It’s not unusual for a partner to incur expenses that are related to the business activity. This is especially likely to occur in service partnerships such as an architecture or law firm. What’s the tax treatment of such expenses? Here are the answers. For example, partners in service partnerships may incur entertainment expenses in developing […]

Navigating the complexities of health insurance for employees is an ongoing concern for businesses striving to balance cost-effectiveness with comprehensive coverage. Two primary options emerge: the familiar realm of fully insured plans purchased from insurers, or the more hands-on approach of self-insurance. Opting for self-insurance entails shouldering the responsibility of funding and managing the plan, […]

Inheritances often evoke feelings of gratitude and financial relief, offering unexpected windfalls that can ease burdens or fulfill aspirations. However, amidst the excitement of receiving such gifts, there lies a potential tax pitfall that many may overlook: income in respect of a decedent (IRD). While most inherited assets typically come tax-free, IRD can complicate matters, […]

In the dynamic landscape of business operations, conventional wisdom isn’t always the guiding star. There are moments when choosing to diverge from the norm can yield remarkable results. One such area where this divergence is evident is in the strategic management of income and deductions. While the conventional playbook often emphasizes maximizing revenue and minimizing […]

When the term ‘pivot’ comes up, you might envision a politician altering their stance on an issue or friends maneuvering a couch down a tricky staircase. However, businesses also occasionally opt for a pivot. In a structured pivot strategy, a company deliberately shifts its strategic direction through a sequence of well-thought-out and implemented actions. Naturally, […]

If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one- and two-bedroom residences were $1,487 and $1,847, respectively, according to the latest Zumper National Rent Report. In some parts of the country, rents are much higher or lower than the […]

If your business hasn’t ventured into establishing a retirement plan yet, now might be the perfect opportunity. With current retirement plan regulations, you can make substantial tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a maximum contribution of $69,000 for […]

Just because you aren’t aware of issues with your payroll system doesn’t mean there aren’t major problems. Payroll issues can go un-noticed if you do not pay enough attention to your payroll system. These issues can cause huge issues and disrupt you business. That leads to extra money spent fixing the issue and potentially upsetting […]

The deadline to file your 2023 tax return was April 15th, however, you may have filed an extension that extends the due date to October 15th if you needed more time to file. Once you do file your return, there are three things you should keep in mind. 1. Waiting for your refund? You can […]

It can be a challenge to keep up with the paperwork involved with a new or existing business. Documentation for accurate tax deductions should be maintained so you can record all of the deductions you are entitled to. If your business is audited by the IRS you will want to be able to defend the […]