Recently, the Biden administration outlined a plan to forgive up to $10,000 of student loan debt for individuals with federal student loan debt, and up to $20,000 in relief for individuals that were Pell Grant recipients. Individuals earning $125,000 ($250,000 for joint filers) or less a year are eligible to receive this relief. Normally, debt […]

As with any business strategy, there are pros and cons to the choices you make. Depending on what role your real estate plays in the operations of your business – separating your business from its real estate could very well be a strategy you could take advantage of with the pros outweighing the cons. Tax […]

In today’s data driven world, the impossible is becoming more of a reality and the best business owners are utilizing this data to their advantage. Forecasting key metrics — such as sales demand, receivables, payables and working capital — can help you manage overhead, offer competitive prices and keep your business on firm financial footing. […]

The government really wants to get their piece of the pie. High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of the taxes and what they may mean for you. 3.8% NIIT This tax applies, in […]

Time flies when you are having fun and 2022 has truly flown by. So, it must have been a lot fun, right? Small business tax planning needs to be at the front of the to do list at this time of year. The standard year-end approach of deferring income and accelerating deductions to minimize taxes […]

A lot of business owners associate the word “audit” with tax, financial statements or retirement plans, however, there are many more areas of a business that can be audited to help better conduct those areas of the business. In addition to the usual areas associated with audits, if you’re looking to improve your marketing a […]

There are differing opinions about the law’s ability to reduce inflation in the near future, but as an individual the changes to many climate and energy-related tax credits could be beneficial to you. Nonbusiness energy property Before the IRA was enacted, you were allowed a personal tax credit for certain nonbusiness energy property expenses. The […]

While media coverage has been focused on the effect the law will have on large corporations such as a 15% alternative minimum tax on large, profitable corporations and a 1% excise tax for stock buybacks of over $1 million by publicly traded US corporations, there are also some opportunities for tax relief for small businesses. […]

The Inflation Reduction Act of 2022 was put in place to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. The Act was passed by the Senate on August 7th, and most tax provisions become effective at the beginning of 2022. The following points are […]

If you’ve been in business for a while, you’ve probably considered many different employee benefits. One option that might have crossed your desk is an employee stock ownership plan (ESOP). Strictly defined, an ESOP is considered a retirement plan for employees. But it can also play a role in succession planning by facilitating the transfer […]