One way to decrease your tax liability is to make a deductible contribution to a traditional IRA. If your 2022 tax bill is higher than you would like, you have up until April 18, 2023 to make a contribution and benefit from these tax savings. But make sure you are eligible first. Rules for eligibility […]

If you are self-employed and run your business from home or perform certain function there, you may be eligible for certain deductions like home office expenses to decrease your business income. The two methods for claiming this deduction are taking the actual expenses or using a simplified method. How to qualify In general, you qualify […]

The internet feels like it has been around for forever, but crazy enough – the birthday of the internet was in the 80’s! Fast-forward to today and almost everything electronic is connected to the Internet or could be — from refrigerators to HVAC to security systems. This phenomenon is known as the Internet of Things […]

It seems as if the rules related to the child tax credit change every year, so it may be difficult to know what is current – let’s review: For tax years 2022 and 2023, the CTC applies to taxpayers with children under the age of 17 (who meet CTC requirements to be ‘’qualifying children’’). A […]

The value of M&A transactions took a hit in 2022 with interest rates on the rise. The value was down 41.4% from 2021, according to S&P Global Market Intelligence. However, some analysts expect 2023 to see increased M&A activity in certain industries. If you’re considering buying or selling a business, it’s important to understand the […]

If you’re a business owner and you’re having trouble reading the economy, you’re not alone. Concerns still stand on if the economy will grow or suddenly stall. And interest rates continue to rise, meaning the battle against inflation is far from won. What can you do, strategically, to neither under- nor overreact to this “interesting” […]

Many people are more concerned about their current year tax bills, which is understandable since the individual tax returns are due to be filed in 10 weeks, than they are about their 2023 tax situations. Since the 2023 tax amounts may have changed, now is a good time to familiarize yourself. See below for some […]

Many businesses have employees who receive tips as part of their compensations, these businesses include restaurants, hotels and salons. For tax purposes, four factors determine whether a payment qualifies as a tip: Tip definition Tips are optional or extra payments determined by a customer that employees receive from customers. They can be cash or noncash. […]

Developing and implementing strategic plans, regulating day to day operations and putting out fires are just some of the ways many business owners spend a majority of their time. However, human resources (HR) could be a source of both opportunity and trouble. One way to ensure that your strategic HR decisions are likely to yield […]

Make sure you are meeting the requirements to avoid penalties. A distribution from a retirement plan is considered early when it’s participant takes money out of the plan before the age of 59 ½. Since most retirement withdrawals are subject to income tax these early distributions are taxable but may also subject to an additional […]