers in restaurants, hotels, casinos, and other service industries must comply with the tax rules associated with tips. To assist them, the IRS...
3 min read
Tax-Smart Way to Hold Investment Real Estate
Real estate can be an attractive long-term investment. However, the legal entity you select to own property can have important tax implications....
3 min read
How Long Do You Have to Retain Payroll Records?
The Social Security Administration and the IRS have issued a joint publication that offers valuable pointers for employers who want to clean up their...
3 min read
Most Small Businesses are Required to Report "Beneficial Ownership Information" (BOI) to Feds by the end of 2024
The Corporate Transparency Act (“CTA”) was enacted into law and requires most businesses to report certain “beneficial ownership information” (“BOI”)...
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Federal Tax News for Individuals
529 Accounts are not Just for College It's still summer, but it won't be long until school bells will be ringing again. If you've set up Section 529...
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Strategic Planning for Businesses Needs to Include Innovation
When the leadership teams of many companies engage in strategic planning, they may be inclined to play it safe. And that’s understandable; sticking...
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Three Areas of Focus for Companies Looking to Control Costs
Controlling costs is fundamental for every business. However, the location and method of addressing this challenge can change over time based on...
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How to Protect Your Business from Payroll Fraud Schemes
Payroll fraud threatens any business that pays employees or contractors. Unfortunately, this type of financial crime can go undetected for...
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Closing a Business Involves a Number of Tax Responsibilities
While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close...
7 min read
Seven Midyear Tax Planning Tips for Individuals
Summer is a good time to reflect on tax planning moves that could lower this year's tax bill. It appears there won't be any significant federal tax...
3 min read
Deducting Start-Up Costs for Federal Tax Purposes
There's been a significant increase in new business applications in recent years. Finance company NerdWallet estimates that 2.8 million new business...