As you may have heard or seen, artificial intelligence (AI) is slowly and steadily expanding into various aspects of our lives. ChatGPT is the most well known example of this where you can engage in conversation with users and create coherently written articles and content. ChatGPT and other similar chatbots are what’s known as “generative” […]

There are multiple key deadlines for businesses and other employers that are taking place during the second quarter of 2024. This list is not all-inclusive, so there may be additional deadlines that apply. Contact us to make sure you are meeting all required filing requirements for your business. April 15 If you’re a calendar-year corporation, […]

Absolutely, regularly preparing financial statements in compliance with Generally Accepted Accounting Principles (GAAP) is very important for business owners. One significant reason for this is that external users, such as lenders and investors, have high level of trust in financial reporting that adheres to the rigorous standards of GAAP. Compliance with GAAP enhances transparency , […]

Indeed, tax favored accounts, such as traditional IRAs, subject account holders to federal income tax required minimum distribution (RMD) rules upon attaining a certain age. Similarly, if you inherit such an account, whether it’s a traditional or Roth IRA, you’ll also need to stick to these regulations. Understanding and managing these rules is essential for […]

To maximize current year depreciation write-offs for newly acquired assets, businesses should consider taking first-year section 179 depreciation deductions and first-year bonus depreciation deductions. These deductions can potentially allow significant write-off in Year 1, but it’s important to stay informed about annual inflation adjustments and tax law changes that may impact eligibility. Taking advantage of […]

Open enrollment for the majority of health care plans is many months away. That makes now a good time for businesses to consider changing their employer-sponsored coverage for next year, or perhaps to think about launching a plan for the very first time. If you are going to do either, you will have many details […]

Do you have dreams of buying a vacation beach home, lakefront cottage or ski chalet? Or perhaps you are fortunate enough to already own a vacation home. In either case, our team at Rudler has listed out different tax implications for renting it out for part of the year. Count the days The tax treatment […]

You may find it beneficial to barter or trade for goods and services. Bartering is not a new concept — in fact it is the oldest form of trade — but the internet has made it easier to engage in with other businesses. However, if your business begins to barter, be aware that the fair […]

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 […]

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 […]