The Inflation Reduction Act of 2022 was put in place to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. The Act was passed by the Senate on August 7th, and most tax provisions become effective at the beginning of 2022. The following points are […]

If you’ve been in business for a while, you’ve probably considered many different employee benefits. One option that might have crossed your desk is an employee stock ownership plan (ESOP). Strictly defined, an ESOP is considered a retirement plan for employees. But it can also play a role in succession planning by facilitating the transfer […]

If you’re a business owner working from home or an entrepreneur with a home-based side gig, you may qualify for valuable home office deductions. But not everyone who works from home gets the tax break. Employees who work remotely can’t deduct home office expenses under current federal tax law. To qualify for a deduction, you […]

Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan? Consider a solo 401(k) if you have healthy self-employment income and want to contribute substantial amounts to a retirement nest egg. […]

Wellness programs have found a place in many companies’ health care benefits packages and they can take many different shapes and sizes. Because of this, wellness programs can be challenging to design, implement, and maintain. So whether your business is just embarking on the process of creating a wellness plan or simply looking for improvement […]

Did you know that when a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income? As such, the IRS can come after either spouse to collect the entire tax — not just the part that is attributed to one […]

The business entity you choose can affect your taxes, your personal liability and other issues. A limited liability company (LLC) is somewhat of a hybrid entity in that it can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This duality may provide you with the best […]

While digitalization continues to take hold of the business world, the billing and collections functions for many organizations remain largely paper based. Businesses that automate the accounts receivable process may accomplish several operational and financial goals. There are many benefits that organizations can unlock when they “go digital.” Being Efficient is everything Generating a paper […]

Estimated tax payments are taxes paid to the IRS throughout the year on earnings that are not subject to federal tax withholding. This can include self-employment income, income you have earned on the side such as dividends, capital gains or other income. Here are the applicable rules for paying estimated tax without triggering the penalty […]

Certain employers are required to report to the IRS information about whether they offer health coverage to their employees and if so, information about the coverage offered. Does your business have to comply, and if so, what must be done? Basic rules Certain employers with 50 or more full-time employees (called “applicable large employers” or […]