Customer credit risks in B2B businesses

It’s common practice in business-to-business (B2B) transactions to use customer credit, but it is important to be cautious. Most customers expect a credit option to be available when it comes to B2B transactions, but these arrangements comes with risks of late payments or nonpayment, leaving you with potential cash flow issues.   To manage this […]

Social Security benefits are not always free

Many people believe that Social Security benefits are always tax free, but unfortunately that is not usually the case. Up to 85% of your benefits could be taxable depending on your overall income. While the truth about the federal income tax bite on Social Security benefits may be painful, it’s better to understand it. Here […]

Take advantage of the QBI deduction before it’s gone

If you are eligible for the qualified business income (QBI) deduction, you want to take advantage of it while you can because come 2025 it will be no more.   Deduction basics The QBI deduction is written off at the owner level. It can be up to 20% of: QBI earned from a sole proprietorship […]

Enable your salesperson with sales support

All too often, once a sales team is up and running, it’s left to its own devices to maintain its strengths, develop new skills and upgrade its technology. This can produce mixed results — some sales departments are remarkably self-sufficient while others could really use more organizational support.   To remove the guesswork, many of […]

Job loss is unpleasant but its tax implications could make it worse

Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are likely the last thing on your mind. However, there are tax implications due to your altered employment circumstances.   Depending on your situation, the tax aspects can be […]

Applying the R&D credit against payroll taxes

The research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’ll take care of for you.   But in addition to the credit itself, be aware that there are two additional features that are especially favorable to small businesses: Eligible small […]

Applying for a commercial loan with confidence

Rare are the businesses that can initiate or expand without an injection of external capital. In certain instances, this capital manifests as a commercial loan from a bank or another lending entity. If you and your company’s leadership anticipate the need for a loan, it is crucial to approach the process with assurance. This begins […]

New option for unused funds in a 529 college savings plan

Given the steep expenses associated with higher education, numerous parents initiate 529 plans for their infants. While contributions to these plans don’t offer tax deductions, they do accumulate on a tax-deferred basis. Profits utilized for qualified education expenses can be withdrawn without incurring taxes. Nevertheless, using earnings for non-educational purposes may result in income tax […]

Corporate Transparency Act – What You Need to Know

The Corporate Transparency Act (CTA) was enacted on January 1, 2021 and went into effect on January 1, 2024. The law requires certain companies to disclose “beneficial ownership” information to the Financial Crimes Enforcement Network (“FinCEN”). The law aims to improve transparency of ultimate beneficial owners of entities formed or registered to do business in […]