Even though inflation has recently come down from its peak in 2022, The IRS will still be increasing tax amounts for several provisions. Here are the highlights. Standard deduction. What does an increased standard deduction mean for you? A larger standard deduction will shelter more income from federal income tax next year. For 2025, the […]
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Business meals and entertainment: When are they deductible?
In recent years the rules have changed on what is considered deductible and how much is deductible. The rules can be confusing surrounding these expenses, so here is what can be deducted in 2024. Current law The Tax Cuts and Jobs Act eliminated deductions for most business-related entertainment expenses. That means, for example, that you […]
Growing businesses: understand the retirement plans available before you choose
For recently launched start-ups, the focus is all on expense control and brand image. Most early startups only have funding for basic operations, but once they gain some stability then they can start incorporating other important business elements to the company. For companies that make it past that tenuous initial stage, there comes a time […]
This year: utilize tax benefits of energy-saving purchases before they go away
Several tax credits were created with the Inflation Reduction Act (IRA) in 2022. These credits are aimed at the promotion of clean energy, but they may be disappearing soon. If getting a tax break and using cleaner energy sounds appealing, take advantage of them now before they are rescinded or expire. On the campaign trail, […]
A quick and simple refresher on self-employment tax and how it works
For a small unincorporated business that is growing, self-employment (SE) taxes can grow fast too. In learning how the SE tax is structured and collected, self-employed individuals like you can understand better how it will affect their small businesses. SE tax basics The maximum 15.3% SE tax rate hits the first $168,600 of your 2024 […]
The best strategies for minimizing your taxes in 2024 and beyond
To help you make the most of the tax-saving opportunities available to you, we’re pleased to introduce our Tax Planning Guide. It offers a wide variety of strategies for minimizing your taxes. The guide covers: Tax Planning Basics Investing Real Estate Business & Executive Comp Family & Education Charitable Giving Retirement Estate Planning To keep […]
Business owners: Proper Cash Flow classification is Essential
Accurate financial statements are valuable resource for understanding your company’s performance, but the key is ensuring they’re prepared correctly. As your business grows and financial transactions become more complex, proper classification becomes increasingly challenging. Case in point: your statement of cash flows. Customarily, it shows the sources (money entering) and uses (money exiting) of cash. […]
Understanding taxes on employer-issued nonqualified stock options
Stock options provided by employers can be a significant financial asset for employees. In fact, many Silicon Valley success stories trace their wealth back to exercising stock options while working at start-up or rapidly expanding companies. We will now explain what you need to know about the federal income and employment tax rules for employer-issued […]
Retirement contribution limits are set to rise slightly in 2025
How much will you and your employees be able to contribute to your 401(k)s or other retirement plans in the coming year? According to Notice 2024-80, the IRS announced cost-of-living adjustments to the dollar limits for the retirement and other qualified plans for 2025. However, with inflation slowing, the increases are relatively modest. 401(k) plans […]
The Secret to B2B Growth: Marketing through the right channels
For business-to-business (B2B) companies, successful marketing starts with crafting credible, compelling messaging that captures attention. Equally important is selecting the most effective channels to reach your target audience. While digital marketing is essential, traditional strategies still hold value. A balanced approach that combines both proven and digital tactics is key to driving growth. Press releases […]