Steps to Solve B2B Collections Challenges

If your company operates in the business-to-business (B2B) marketplace, you may have experienced some challenges with collections. There’s no easy solution, of course. But you can “grease the wheels,” so to speak, by strategically devising and continuously improving a methodical collections process. Every company, whether buyer or seller, is trying to manage cash flow. That […]

Considerations When Selling Your Vacation Home

Vacation homes in high-value areas could be worth much more than owners originally paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home. Scenario 1: You’ve never used the home as your primary residence In this case, […]

Tax Treatment of Expenses Paid By Partners

It’s not unusual for a partner to incur expenses that are related to the business activity. This is especially likely to occur in service partnerships such as an architecture or law firm. What’s the tax treatment of such expenses? Here are the answers. For example, partners in service partnerships may incur entertainment expenses in developing […]

Insight into Health Care Self-Insurance and Stop-Loss Coverage: Essential Knowledge for Business Owners

Navigating the complexities of health insurance for employees is an ongoing concern for businesses striving to balance cost-effectiveness with comprehensive coverage. Two primary options emerge: the familiar realm of fully insured plans purchased from insurers, or the more hands-on approach of self-insurance. Opting for self-insurance entails shouldering the responsibility of funding and managing the plan, […]

Be Alert to ‘Income in Respect of a Decedent’ Matters When Receiving an Inheritance

Inheritances often evoke feelings of gratitude and financial relief, offering unexpected windfalls that can ease burdens or fulfill aspirations. However, amidst the excitement of receiving such gifts, there lies a potential tax pitfall that many may overlook: income in respect of a decedent (IRD). While most inherited assets typically come tax-free, IRD can complicate matters, […]

Instances Where Businesses Consider an Opposing Stance on Profits and Costs

In the dynamic landscape of business operations, conventional wisdom isn’t always the guiding star. There are moments when choosing to diverge from the norm can yield remarkable results. One such area where this divergence is evident is in the strategic management of income and deductions. While the conventional playbook often emphasizes maximizing revenue and minimizing […]

The reasons why certain businesses opt for implementing a pivot strategy

When the term ‘pivot’ comes up, you might envision a politician altering their stance on an issue or friends maneuvering a couch down a tricky staircase. However, businesses also occasionally opt for a pivot. In a structured pivot strategy, a company deliberately shifts its strategic direction through a sequence of well-thought-out and implemented actions. Naturally, […]

If you haven’t established a tax-advantaged retirement plan yet, it’s time to do so.

If your business hasn’t ventured into establishing a retirement plan yet, now might be the perfect opportunity. With current retirement plan regulations, you can make substantial tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a maximum contribution of $69,000 for […]