There have been monumental changes to many industries in recent times. Calculating how slowly or quickly you need to adapt to these changes is important. Although the slow route may seem like the easy way to adapt to changes, it may be vital to act quickly and at a larger scale. This practice is called […]

If your employer offers transportation-related fringe benefits, it could be a great benefit to learn how to maximize them and utilize eligible tax breaks. Continue on for a summary of current federal tax treatment of these benefits. Mass transit passes For 2025, employer-provided mass transit passes for train, subway and bus systems are tax-free to […]

A successful sales team is the backbone of most small to midsize businesses. Without motivated and skilled sales professionals, generating strong revenue can be a challenge. The question is, what motivates these valued employees? At the core, it’s fair and competitive compensation. However, choosing the right sales compensation model isn’t easy and may call for […]

If you made substantial gifts to your children, grandchildren or others last year, it’s important to determine whether you’re required to file a 2024 gift tax return. In some scenarios, even if it’s not required to file one, you may want to do so anyway. Requirements to file The annual gift tax exclusion was $18,000 […]

Before the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expense. The TCJA created Section 163(j), which generally limits deductions of business interest, with certain exceptions. If your business has significant interest expense, it’s important to understand the potential impact of the deduction limit on […]

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. […]