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 […]

Small to midsize businesses today are often encouraged to help employees improve their financial wellness, and for good reason. Financially struggling workers tend to have higher levels of stress and anxiety, which can lead to decreased productivity and an increased likelihood of errors. Some might even decide to commit fraud. One key indicator of an […]

If you’re preparing to file your 2024 tax return and find your tax bill higher than you would like, there may still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA until this year’s April 15 filing deadline and benefit from the tax savings on […]

If an individual taxpayer experiences substantial business losses, unfavorable federal income tax could come into effect. Here is what to consider as you assess your 2024 tax situation. Disallowance rule The tax rules can get complicated if your business or rental activity throws off a tax loss — and many do during the early years. […]

Information technology (IT) is always changing. As a small to midsize business owner, you’ve likely heard this so many times it’s become a bit repetitive. However, the rapid pace of technological advancement shows no signs of slowing down, and it seems many companies are uncertain if they can keep up. In October of last year, […]

Child Tax Credit (CTC) has been a significant tax benefit for families with eligible children for years. Whether you’re claiming it for the first time or have been using it for some time, it’s important to stay informed about the rules and any possible changes. With certain provisions of the Tax Cuts and Jobs Act […]

Certain industries, such as restaurants, hotels, and salons, employ service workers who rely on tips as a significant portion of their earnings. It’s crucial for businesses with tip-receiving employees to adhere to both federal and state tax regulations. Are tips becoming tax-free? During the campaign, President Trump promised to end taxes on tips. While the […]

As a company climbs towards successful business, there may be many situations that increase the risk of legal claims. Depending on the business environment, it may be good to consider additional insurance to hedge against these risks. Business owners who are particularly worried about this type of risk can buy directors and officers (D&O) insurance […]

Taxes are one thing we don’t want to think about often in retirement, but planning ahead for the tax effects will make the transition much smoother. If you are retiring soon, here are four steps you can take to minimize tax impacts so you can simplify your retirement process. 1. Consider your post-career lifestyle Begin […]