While the rules for Traditional and Roth IRAs have changed many times, what hasn’t changed is the fact that they can help you save for retirement with potential tax benefits. Below is an overview of what you should know when thinking about opening an IRA or when making any contributions or distributions. Traditional IRAs You […]

As a business owner, you know you have to keep records of your income and expenses, but how much detail is the real question. Especially in regards to expenses as you want to be able to claim them as tax deductions. If you are ever audited by the IRS you want to make sure you […]

The most basic reports for a business, but also the most informative are your financial statements. Knowing how to read your financials and what they are telling you is key. Your financial statements can be a great resource to assist you in making optimal business decisions. Assuming you follow U.S. Generally Accepted Accounting Principles (GAAP) […]

For some, tax season can be the most stressful time of year—and this year’s tax season has arrived! The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles. Tip 1. Contact us soon for […]

Starting a new business is an exciting time but it can also be intimidating. It is no secret that the initial investment can be costly to get things up and running. Entrepreneurs are often unaware that many expenses incurred by start-ups can’t be deducted right away. Keep in mind that the way you handle some […]

Does your company sell it’s products or services primarily to other businesses? Then you understand the unique marketing challenges this can present to get your message out there. Use business-to-business (B2B) media to get your name and know-how out there. 3 common approaches B2B media, what we used to call “trade publications,” now encompasses a […]

Tax identity theft has become more prevalent than most people realize. One way to help protect yourself is to give identity thieves less time to file a false return under your information. We know that most of you must wait till closer to the April deadline but if earlier filing is possible, it is strongly […]

Annual indexing of tax limits for inflation is here. Let’s recap the most common ones that may impact your business. Social Security tax The amount of an employee’s earnings that is subject to Social Security tax is capped for 2022 at $147,000 (up from $142,800 in 2021). Deductions Standard business mileage rate, per mile: 58.5 […]

For companies that have IT as a central role in operations and productivity, it might be time to construct some leadership positions to manage tech related matters and procedures. Often, this means a Chief Information Officer will join the team to manage the business’s internal IT infrastructure and operations. Other common “tech execs” include Chief […]

Although the Build Back Better Act failed to pass in 2021, your tax situation for this year may still be impacted by other tax changes and updates because of yearly adjustments for inflation. If you’re like most people, you’re probably more concerned about your 2021 tax bill than you are about your 2022 tax situation.