Whether you are restructuring your current business or starting a new one, you should use careful consideration when choosing the entity type for your business. There are many entity types to consider when deciding what entity will benefit your business the most. You may decide the most beneficial entity type would be a C Corporation […]
Author Archive: rudleradmin
Business owners should know who are and who are not your privileged user
Given the advancements of technology in the business world, most companies are sitting on a lot of sensitive data that could be abducted, exploited, corrupted or even destroyed. Of course, there is always danger of outside parties hacking your network to do harm but there are also, internal risks – namely, your “privileged users”. Simply […]
Learn the ins and outs of how it works when you contribute to your employers 401(k) plan
If your employer offers a 401(k) plan that you do not participate in, you might be wondering if you should be. Normally it could save you on your taxes while you are contributing to your retirement. These plans help you accumulate savings for retirement and receiving a tax advantage while doing it. If you are […]
IRS agrees to new per diem business travel rates
Do you have employees that are traveling and having to document every expense while they travel? Perhaps you as a business owner are annoyed at reviewing this documentation every time your employees travel. There may be a way that you can simplify the way these expenses are reimbursed. In Notice 2023-68, the IRS announced the […]
What should businesses expect when the Department of Labor (DOL) conducts an audit of their benefits plan.
Benefit plans adhere to the regulations established by the Employee Retirement Income Security Act (ERISA), which entail numerous rules and substantial documentation. A request could be received from the U.S. Department of Labor (DOL) for plan-related documents — commonly referred to as a “plan audit.” Here are the basic steps that a DOL plan audit […]
Are you on the brink of an impending emergency? Two recently introduced tax provisions may soon offer relief.
You might have encountered this scenario in the past: you face a financial crisis and require access to cash. Beginning in 2024, there will be new relief for some taxpayers facing emergencies. The SECURE 2.0 law, which was enacted late last year, contains two different relevant provisions: You contemplate the possibility of withdrawing funds from […]
Are you aware social security wage base for employees and self-employed individuals is increasing in 2024?
The wage limit for calculating Social Security tax will go up from $160,200 to $168,600 per the Social Security Administration. Wages and self-employment income which falls above this threshold will not be subject to social security tax. Basic details The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees and self-employed workers — […]
Business Valuations – Strategizing for the Future
If the idea of a business appraisal only brings thoughts of retirement or selling your company, think again. A valuation can serve many purposes other than preparing your business for sale so you can head to the beach. Think of it as a checkup that can help you better plan for the future. Strategic planning […]
Tax implications for scholarships
Tuition costs for college is on the rise which is leading to increased scholarship searches. If awarded a scholarship, you may be asking what tax affect this may have for you. Good news: Scholarships (and fellowships) are generally tax-free for students at elementary, middle and high schools, as well as those attending college, graduate school […]
Business Vehicles: rules to know to ensure proper depreciation
Do you currently use a vehicle in your business? If you do you may be able to depreciate the vehicle, however the depreciation rules can be complex and special rules may apply. Depreciation is built into the cents-per-mile rate First, be aware that separate depreciation calculations for a passenger auto only come into play if […]