Is your company prepared to introduce a health insurance plan next year or make changes to its existing one? If so, now is the time to start exploring your options, as these decisions require careful planning. Many small to midsized business opt for a high-deductible health plan (HDHP) paired with employee health savings accounts (HSAs). […]

Have you ever invested in a company, only to watch its stock value drop? With recent market volatility, this scenario may be more relevant than ever. While a loss like this can be frustrating, there’s an upside – you may be able to claim a capital loss deduction on your tax return. Here’s what you […]

Here are five options for Business Succession Plans and Their Tax Implications. When planning for your business’s future, succession planning is essential to preserving your legacy and ensuring a smooth transition for the next generation of leaders or owners. Whether you’re preparing for retirement, looking to reduce your involvement, or seeking a reliable contingency plan […]

There have been monumental changes to many industries in recent times. Calculating how slowly or quickly you need to adapt to these changes is important. Although the slow route may seem like the easy way to adapt to changes, it may be vital to act quickly and at a larger scale. This practice is called […]

If your employer offers transportation-related fringe benefits, it could be a great benefit to learn how to maximize them and utilize eligible tax breaks. Continue on for a summary of current federal tax treatment of these benefits. Mass transit passes For 2025, employer-provided mass transit passes for train, subway and bus systems are tax-free to […]

A successful sales team is the backbone of most small to midsize businesses. Without motivated and skilled sales professionals, generating strong revenue can be a challenge. The question is, what motivates these valued employees? At the core, it’s fair and competitive compensation. However, choosing the right sales compensation model isn’t easy and may call for […]

If you made substantial gifts to your children, grandchildren or others last year, it’s important to determine whether you’re required to file a 2024 gift tax return. In some scenarios, even if it’s not required to file one, you may want to do so anyway. Requirements to file The annual gift tax exclusion was $18,000 […]

Before the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expense. The TCJA created Section 163(j), which generally limits deductions of business interest, with certain exceptions. If your business has significant interest expense, it’s important to understand the potential impact of the deduction limit on […]

We want to bring to your attention an important update regarding the Financial Crimes Enforcement Network (FINCEN) Beneficial Ownership Information (BOI) reporting requirements. After significant legal back and forth in the courts, the mandatory BOI reporting requirement has been reinstated. Previously, these filings were voluntary due to a court injunction; however, that injunction has now […]

As a business owner, maximizing tax deductions is key to managing your finances efficiently, and one often overlooked opportunity lies in your home office. The IRS allows eligible business owners to deduct home office expenses, potentially reducing your taxable income significantly. However, it’s essential to fully understand the rules to ensure you comply with IRS […]