Hiring household help, such as a nanny, housekeeper or gardener, can provide substantial relief in managing childcare and daily household tasks. However, as an employer, it is essential to understand your tax responsibilities, often referred to as the “nanny tax.” If you hire a household employee who is not classified as an independent contractor, you […]

As a business owner, you may travel to engage with clients, attend conferences, evaluate vendor performance, and pursue other essential activities. Understanding the tax-deductibility of your travel expenses can significantly influence your financial outcomes. Effectively managing these costs not only ensures compliance, but also maximize your tax savings. Your tax home Eligible taxpayers can deduct […]

It’s a business owners’ nightmare – imagine your phone pings in the middle of the night with a message that makes your stomach drop: “We’re down.” Whether it’s your website, e-commerce platform, or another critical IT system, the nightmare is real. Your business is offline, and every minute that passes, money slips through your fingers.

As 2024 quickly comes to a close, and you begin making plans for the holiday season, we want to take a chance to remind S Corporation shareholders to include planning for the required tax reporting and withholding requirements for health insurance premiums paid by an S Corporation on behalf of more than 2 percent shareholder-employees.

As the end of the year fast approaches, we want to remind you of the tax reporting required for personal use of company provided vehicles. Law Fringe benefits provided to an employee are taxable to the employee and must be reported in his/her income unless the law specifically excludes the benefit. This rule includes the […]

While tax deductions for vehicle-related expenses are often associated with business driving, businesses aren’t the only ones eligible to deduct driving expenses on their tax returns. Individuals may also qualify to deduct certain vehicle expenses under specific conditions. However, due to recent changes in tax laws, the allowable deductions may not be as substantial as […]

If you own a small business without employees (aside from your spouse) and want to establish a retirement plan, you may want to consider a solo 401(k). This plan is ideal for self-employed individuals or business owners looking to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP). A solo 401(k), also known as […]

Today, most businesses recognize the importance of creating a comprehensive benefits package to attract top talent and keep valued employees. But beyond basics such as health insurance and a retirement plan, there are so many options. Well, you can add one more to the list: fertility benefits. Recent surveys Indeed, interest in fringe benefits related […]

With the year coming to a close, now is the perfect time to consider your finances and explore effective tax strategies. One effective way to reduce potential estate taxes and show generosity to loved ones is by giving cash gifts before December 31. Under tax law, you can gift a certain amount each year without […]

As we near 2025, important updates are on the horizon for the Social Security wage base. The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 for 2025 (up from $168,600 for 2024). If your business has employees, you may need to budget for additional payroll […]