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 […]

The Rudler, PSC Women’s Initiative Committee is thrilled to announce our first major event. Join us for “Stories and Strategies: A Success Panel” featuring three distinguished professionals. The panel will discuss personal success stories, strategies for overcoming challenges, and lessons learned. This event celebrates women’s achievements and offers inspiration and actionable advice, fostering a supportive […]

There are several different types of tax-advantaged accounts or arrangements to help today’s employees with medical expenses. A Health Reimbursement Arrangement is one of the current options available. Under an HRA, your business sets up and wholly funds a plan that reimburses participants for qualified medical expenses of your choosing. (To be clear, employees can’t […]

The step-up in basis is a tax benefit that commonly comes with inherited assets, but is just as often misunderstood. If you recently inherited assets or may in the future, here are the basics of the rule and some planning considerations. What “basis” means First, let’s look at a couple definitions. Basis is generally what […]

There are a lot of financial and administrative elements that can be overwhelming when considering a retirement plan for your employees and yourself. The basic options are the Simplified Employee Pension (SEP) and a Savings Incentive Match Plan for Employees (SIMPLE), which we explain below SEPs offer easy implementation SEPs are intended to be an […]

While the word “concentration” might initially suggest a productive connotation, (after all, focus is essential for achieving business goals) it can carry a different meaning in a corporate setting. In this context, concentration often refers to a company’s dependence on specific customers, suppliers, products, or markets. Evaluate your customers Let’s start with customer concentration, which […]

After filing your 2024 tax return, don’t fall victim to the urge to declutter those overflowing file cabinets and digital folders. Before you start shredding or hitting delete, plan to retain these documents for two reasons. 1. They protect you in the event of an IRS audit. 2. They help establish the tax basis of […]

As summer approaches, many small business owners are looking to hire extra help. If your child is eager to earn some money, this could be the perfect opportunity. By hiring your child to work for your business, you not only give them valuable job experience, but you can also unlock meaningful tax benefits for your […]

Certain tax violations carry significantly more severe consequences than others. A prime example is the failure to remit federal income and employment taxes withheld from employees’ paychecks. In such cases, the IRS may impose the Trust Fund Recovery Penalty, commonly referred to as the 100% penalty. This penalty is termed the 100% penalty because it […]