Some customers naturally require more time and resources than others. But when certain relationships consistently consume more of your and your employees’ time than they generate in profit, it may be time to reassess. Taking a closer look at customer level profitability can help you understand where resources are going and ensure that high value […]

Raising a family comes with plenty of expenses, but it may also make you eligible for various tax breaks. Some of the most valuable are tax credits, because they reduce your tax liability dollar for dollar (unlike deductions, which only reduce the amount of income subject to tax). Here’s what you need to know. Child, […]

An advance payment is one received by a business before it provides whatever is being paid for. For federal income tax purposes, generally advance payments must be reported as taxable income in the year received. This treatment always applies if your business uses the cash method of accounting for tax purposes. But, if your business […]

Pay equity focuses on ensuring employees are compensated fairly for comparable work using objective, job-related factors. For employers, maintaining equitable pay practices can support recruitment and retention, reinforce a positive workplace culture, and help reduce potential compliance risks. As labor markets remain competitive and compensation transparency grows, many businesses are taking a closer look at […]

When preparing your individual income tax return, one of the key decisions is whether to claim the standard deduction or itemize. Recent legislative changes from the One Big Beautiful Bill (OBBB) increase the state and local tax (SALT) deduction limit for 2025 that could shift that decision for many taxpayers. If you have significant property, […]

As you prepare your 2025 tax return, certain elections made at filing can influence both your current tax bill and future savings. One key consideration for businesses is how aggressively to claim depreciation deductions on recent asset purchases. With expanded first-year bonus depreciation and higher Section 179 limits available, many taxpayers have opportunities to accelerate […]

In today’s information-rich world, employees have a wealth of knowledge at their fingertips and face an ongoing challenge – staying focused and productive amid endless distractions. One effective way to boost engagement is a performance-based bonus plan. When carefully structured, these plans acknowledge individual contributions while accelerating the company toward its strategic goals.   However, […]

For 2025 through 2028, individuals age 65 or older may be eligible to claim a new “senior” deduction of up to $6,000 under the One Big Beautiful Bill Act (OBBBA). However, the deduction is subject to an income-based phaseout that could reduce or eliminate your deduction. The good news is that, if your income is […]

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 […]

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 […]