With the year coming to a close, now is the perfect time to consider your finances and explore effective tax strategies. One effective way to reduce potential estate taxes and show generosity to loved ones is by giving cash gifts before December 31. Under tax law, you can gift a certain amount each year without […]

As we near 2025, important updates are on the horizon for the Social Security wage base. The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 for 2025 (up from $168,600 for 2024). If your business has employees, you may need to budget for additional payroll […]

When businesses are aiming to grow, there are two main paths. The first is organic growth and the second is inorganic growth. If you actively pursue inorganic growth, you may have the chance to acquire a struggling business. Although these “turnaround acquisitions” can offer significant long-term benefits, they can also come with higher risks compared […]

Suppose you have an unincorporated side activity that you consider a business, such as offering photography services, creating custom artwork, or selling handmade items online. You may wonder if the IRS will agree that your venture is a business and not a hobby. This distinction is crucial for tax purposes. If your activity’s expenses exceed […]

The IRS is escalating its audit efforts, with a focus on large businesses and high-income individuals. By 2026, it aims to nearly triple the audit rates for corporations with assets over $250 million. This increase is part of a broader IRS strategy, funded by the Inflation Reduction Act, to address noncompliance among wealthier entities. Partnerships […]

While one obvious way to measure your business’s success is by it’s profitability, another important measure is how much working capital you have to fund operations and expand your business. The best way to stay liquid while you continue to grow your company is through working capital management. Multifunctional metric Working capital is a metric […]

If you are planning for your childs education, it is a great time to consider investing in a 529 plan. A 529 plan allows for prepayment of education costs on a tax-favored basis. Named after the Internal Revenue Code section that provides for them, there are two types of programs you can invest in: Prepaid […]

Your business may require real estate for its operations or may even have property listed under the business’s name. There are many advantages to keeping them separate in regards to long term tax and liability and estate planning. How taxes affect a sale Businesses that are formed as C corporations treat real estate assets as […]

The job market in the U.S. has largely stabilized since the historic disruption of the pandemic and the unique implications that followed. However, the fact remains that employee retention is mission-critical for businesses. There are ways to address the challenge. Retaining employees is still generally less expensive than finding and hiring new ones and strong […]

The recent decrease in interest rates has prompted increased activity in the real estate market. If you’re in the process of buying a home, or you just bought one, you may wonder if you can deduct mortgage points paid on your behalf by the seller. The answer is “yes,” subject to some significant limitations described […]