The government really wants to get their piece of the pie. High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of the taxes and what they may mean for you. 3.8% NIIT This tax applies, in […]

Time flies when you are having fun and 2022 has truly flown by. So, it must have been a lot fun, right? Small business tax planning needs to be at the front of the to do list at this time of year. The standard year-end approach of deferring income and accelerating deductions to minimize taxes […]

A lot of business owners associate the word “audit” with tax, financial statements or retirement plans, however, there are many more areas of a business that can be audited to help better conduct those areas of the business. In addition to the usual areas associated with audits, if you’re looking to improve your marketing a […]

There are differing opinions about the law’s ability to reduce inflation in the near future, but as an individual the changes to many climate and energy-related tax credits could be beneficial to you. Nonbusiness energy property Before the IRA was enacted, you were allowed a personal tax credit for certain nonbusiness energy property expenses. The […]

While media coverage has been focused on the effect the law will have on large corporations such as a 15% alternative minimum tax on large, profitable corporations and a 1% excise tax for stock buybacks of over $1 million by publicly traded US corporations, there are also some opportunities for tax relief for small businesses. […]

The Inflation Reduction Act of 2022 was put in place to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. The Act was passed by the Senate on August 7th, and most tax provisions become effective at the beginning of 2022. The following points are […]

If you’ve been in business for a while, you’ve probably considered many different employee benefits. One option that might have crossed your desk is an employee stock ownership plan (ESOP). Strictly defined, an ESOP is considered a retirement plan for employees. But it can also play a role in succession planning by facilitating the transfer […]

If you’re a business owner working from home or an entrepreneur with a home-based side gig, you may qualify for valuable home office deductions. But not everyone who works from home gets the tax break. Employees who work remotely can’t deduct home office expenses under current federal tax law. To qualify for a deduction, you […]

Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan? Consider a solo 401(k) if you have healthy self-employment income and want to contribute substantial amounts to a retirement nest egg. […]

Wellness programs have found a place in many companies’ health care benefits packages and they can take many different shapes and sizes. Because of this, wellness programs can be challenging to design, implement, and maintain. So whether your business is just embarking on the process of creating a wellness plan or simply looking for improvement […]