When inflation rises, your margins can feel the pressure fast. For the 12 months ending in April 2026, the U.S. inflation rate was 3.8%, according to the U.S. Bureau of Labor Statistics. But your business’s real-world costs — products, materials, labor, shipping and everyday operating expenses — may be climbing even faster. To stay ahead, […]

Gifting artwork to charity can be a meaningful way to support an organization you care about while potentially receiving a tax benefit. However, the deduction you’re eligible for may vary based on who receives the artwork, how the charity intends to use it and whether you meet the required documentation and appraisal rules. Relation to […]

Your business may feel large to you, but the IRS and other government agencies may define its size differently depending on the tax provision involved. Qualifying as a “small business” can open the door to valuable tax advantages, but the rules aren’t one-size-fits-all. You may be eligible for some small business breaks while missing out […]

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 […]

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 […]

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 […]

College is a significant financial investment. According to the College Board, average tuition and fees for the 2024-2025 academic year are $43,350 at private institutions. Out-of-state students at public colleges can expect to pay an average of $30,780, while in-state students pay approximately $11,610. In addition to tuition and fees, students should also consider expenses […]