Which accounting method route is best for business tax purposes?

There are two traditional accounting methods business use to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. Thus, it may be prudent […]

Revitalizing Strategic Planning: A Guide for Businesses

As the new year unfolds, businesses often find themselves entrenched in the day-to-day grind, striving to build momentum and secure success for the months ahead. Yet, amidst the hustle and bustle, it’s crucial not to overlook the vital process of strategic planning. In an ever-evolving business landscape, competitors are relentlessly refining their strategies, making it […]

Determining the Variances Between Filing Jointly or Separately as a Married Couple

Navigating the labyrinth of tax filing statuses can be a daunting task, particularly for married couples faced with the decision of whether to file jointly or separately. This pivotal choice not only determines your tax rates and eligibility for certain deductions but also carries significant implications for your financial liability. Understanding the nuances of each […]

9 Tax Factors to Consider When Launching Your Sole Proprietorship

Embarking on the journey of starting your own business as a sole proprietor is an exciting endeavor filled with promise and potential. However, amidst the thrill of entrepreneurship, it’s crucial to navigate the intricacies of tax considerations that come with this venture. Here are nine essential tax factors to ponder as you set forth on […]

The Best Strategies for Businesses to Combat Three Typical Types of Insurance Fraud

Businesses, regardless of their size or structure, are wise to invest in various insurance policies to mitigate operational risks. However, the realm of insurance itself is not without its own risks. It’s possible to overspend on unnecessary policies or opt for inexpensive coverage that proves inadequate in times of need. One particular risk tied to […]

The latest Developments in the IRS Initiatives Against Suspicious Employee Retention Tax Credit Claims

The Employee Retention Tax Credit (ERTC) was established during the temporary closure of numerous businesses due to COVID-19. This credit offered financial assistance, allowing struggling businesses to retain their employees. As per the IRS, an influx of “questionable” Employee Retention Tax Credit (ERTC) claims started coming in, with promoters falsely suggesting that substantial tax refunds […]

Thinking about using IRAs to save for retirement?

Traditional and Roth IRAs have been a popular way to build your retirement for many years. New rules enacted through Secure 2.0 make them even more advantageous to taxpayers. So what are the new changes to IRAs? Rules for traditional IRAs You can make an annual deductible contribution to a traditional IRA if: You (and […]

A new benefit option is available as a part of SECURE 2.0

A Pension-linked emergency savings account (PLESA), a part of the SECURE 2.0 act, is now available for plan years beginning January 1, 2024. If adopted by a Plan Sponsor, certain employees could make after-tax Roth contributions to a PLESA account to pay emergency expenses. You can find Guidance in Notice 2024-22 and frequently asked questions […]