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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Small Business Taxes
4 min read
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...
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...
4 min read
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...
2 min read
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...
2 min read
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...
3 min read
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....
2 min read
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...
2 min read
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...
6 min read
What Can Your Small Business Do Now to Lower Taxes for 2024?
Summer is a good time to take stock of how your small business is doing this year and consider options for reducing your 2024 federal income tax...
2 min read
Be Aware of the Tax Consequences of Selling Business Property
You should understand the tax implications if you’re selling property used in your trade or business. Many complex rules can potentially apply. To...
5 min read
Smart Tax Planning Pays Off
If you're financially successful or expect to become so, taxes are or will become one of your biggest expenses — and most people want to minimize...
2 min read
Six Things Restaurant Owners Should Look for in an Accounting Service Provider
Running a restaurant can be challenging, to say the least. Handling finances while managing day-to-day operations can be overwhelming. That’s why...
2 min read
Growing Your Business with a New Partner: Here Are Some Tax Considerations
There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners...
1 min read
You May Need to Make Estimated Tax Payments
You may have to make estimated tax payments if you earn income that's not subject to withholding, such as income from self-employment, interest,...
3 min read
Should Married Couples File Jointly or Separately?
Once you're married, you have two options when it comes to filing your annual federal income tax return — married filing jointly or married filing...
4 min read
Eight Red Flags for IRS Audits
The number of people being audited by the IRS isn't that high. For many years, less than 1% of taxpayers undergo face-to-face audits (although...
2 min read
Responsibilities When Collecting W-4s
Employees don't always take the task of filling out their W-4 forms seriously. They may write "exempt" on the withholding portion of the form or even...
3 min read
Keys to Avoid Payroll Tax Trouble
What would happen if your company failed to pay the IRS payroll taxes when they were due? You could be on the hook for penalties and, if you're...
2 min read
Nine Tax Considerations if You're Starting a Business as a Sole Proprietor
When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need...
3 min read
Do's and Don'ts for Business Expense Deductions
As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is...
1 min read
The Value of Using One Service Provider for Accounting, Payroll, and Taxes
Navigating the landscape of accounting and payroll decisions is an essential choice for small business owners. There are advantages to bringing these...
4 min read
Partnerships: Tax Considerations When Adding a New Partner
Are you considering inviting an employee or an outsider to participate in your existing partnership? Before making any commitments, it's important...
3 min read
Year-End Review of S Corp Compensation: Stay on the Right Side of the IRS
With the new year right around the corner, your shareholders might be thinking about year-end bonuses or distributions. Before doing so, it's...
1 min read
Avoid Costly Equipment Buying Blunders
Have you ever bought a new "state-of-the-art" piece of equipment only to discover that you paid dearly for some bells and whistles you didn't really...
2 min read
Seven Ways Supervisors Can Hit the Target on Communication
Successful supervisors know how and when to be assertive. They communicate their needs in a way that earns them respect and gets results.