If you are eligible for the qualified business income (QBI) deduction, you want to take advantage of it while you can because come 2025 it will be no more.   Deduction basics The QBI deduction is written off at the owner level. It can be up to 20% of: QBI earned from a sole proprietorship […]

All too often, once a sales team is up and running, it’s left to its own devices to maintain its strengths, develop new skills and upgrade its technology. This can produce mixed results — some sales departments are remarkably self-sufficient while others could really use more organizational support.   To remove the guesswork, many of […]

Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are likely the last thing on your mind. However, there are tax implications due to your altered employment circumstances.   Depending on your situation, the tax aspects can be […]

The research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’ll take care of for you.   But in addition to the credit itself, be aware that there are two additional features that are especially favorable to small businesses: Eligible small […]

Rare are the businesses that can initiate or expand without an injection of external capital. In certain instances, this capital manifests as a commercial loan from a bank or another lending entity. If you and your company’s leadership anticipate the need for a loan, it is crucial to approach the process with assurance. This begins […]

Given the steep expenses associated with higher education, numerous parents initiate 529 plans for their infants. While contributions to these plans don’t offer tax deductions, they do accumulate on a tax-deferred basis. Profits utilized for qualified education expenses can be withdrawn without incurring taxes. Nevertheless, using earnings for non-educational purposes may result in income tax […]

If you aim to minimize the tax impact when withdrawing cash from your privately held corporation, the most straightforward approach is to distribute it as a dividend. Nevertheless, it’s important to note that a dividend distribution may not be the most tax-efficient method. This is because the distribution becomes taxable to you based on your […]

The Corporate Transparency Act (CTA) was enacted on January 1, 2021 and went into effect on January 1, 2024. The law requires certain companies to disclose “beneficial ownership” information to the Financial Crimes Enforcement Network (“FinCEN”). The law aims to improve transparency of ultimate beneficial owners of entities formed or registered to do business in […]

Small business owners tend to run their businesses as efficiently as possible. This can result in what would be viewed as standard fringe benefits for midsize and larger companies, such as a retirement plan, not being offered to employees of small businesses. If this is the case for your small business, don’t give up on […]

For those that qualify, you can make a deductible contribution to a traditional IRA up until the tax filing date of April 15, 2024 and benefit from savings on your 2023 return. Who is eligible? You can make a deductible contribution to a traditional IRA if: You and your spouse aren’t active participants in an […]