There have been monumental changes to many industries in recent times. Calculating how slowly or quickly you need to adapt to these changes is important. Although the slow route may seem like the easy way to adapt to changes, it may be vital to act quickly and at a larger scale. This practice is called […]
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How to take full advantage of your employee transportation fringe benefits
If your employer offers transportation-related fringe benefits, it could be a great benefit to learn how to maximize them and utilize eligible tax breaks. Continue on for a summary of current federal tax treatment of these benefits. Mass transit passes For 2025, employer-provided mass transit passes for train, subway and bus systems are tax-free to […]
How to Select a Sales Compensation Model to Fit Your Business
A successful sales team is the backbone of most small to midsize businesses. Without motivated and skilled sales professionals, generating strong revenue can be a challenge. The question is, what motivates these valued employees? At the core, it’s fair and competitive compensation. However, choosing the right sales compensation model isn’t easy and may call for […]
Be Prepared for the Upcoming 2024 Gift Tax Return Deadline
If you made substantial gifts to your children, grandchildren or others last year, it’s important to determine whether you’re required to file a 2024 gift tax return. In some scenarios, even if it’s not required to file one, you may want to do so anyway. Requirements to file The annual gift tax exclusion was $18,000 […]
Strategies to Manage Limits on the Business Interest Expense Deduction
Before the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expense. The TCJA created Section 163(j), which generally limits deductions of business interest, with certain exceptions. If your business has significant interest expense, it’s important to understand the potential impact of the deduction limit on […]
Mandatory FINCEN BOI Reporting Requirement – Deadline March 21, 2025
We want to bring to your attention an important update regarding the Financial Crimes Enforcement Network (FINCEN) Beneficial Ownership Information (BOI) reporting requirements. After significant legal back and forth in the courts, the mandatory BOI reporting requirement has been reinstated. Previously, these filings were voluntary due to a court injunction; however, that injunction has now […]
Five Essential Steps for Developing a Pay Transparency Strategy
In today’s information-rich world, businesses must adapt to increasing demands for transparency, particularly when it comes to compensation. Pay transparency, the practice of openly sharing pay structures and policies, is becoming a key factor in maintaining trust with employees, job candidates, and even the public. Despite this trend, many businesses still lack a formal pay […]
Am I Eligible to Itemize Deductions on My Tax Return
If you’re wondering whether you can itemize deductions on your tax return, you’re not alone. Many taxpayers, especially those who make charitable contributions or have other significant expenses, often question whether they should itemize or take the standard deduction. The key is to compare your potential itemized deductions—such as mortgage interest, state and local taxes, […]
How a Home Office Can Provide Tax Deductions for Business Owners
As a business owner, maximizing tax deductions is key to managing your finances efficiently, and one often overlooked opportunity lies in your home office. The IRS allows eligible business owners to deduct home office expenses, potentially reducing your taxable income significantly. However, it’s essential to fully understand the rules to ensure you comply with IRS […]
Are your employees facing issues from retirement plan leakage?
Small to midsize businesses today are often encouraged to help employees improve their financial wellness, and for good reason. Financially struggling workers tend to have higher levels of stress and anxiety, which can lead to decreased productivity and an increased likelihood of errors. Some might even decide to commit fraud. One key indicator of an […]