Turning 73 soon? That seems like an oddly specific age, but turning 73 means new rules and regulations regarding your retirement accounts. To guide you through this process, we’ve compiled answers to frequently asked questions. According to tax regulations, when you turn 73, you must start taking annual withdrawals, known as Required Minimum Distributions (RMDs), […]

Thinking about a new vehicle or starting to work from your home? Small businesses can potentially utilize these strategies to reduce their federal income tax, self-employment tax bill, or even reduce state taxes. What you may not know is that combining these deductions can be even more beneficial. In 2025, new and used “heavy” SUVs, […]

Small to midsize businesses face constant pressure to upgrade their information technology (IT). The good news is that you and your leadership team may be able to control these costs better through various proactive measures. Whether it’s new software, a better way to use the cloud or a means to strengthen cybersecurity, there’s always something […]

As the cost of higher education continues to climb, you might be concerned about how to save and pay for college. Fortunately, several tools and strategies offered in the U.S. tax code may help ease the financial burden. Below is an overview of some of the most beneficial tax breaks and planning options for funding […]

When selling business assets, it’s essential to understand how taxes can affect your bottom line. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or exchange of certain business property. Business gain and loss tax basics The federal income tax […]

A range of factors can hinder a company’s growth. Failing to invest time and resources into fostering strong connections within your management team and providing them with the necessary support can lead to slower growth for your company. Some factors are simple to identify, like inadequate cash flow management or ineffective strategic planning. Others, however, […]

Preparing for retirement is a vital financial priority, and a 401(k) plan is one of the best tools to help you reach that goal. If your employer offers a 401(k) or Roth 401(k), maximizing your contributions in 2025 is a wise strategy to grow your retirement savings. If you are not currently contributing the maximum […]

Considering current hiring challenges, business owners should take advantage of the Work Opportunity Tax Credit (WOTC). This credit is available to employers who hire workers from specific targeted groups that face significant employment barriers. The tax credit can be worth up to $2,400 per eligible employee, with higher amounts available for certain veterans and recipients […]

On December 23, 2024, the Federal Court of Appeals issued a stay to the preliminary injunction halting the implementation and filing requirements of the BOI. As a result, the BOI Reporting Requirements are back in effect with a new extended deadline for most companies. Reporting companies that were created or registered prior to January 1, […]

There can be a lot of operational pressure to keep up with the financial performance of your business. It’s easy to miss an important financial event when you are looking at reports on a monthly, quarterly, or even annual basis. Creating flash reports makes it easy to spot an important event right when it happens.