If you have employees who travel for business, you know how challenging it can be to manage reimbursements and the pile of receipts for meals, hotels and incidental expenses. To simplify this process, you might want to use the “high-low” per diem method. Rather than collecting and tracking every receipt, your business can reimburse […]
Author Archive: rudleradmin
Is It Time to Reassess Your Company’s Pricing Approach?
Pricing remains one of the most effective ways for business owners to influence profitability. If your prices are too low, you could forfeit valuable revenue. On the other hand, setting them too high may drive customers toward more affordable alternatives. The key is to strike a balance—establishing prices that are both competitive in the […]
Key Tax Deductions to Explore Before Placing a Parent in a Nursing Home
About 1.3 million Americans currently live in nursing homes, based on data from the National Center for Health Statistics. While your primary focus may be your parent’s well-being as they transition into a nursing home, it’s also important to consider the potential impact on your taxes. There are several tax breaks available that could help […]
Understanding the Tax Risks of Personal Loan Guarantees for Your Corporation
Before agreeing to personally guarantee a loan for your closely held corporation, it’s crucial to be aware of the potential tax implications. As a guarantor, endorser, or indemnitor, you take on personal responsibility for repaying the debt if the corporation is unable to do so. Failing to plan ahead could expose you to unexpected tax […]
Data Hygiene: how to keep it clean and the dangers of dirty data
Hygiene can refer to more than just washing our hands, and hygienic practices in the field of data are a must. Keeping your data accurate, safe, and useful allows you to make better informed decisions for your business. Data Hygiene refers to the ongoing process of ensuring that the information your company relies on […]
IRS notices: understanding the most common
Receiving a notice from the IRS can be intimidating, but it doesn’t have to be. IRS notices are more common than you think, and many are simple to resolve once you understand them. This article walks through the most common types of IRS notices, explains why taxpayers receive them, and provides guidance on how to […]
Best recordkeeping practices for businesses straight from a recent Tax Court case
A successful business is more than just its products and services, but also its practices and procedures. A good business requires strong recordkeeping, allowing better financial decisions as well as ease in tax and legal compliance. Accurate records create support for deductions and keeping tax breaks. This was demonstrated in a recent U.S. Tax Court […]
Be aware of occupational fraud
In a perfect world, you can trust that the employees you hire will uphold the same integrity that you do in regards to the business you have built, but in reality you need to be aware of the areas where you are vulnerable. In fact, occupational fraud cost organizations about 5% of their revenue on […]
The 50+ Advantage: Unlocking the Power of Catch-Up Contributions
If you are 50 or older you have the opportunity to supercharge your retirement savings with additional “catch-up” contributions. Don’t sleep on this valuable opportunity to contribute to these tax-favored retirement accounts. IRA contribution amounts For 2025, eligible taxpayers can make contributions to a traditional or Roth IRA of up to the lesser of $7,000 […]
Additional reporting needed for $10,000+ cash transactions in your business
If your business received large amounts of cash or cash equivalents, there is more to do than just report it on your tax return. Transactions are additionally required to be reported on Form 8300. What are the requirements? Although many cash transactions are legitimate, the IRS explains that the information reported on Form 8300 “can […]