Feeling uneasy about your 2023 tax bill? You might still have time to decrease it! Before year-end here are some quick actions that might help you reduce your taxes. 1. Accelerate deductions and/or defer income. Certain tax deductions are claimed in the year of payment, such as the mortgage interest deduction. So, if you make […]

Having a company car to use is a widely appreciated benefit for owners and employees of small businesses. This benefits the employer in the form of tax deductions as well as those owners and employees driving the cars in the form of a tax break. Compared to the past, current federal tax rules make the […]

Every established company will encounter challenges when confronting the thorny issue of succession planning. Family-owned businesses, however, often face particularly complex issues. After all, their owners may have to consider both family members who work for the company and those who do not. If yours is a family business, you may run into some confounding […]

If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important date coming up. In many cases you have to use the money in the account by year-end or you’ll lose it (unless your employer has a grace period). As the end […]

In the midst of all the holiday festivities, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take advantage of a few opportunities. Time deductions and income If your business operates on a cash basis, you can significantly affect your amount of taxable income by […]

Most businesses today need to offer a solid benefits package. Failing to do so could mean falling behind in the competition to hire and retain talent in today’s tight job market. Embarking on the journey of exploring Pooled Employer Plans (PEPs) is a strategic move for businesses aiming to enhance their retirement benefits. PEPs, a […]

Navigating the tax landscape requires a keen understanding of the 2024 inflation-adjusted figures, especially for individuals. The standard deduction, a fundamental element for those who don’t itemize, sees notable increases. Additional allowances apply for older taxpayers and the visually impaired. Furthermore, this article delves into key thresholds for ordinary income, short-term capital gains, long-term capital […]

Navigating the intricacies of taxation is a critical aspect for small business owners, especially those operating as sole proprietorships or pass-through entities like LLCs, partnerships, or S corporations. The net ordinary income generated by these businesses flows through to the individual owner’s personal Form 1040, subjecting them to the federal income tax rates. As we […]

Accurate financial statements are essential for all businesses. Publicly held companies must not only release them but also subject them to independent CPA audits, offering the highest level of assurance to external stakeholders regarding the absence of significant errors. Privately held companies, especially smaller businesses, can find relief in the fact that the costly and […]

In the event of a significant cash shortage, an option you may consider is making an early withdrawal from your traditional IRA—this refers to a withdrawal made before reaching the age of 59½. Traditional IRAs encompass accounts such as simplified employee pension (SEP-IRA) and SIMPLE-IRA for this purpose. The following will help you gain insight […]