To maximize a team’s potential, its leaders need to establish a productive rapport with each member. That can be a real challenge for business owners managing dozens – or even hundreds of employees. Nevertheless, it’s critical for business owners to make “the leadership connection” with their staff. Simply put, the leadership connection is an authentic […]
Author Archive: rudleradmin
Still have questions about your tax? You’re not alone.
Even after filing your 2024 federal return, a few lingering questions often remain. Here are quick answers to five of the most common questions we at Rudler hear each spring. 1.When will my refund show up? Use the IRS’s “Where’s My Refund?” tracker at IRS.gov. Have these three details ready: Social Security number, Filing status, and […]
Corporate Business Owners: Does the IRS Consider Your Salary Reasonable?
Determining “reasonable compensation” is an important issue for owners of C corporations and S corporations. If the IRS believes you’re paying yourself too much or too little, it could reclassify your income or deny certain deductions, potentially leading to penalties, back taxes and interest. The good news is that by proactively following certain steps, owners […]
The Importance of Proactive Cost Management for Today’s Businesses
In today’s competitive environment, effective cost management is essential. However, many business owners tend to address cost control reactively, only when it becomes a pressing issue. A more strategic approach involves implementing proactive and systematic cost management, which entails segmenting your business into key spending categories and regularly evaluating and adjusting the allocation of resources.
Understanding the Wash Sale Rule: Avoid Losing Valuable Tax Deductions
Recent fluctuations in stock, mutual fund, and ETF prices have led to potential opportunities for investors to mitigate losses. If an investment in a taxable brokerage account performs poorly, you may be able to realize a tax-saving capital loss by selling the underperforming security. However, it is crucial to be aware of the wash sale […]
Educational Assistance Plans: A Win for Your Employees and Your Business
Your business has the option to establish an educational assistance plan, allowing eligible employees to receive up to $5,250 annually in federal-income-tax-free and federal-payroll-tax-free benefits. These tax-advantaged programs, known as Section 127 Plans, derive their name from the tax code section that authorizes them. Plan basics Sec. 127 plans can cover the cost of almost […]
Stories and Strategies: A Success Panel
The Rudler, PSC Women’s Initiative Committee is thrilled to announce our first major event. Join us for “Stories and Strategies: A Success Panel” featuring three distinguished professionals. The panel will discuss personal success stories, strategies for overcoming challenges, and lessons learned. This event celebrates women’s achievements and offers inspiration and actionable advice, fostering a supportive […]
A look at EBHRAs: the flexible health benefits choice for your business?
There are several different types of tax-advantaged accounts or arrangements to help today’s employees with medical expenses. A Health Reimbursement Arrangement is one of the current options available. Under an HRA, your business sets up and wholly funds a plan that reimburses participants for qualified medical expenses of your choosing. (To be clear, employees can’t […]
Tax benefits for inherited assets: the “step-up in basis” explained
The step-up in basis is a tax benefit that commonly comes with inherited assets, but is just as often misunderstood. If you recently inherited assets or may in the future, here are the basics of the rule and some planning considerations. What “basis” means First, let’s look at a couple definitions. Basis is generally what […]
Retirement plans for small businesses: understanding SEP and SIMPLE retirement plans
There are a lot of financial and administrative elements that can be overwhelming when considering a retirement plan for your employees and yourself. The basic options are the Simplified Employee Pension (SEP) and a Savings Incentive Match Plan for Employees (SIMPLE), which we explain below SEPs offer easy implementation SEPs are intended to be an […]