If you have made large gifts to your children, grandchildren or other individuals last year, you may be required to file a gift tax return. Knowing the deadline of that return is very important so you can get it filed timely. Also, in some cases it might be a good idea to file a return […]

The Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact on many businesses. Several provisions in the law have expired or will expire in the next few years. One provision that ended is the deductibility for research and experimental (R&E) expenses. R&E expenses The TCJA has […]

Creating a multifunctional sales team. Most often than not, business owners are worried about teams working independently rather than collectively to reach organizational goals., Rather, than working in a bubble, it is most beneficial to share best practices amongst a multifunctional team. Among the most damaging effects of having silos within a business is poor […]

Do you have depreciated or worthless stock that you would like to claim losses on? You purchased stock in a company that later drops in value. Do not ignore the loss on this investment, you can at least claim capital loss deduction on your tax return. Below are the rules that apply when a stock […]

Advertising expenses both “ordinary and necessary”, should be protected. Advertising and marketing expenses have become extremely important to many businesses due to the increasing number of advertising media that are available in today’s market. It is evident that consistent advertisement has become the new norm. However, in order to be deductible, advertising and marketing expenses […]

If an employee is salaried and earns more than $200,000 annually they are ineligible for overtime pay. You may assume that any employee making that much must be salaried, but that is not always the case. This is demonstrated in the recent U.S. Supreme Court case of Helix Energy Solutions Group, Inc. v. Hewitt. The […]

There are few exceptions to including income received on your tax return. One of these exceptions is amounts received from a lawsuit or settlement for “personal physical injuries or physical sickness”. However, not all lawsuit and settlement awards are tax-free. For example, punitive damages and awards for unlawful discrimination or harassment are taxable. The tax […]

A heavy SUV may provide a better tax break than a smaller vehicle would. Smaller vehicles are depreciated differently from heavy SUV’s, so an SUV may be a sensible choice for your new business vehicle. Depreciation rules Business cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets. […]

We can all agree that having a social media presence is crucial for a business in todays day and age, but getting engagement and building a following can be difficult. One way that some companies rise above the din is to not only promote themselves on social media, but also engage social media influencers to […]

One way to decrease your tax liability is to make a deductible contribution to a traditional IRA. If your 2022 tax bill is higher than you would like, you have up until April 18, 2023 to make a contribution and benefit from these tax savings. But make sure you are eligible first. Rules for eligibility […]