In today’s competitive environment, effective cost management is essential. However, many business owners tend to address cost control reactively, only when it becomes a pressing issue. A more strategic approach involves implementing proactive and systematic cost management, which entails segmenting your business into key spending categories and regularly evaluating and adjusting the allocation of resources.

Recent fluctuations in stock, mutual fund, and ETF prices have led to potential opportunities for investors to mitigate losses. If an investment in a taxable brokerage account performs poorly, you may be able to realize a tax-saving capital loss by selling the underperforming security. However, it is crucial to be aware of the wash sale […]

Your business has the option to establish an educational assistance plan, allowing eligible employees to receive up to $5,250 annually in federal-income-tax-free and federal-payroll-tax-free benefits. These tax-advantaged programs, known as Section 127 Plans, derive their name from the tax code section that authorizes them. Plan basics Sec. 127 plans can cover the cost of almost […]

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 […]

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, […]

Under the newly signed Corporate Transparency Act (CTA) many businesses will have a new reporting requirement this year. Under this new act, if your business is deemed a “reporting Company” you may fall under the Beneficial Ownership Information reporting rules beginning in 2024 Who’s who? A reporting company includes any corporation, limited liability company or […]

Instead of stock option awards companies have started offering restricted stock awards. Restricted stock awards are popular because stock options can lose their value overtime. If your restricted stock loses value overtime, your company can issue more shares to make up for the loss in value. Restricted stock awards can be a great way to […]

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 […]

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 […]

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 […]