Many individuals make charitable gifts, both because they’re generous and they want to save money on their federal tax bill. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are […]
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Business mileage reimbursement amount decreases slightly to 57.5 cents for 2020.
In 2020, the optional standard mileage reimbursement rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019. Calculating your deduction Businesses can generally deduct […]
New disclosure rules coming for businesses with defined contribution retirement plans.
A provision of the SECURE Act changes what employers would have to disclose to employees at least once a year. Specifically, the law will require that the benefit statements sent to plan participants include a lifetime income disclosure at least once during any 12-month period. The disclosure will need to illustrate the monthly payments that […]
Can AI change your business for the better?
Have you heard stories or read articles on how artificial intelligence (AI) has improved a variety of industries? You may be wondering what it could do to improve yours? Here are some ways that AI might be able to help change your industry. 3 technology types AI generally refers to using computers to perform complex […]
Filing your 2019 tax return early can be a good way to protect your personal information.
Are you concerned that someone is going to file a false tax return using your personal information? One of the best ways to avoid that is to file as early as possible. The IRS announced that the 2019 individual tax return filing season is beginning on January 27th. Even if you do not typically file […]
New retirement tax law changes for 2020 that can benefit you.
To start the new year, Congress has made considerable changes to individual retirement savings, whether it be with an IRA or other plan. With the passing of the SECURE ACT, these four changes have been made to individual retirement plans. To start the new year, Congress has made considerable changes to individual retirement savings, whether […]
If you are a business owner or executive, what is the best way to stay connected with staff?
As the hectic and action-packed events of the holidays are in the past, many employers and businesses are ready to face the busy new year with a clear focus. Be sure workplace goals are established early on and align with staff across the board. As the hectic and action-packed events of the holidays are in […]
Security for employees’ retirement based on new law.
To start the new year, Congress has made considerable changes to individual retirement savings, whether it be with an IRA or other plan. With the passing of the SECURE ACT, these four changes have been made to individual retirement plans. As we head into a new year, the federal government has made beneficial legislative changes […]
Breaking the budget? Cost management can help.
Cost management is a systematic and formal review of your business with the goal of reducing costs every step of the way. This can be especially useful if you find yourself routinely going over budget, but is also useful as a merely preventative tool. The process involves asking yourself many questions about your business, some […]
Do you have a home office? You may be eligible for tax breaks.
Advanced technology has made it easier than ever to work from home, so more people find themselves working from an office in their house, either full time or part time, spending some days at home and some at the office building. A home office deduction can be valuable, but simply having an office space doesn’t […]