Catch up contributions are extra retirement contributions for those age 50 and older, intended for making up on those missed investment opportunities during working years. The deal with IRAs Eligible taxpayers can make extra catch-up contributions of up to $1,000 annually to a traditional or Roth IRA. If you’ll be 50 or older as of […]

From time to time, corporate officers or shareholders spend their personal money on business expenses. These costs may end up being nondeductible both by an officer and the corporation unless the correct steps are taken. This issue is more likely to happen with a financially troubled corporation. What can’t you deduct? In general, you can’t […]

Does your business struggle with billing and/or credit and collections? This is a vital process in any business and even a slight improvement can help save your company valuable time and money. Once a business is up and running, one fundamental aspect of operations that’s easy to take for granted is billing. Often, a system […]

Have you recently inherited assets, or are planning your estate, and are wondering about the tax implications? You may be in a much better position “tax-wise” than you think. How do the rules work? Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis […]

If you own an unincorporated small business, tax day always stings a little more because of the self-employment (SE) tax. Designating your business as an S-Corp can help ease this burden. Here are the things you need to know. For 2023, the SE tax is imposed at the painfully high rate of 15.3% on the […]

It’s not only bigger companies that offer 401(k) plans. As a successful business owner with no employees you too can set up a 401(k) retirement plan. Two ways to contribute With a solo 401(k), the self-employed can make large annual deductible contributions to a qualified (that is, tax-advantaged) retirement account. However, this prime nest-egg-building opportunity […]

It’s unfortunate but according to the IRS, “thousands of people have lost millions of dollars and personal information to tax scams.” These scams can come in a variety of ways: email, mail, calls or text messages, and while individuals and businesses can be targets, the most common target for these criminals is the elderly. Important: […]

One of the big things that came out of the COVID-19 pandemic is a lot of new business were started and that number is still slightly increasing according to the U.S. Census Bureau. If you’re one of the entrepreneurs, you may not know that many of the expenses incurred by start-ups can’t be currently deducted […]

It is estimated that 91% of business with 10 or more employees use customer relationship management (CRM) software. CRM software allows management to gather, track, manage and analyze customer-related data. Building relationships To connect with customers and prospects in today’s data-driven environment, companies need more than just names and email addresses. CRM software provides the […]

Audits are expected to be on the rise in coming months because the Biden administration has made it a priority to go after high-income taxpayers who don’t pay what they legally owe. In any event, the IRS will examine thousands of returns this year. With proper planning, you may fare well even if you’re one […]