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 future sales are shaping up. This practice is called sales forecasting, and doing it well is key to better managing your company’s financial performance. Why it’s important Formally defined, […]

There are two tax breaks that help eligible parents offset the expenses of adopting a child. Parents can claim both a credit and an exclusion for the expenses of adopting a child. But they can’t claim both a credit and an exclusion for the same expenses. In 2025, adoptive parents may be able to claim […]

Intangible assets, such as patents, trademarks, copyrights and goodwill, play a crucial role in today’s businesses. The tax treatment of these assets can be complex, but businesses need to understand the issues involved. Here are some answers to frequently asked questions. What are intangible assets? The term “intangibles” covers many items. Determining whether an acquired […]

In today’s digital age, most small to midsize businesses have addressed the use of personal devices for work in some capacity. If your company doesn’t have a formal BYOD policy, it’s time to establish one. And if you already do, it’s crucial to update it regularly as technology evolves. A well-crafted BYOD policy helps protect […]

Medicare premiums can become a significant expense, especially for higher-income individuals or married couples who both pay premiums. Understanding how Medicare premiums are determined and how your taxes play a role is essential to managing these costs effectively. This guide will help you navigate the rules around Medicare Part B and Part D premiums, including […]

Deducting local transportation costs can be a smart way to reduce the tax burden on your small business. In this article, we’ll explore how local transportation deductions work, who can claim them, and the best practices for maximizing your savings. Whether you’re driving to meet clients, picking up supplies, or traveling between business locations, understanding […]

On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a preliminary injunction halting the implementation and filing requirements of the BOI. This action comes just weeks before the January 1, 2025 deadline for most entities to comply. While this injunction is preliminary and not permanent, it does temporarily halt […]

Creating and implementing an effective succession plan is a challenge for many business owners. The most foolproof way to make succession planning easier is to give yourself plenty of time to develop a plan that suits the intricacies of your situation and then gradually implement it. One vehicle that can help “slow your roll” into […]

Once you turn 70½, you can make direct cash donations from your IRA to IRS-approved charities. These qualified charitable distributions (QCDs) could provide valuable tax benefits. QCD basics QCDs can be made from your traditional IRA(s) free of federal income tax. In contrast, other traditional IRA distributions are wholly or partially taxable, depending on whether […]

As a small business owner, handling health care expenses for yourself and your employees can be difficult. One effective tool to consider implementing is a Health Savings Account (HSA). You may already have an HSA, but now is a good time to review how these accounts work, especially with the IRS’s recent announcement of inflation-adjusted […]