It might sound like the lingo of air traffic controllers — inbound vs. outbound. But businesses of all types must grapple with these concepts and their associated challenges when developing sales strategies. Inbound sales originate when someone contacts your company to inquire about buying a product or service, whereas outbound sales arise from members of […]

Socking away money in a tax-advantaged retirement plan can help you reduce taxes and help secure a comfortable retirement. If your employer offers a 401(k) or Roth 401(k), contributing to the plan is a smart way to build a substantial nest egg. If you’re not already contributing the maximum allowed, consider increasing your contribution. Because […]

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. January 17 (The usual deadline of January 15 is on a Sunday and January 16 is a federal […]

“Well, it still works, and everyone knows how to use it, but….” Do these words sound familiar? Many businesses stick with their accounting software far too long for these very reasons. What’s important to find out and consider is everything that comes after the word “but.” Managers and employees often struggle with systems that don’t […]

If you’re thinking about selling stock shares at a loss to offset gains that you’ve realized during 2022, it’s important to watch out for the “wash sale” rule. The loss could be disallowed Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within the […]

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction is: Available to owners of sole proprietorships, single member limited liability companies (LLCs), partnerships, and S corporations, as well […]

Family-owned businesses face distinctive challenges when it comes to succession planning. Early planning is important to distinguish ownership succession and management succession. When a nonfamily business is sold to a third party, ownership and management succession typically happen simultaneously. However, in the context of a family business, there may be reasons to separate the two. […]

The rules surrounding required minimum distributions (RMDs) are complicated. You can’t keep your funds in a traditional IRA forever. It’s best to be prepared for the age 72 withdrawal date. Here are some answers to frequently asked questions. What if I want to take out money before retirement? If you want to take money out […]

The form of business you choose when launching a new business venture is important. Here are some of the major advantages and disadvantages of doing business as a C Corporation. A C corporation allows the business to be treated and taxed as a separate entity from you as the principal owner. A properly structured corporation […]

With unemployment in October at 3.7%, your business may be having trouble recruiting new employees. This is a competitive market for current employees so retention becomes important too. Stock options are often a tool used to create a more attractive offer to possible candidates and help retain those key employees The finer points of ISOs […]