The research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’ll take care of for you.   But in addition to the credit itself, be aware that there are two additional features that are especially favorable to small businesses: Eligible small […]

Rare are the businesses that can initiate or expand without an injection of external capital. In certain instances, this capital manifests as a commercial loan from a bank or another lending entity. If you and your company’s leadership anticipate the need for a loan, it is crucial to approach the process with assurance. This begins […]

Given the steep expenses associated with higher education, numerous parents initiate 529 plans for their infants. While contributions to these plans don’t offer tax deductions, they do accumulate on a tax-deferred basis. Profits utilized for qualified education expenses can be withdrawn without incurring taxes. Nevertheless, using earnings for non-educational purposes may result in income tax […]

If you aim to minimize the tax impact when withdrawing cash from your privately held corporation, the most straightforward approach is to distribute it as a dividend. Nevertheless, it’s important to note that a dividend distribution may not be the most tax-efficient method. This is because the distribution becomes taxable to you based on your […]

The Corporate Transparency Act (CTA) was enacted on January 1, 2021 and went into effect on January 1, 2024. The law requires certain companies to disclose “beneficial ownership” information to the Financial Crimes Enforcement Network (“FinCEN”). The law aims to improve transparency of ultimate beneficial owners of entities formed or registered to do business in […]

Small business owners tend to run their businesses as efficiently as possible. This can result in what would be viewed as standard fringe benefits for midsize and larger companies, such as a retirement plan, not being offered to employees of small businesses. If this is the case for your small business, don’t give up on […]

For those that qualify, you can make a deductible contribution to a traditional IRA up until the tax filing date of April 15, 2024 and benefit from savings on your 2023 return. Who is eligible? You can make a deductible contribution to a traditional IRA if: You and your spouse aren’t active participants in an […]

According to recent reports, global business travel in the post-pandemic worlds is still going strong. A report from Research and Markets stated that the market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030. If you are a business owner and travel for business, do you know what costs can […]

In today’s day and age, just about every company uses some kind of accounting software to track, manage, and report its financial transactions. Many businesses end up using several different types of software to handle different accounting-related functions. Others either immediately or eventually opt for a comprehensive solution that addresses all their needs. Although there’s […]

Throughout the year of 2023 did you make large gifts to your children, grandchildren or others? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if it’s not required. Who must file? The annual gift tax […]