Once you turn 70½, you can make direct cash donations from your IRA to IRS-approved charities. These qualified charitable distributions (QCDs) could provide valuable tax benefits. QCD basics QCDs can be made from your traditional IRA(s) free of federal income tax. In contrast, other traditional IRA distributions are wholly or partially taxable, depending on whether […]

As a small business owner, handling health care expenses for yourself and your employees can be difficult. One effective tool to consider implementing is a Health Savings Account (HSA). You may already have an HSA, but now is a good time to review how these accounts work, especially with the IRS’s recent announcement of inflation-adjusted […]

Informal or unwritten policies and procedures are a common occurrence in family business. However, these can prove to be problematic when the business begins to grow. Simply put, there may come a time when you have to take it to the next level. Employees may grumble about unclear, inconsistent rules. Lenders and investors might frown […]

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 […]

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 […]

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 […]

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 If getting a tax break and using cleaner energy sounds appealing, take advantage of them now before they are rescinded or expire.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, […]

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 […]

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 […]

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. […]