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. […]

Information technology (IT) is always changing. As a small to midsize business owner, you’ve likely heard this so many times it’s become a bit repetitive. However, the rapid pace of technological advancement shows no signs of slowing down, and it seems many companies are uncertain if they can keep up. In October of last year, […]

Child Tax Credit (CTC) has been a significant tax benefit for families with eligible children for years. Whether you’re claiming it for the first time or have been using it for some time, it’s important to stay informed about the rules and any possible changes. With certain provisions of the Tax Cuts and Jobs Act […]

Certain industries, such as restaurants, hotels, and salons, employ service workers who rely on tips as a significant portion of their earnings. It’s crucial for businesses with tip-receiving employees to adhere to both federal and state tax regulations. Are tips becoming tax-free? During the campaign, President Trump promised to end taxes on tips. While the […]

As a company climbs towards successful business, there may be many situations that increase the risk of legal claims. Depending on the business environment, it may be good to consider additional insurance to hedge against these risks. Business owners who are particularly worried about this type of risk can buy directors and officers (D&O) insurance […]

Taxes are one thing we don’t want to think about often in retirement, but planning ahead for the tax effects will make the transition much smoother. If you are retiring soon, here are four steps you can take to minimize tax impacts so you can simplify your retirement process. 1. Consider your post-career lifestyle Begin […]

As the economy adjusts with yearly inflation, many beneficial tax limits also adjust through annual indexing. Many of these increases are not as significant as in previous years, but here are some common items to be aware of as some have changed while others remain the same. 2025 deductions as compared with 2024 Section 179 […]

Every company values engaged employees, but is it possible for them to be too engaged? According to a 2024 survey of 3,000 employees by employee engagement consulting firm Perceptyx, 72% of workers continue working in some capacity during their vacations. While this might seem like a sign of commitment, the long-term effects can be detrimental […]

You’re probably more focused on your 2024 tax return right now than on your 2025 taxes, which makes sense since your 2024 individual return is due by April 15 (unless you file a 6-month extension for time to file). However, it’s a good idea to start learning about potential tax adjustments for 2025, especially due […]

From the inception of their companies, business owners are strongly advised to utilize key performance indicators (KPIs) to effectively monitor performance. This advice is well-founded, as overseeing business metrics can be akin to watching the gauges while driving a car – essential for maintaining optimal speed and knowing when maintenance is needed. Similarly, this approach […]