In today’s business climate many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. While this approach can offer flexibility and financial advantages, it also brings risks if not handled correctly. Improperly classifying a worker as an independent contractor instead of an employee can lead to IRS […]

In today’s digital landscape, cybersecurity isn’t just an IT concern, it’s a core business imperative. Every company, regardless of size or industry, faces a critical choice: wait to react after a cyberattack strikes or proactively defend against evolving threats. The stakes are high, and the risks are enterprise-wide, affecting everything from operations to finances to […]

If you’ve received a legal settlement or court award, or expect to soon, it’s natural to wonder how much of that money is truly yours to keep. While the payout may feel like a financial win, it could also come with a tax bill. The IRS doesn’t treat all lawsuit proceeds the same, and the […]

Even the most successful business can face unprofitable years. Fortunately, the federal tax code offers a way to soften the financial blow through a strategic tool known as the net operating loss (NOL) deduction. This provision helps level the playing field for companies whose income rises and falls from year to year, allowing them to […]

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 […]

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 […]

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 […]

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.

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 […]

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 […]