Advertising expenses both “ordinary and necessary”, should be protected. Advertising and marketing expenses have become extremely important to many businesses due to the increasing number of advertising media that are available in today’s market. It is evident that consistent advertisement has become the new norm. However, in order to be deductible, advertising and marketing expenses […]

If an employee is salaried and earns more than $200,000 annually they are ineligible for overtime pay. You may assume that any employee making that much must be salaried, but that is not always the case. This is demonstrated in the recent U.S. Supreme Court case of Helix Energy Solutions Group, Inc. v. Hewitt. The […]

There are few exceptions to including income received on your tax return. One of these exceptions is amounts received from a lawsuit or settlement for “personal physical injuries or physical sickness”. However, not all lawsuit and settlement awards are tax-free. For example, punitive damages and awards for unlawful discrimination or harassment are taxable. The tax […]

A heavy SUV may provide a better tax break than a smaller vehicle would. Smaller vehicles are depreciated differently from heavy SUV’s, so an SUV may be a sensible choice for your new business vehicle. Depreciation rules Business cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets. […]

We can all agree that having a social media presence is crucial for a business in todays day and age, but getting engagement and building a following can be difficult. One way that some companies rise above the din is to not only promote themselves on social media, but also engage social media influencers to […]

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 […]