If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important date coming up. In many cases you have to use the money in the account by year-end or you’ll lose it (unless your employer has a grace period). As the end […]
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It’s not too late, you may still be able to reduce your small business tax bill for 2023
In the midst of all the holiday festivities, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take advantage of a few opportunities. Time deductions and income If your business operates on a cash basis, you can significantly affect your amount of taxable income by […]
Consider Pooled Employer Plans for Retirement Benefits in Small Businesses
Most businesses today need to offer a solid benefits package. Failing to do so could mean falling behind in the competition to hire and retain talent in today’s tight job market. Embarking on the journey of exploring Pooled Employer Plans (PEPs) is a strategic move for businesses aiming to enhance their retirement benefits. PEPs, a […]
Crucial 2024 Adjusted Tax Figures Considering Inflation for Individuals
Navigating the tax landscape requires a keen understanding of the 2024 inflation-adjusted figures, especially for individuals. The standard deduction, a fundamental element for those who don’t itemize, sees notable increases. Additional allowances apply for older taxpayers and the visually impaired. Furthermore, this article delves into key thresholds for ordinary income, short-term capital gains, long-term capital […]
Crucial 2024 Tax Guidelines for Small Businesses and Their Owners, Accounting for Inflation
Navigating the intricacies of taxation is a critical aspect for small business owners, especially those operating as sole proprietorships or pass-through entities like LLCs, partnerships, or S corporations. The net ordinary income generated by these businesses flows through to the individual owner’s personal Form 1040, subjecting them to the federal income tax rates. As we […]
Your business might have a more straightforward route to generating financial statements
Accurate financial statements are essential for all businesses. Publicly held companies must not only release them but also subject them to independent CPA audits, offering the highest level of assurance to external stakeholders regarding the absence of significant errors. Privately held companies, especially smaller businesses, can find relief in the fact that the costly and […]
Eleven instances where the 10% penalty tax on early withdrawals from an IRA does not apply
In the event of a significant cash shortage, an option you may consider is making an early withdrawal from your traditional IRA—this refers to a withdrawal made before reaching the age of 59½. Traditional IRAs encompass accounts such as simplified employee pension (SEP-IRA) and SIMPLE-IRA for this purpose. The following will help you gain insight […]
Conducting a cost segregation analysis has the potential to reduce your tax liabilities and enhance available cash flow
If your business is spreading the entire construction cost of its facility over a 30-year depreciation period, it’s worth exploring a cost segregation study. This analysis could enable you to expedite depreciation deductions for specific items, leading to potential tax reductions and increased cash flow. Depreciation basics Business buildings generally have a 39-year depreciation period […]
2023 Year End Reporting of Fringe Benefits for S Corporation Shareholders
As 2023 quickly comes to a close, and you begin making plans for the holiday season, we want to take a chance to remind S Corporation shareholders to include planning for the required tax reporting and withholding requirements for health insurance premiums paid by an S Corporation on behalf of more than 2 percent shareholder-employees.
2023 Year End Reporting of Personal Use of Automobiles
As the end of the year fast approaches, we want to remind you of the tax reporting required for personal use of company provided vehicles. Law Fringe benefits provided to an employee are taxable to the employee and must be reported in his/her income unless the law specifically excludes the benefit. This rule includes the […]