About 1.3 million Americans currently live in nursing homes, based on data from the National Center for Health Statistics. While your primary focus may be your parent’s well-being as they transition into a nursing home, it’s also important to consider the potential impact on your taxes. There are several tax breaks available that could help […]
Author Archive: rudleradmin
Understanding the Tax Risks of Personal Loan Guarantees for Your Corporation
Before agreeing to personally guarantee a loan for your closely held corporation, it’s crucial to be aware of the potential tax implications. As a guarantor, endorser, or indemnitor, you take on personal responsibility for repaying the debt if the corporation is unable to do so. Failing to plan ahead could expose you to unexpected tax […]
Data Hygiene: how to keep it clean and the dangers of dirty data
Hygiene can refer to more than just washing our hands, and hygienic practices in the field of data are a must. Keeping your data accurate, safe, and useful allows you to make better informed decisions for your business. Data Hygiene refers to the ongoing process of ensuring that the information your company relies on […]
IRS notices: understanding the most common
Receiving a notice from the IRS can be intimidating, but it doesn’t have to be. IRS notices are more common than you think, and many are simple to resolve once you understand them. This article walks through the most common types of IRS notices, explains why taxpayers receive them, and provides guidance on how to […]
Best recordkeeping practices for businesses straight from a recent Tax Court case
A successful business is more than just its products and services, but also its practices and procedures. A good business requires strong recordkeeping, allowing better financial decisions as well as ease in tax and legal compliance. Accurate records create support for deductions and keeping tax breaks. This was demonstrated in a recent U.S. Tax Court […]
Be aware of occupational fraud
In a perfect world, you can trust that the employees you hire will uphold the same integrity that you do in regards to the business you have built, but in reality you need to be aware of the areas where you are vulnerable. In fact, occupational fraud cost organizations about 5% of their revenue on […]
The 50+ Advantage: Unlocking the Power of Catch-Up Contributions
If you are 50 or older you have the opportunity to supercharge your retirement savings with additional “catch-up” contributions. Don’t sleep on this valuable opportunity to contribute to these tax-favored retirement accounts. IRA contribution amounts For 2025, eligible taxpayers can make contributions to a traditional or Roth IRA of up to the lesser of $7,000 […]
Additional reporting needed for $10,000+ cash transactions in your business
If your business received large amounts of cash or cash equivalents, there is more to do than just report it on your tax return. Transactions are additionally required to be reported on Form 8300. What are the requirements? Although many cash transactions are legitimate, the IRS explains that the information reported on Form 8300 “can […]
Navigating Success: How Businesses Are Optimizing Hybrid Work Models
If your business has adopted a hybrid work model, you are not alone. Since the pandemic, organizations across industries have been working to find the ideal balance between remote work flexibility and in-person collaboration. Recent data reveals that many businesses have achieved a sense of balance with hybrid work arrangements. However, sustaining the right mix […]
Navigating Unique Tax Challenges: What Couples in Business Together Need to Know
Are you and your spouse running a profitable unincorporated small business together? If so, there are important tax considerations you should be aware of. Understanding these unique challenges can help you avoid surprises and make the most of your business partnership. The partnership issue An unincorporated business with your spouse is classified as a partnership […]