The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, due to inflation adjustments these amounts change every year. The high inflation affected the 2023 adjustments. These adjustments include section 179 deductions, heavy SUVS, first-year bonus depreciation, and more. Here are the changes that you need to know. Section 179 deductions […]

As summer transitions into fall, it’s a prudent time for business owners and their leadership teams to assess the effectiveness of their marketing strategy for the year. How well is your strategy performing? There’s still time to make necessary tweaks to meet your sales targets. What success looks like The simple question you might ask […]

In recent years, numerous homeowners nationwide have witnessed a surge in the value of their properties. If you are contemplating the sale of your home in 2023 or have already done so, it’s essential to be mindful of potential tax implications. There is a possibility that you may be subject to capital gains tax and […]

When facing a divorce, the inherent stress is well-known. However, for business owners, the inclusion of tax considerations can further complicate matters. Your ownership stake in the business is often a substantial personal asset, and it’s common for marital property to encompass some or all of it. Transferring property tax-free In general, you can divide […]

If you are thinking about retiring soon then it might be time to think about the future of your company. The future does not refer to how well it will perform going forward, but who will be taking over once you step down. Succession planning is an important task for every business owner. And it’s […]

Having employer provided life insurance can be an attractive fringe benefit. But if your coverage is over $50,000 and part of group term life insurance then there might be negative tax consequences. You’re taxed on income you didn’t receive The first $50,000 of group term life insurance coverage that your employer provides is excluded from […]

If your closely held corporation needs a loan and you are asked to be a guarantor, endorser, or indemnitor you should be aware of the consequences if the company defaults on the loan. Should this happen you could be liable for the principal and interest under the agreement. A business bad debt If you’re compelled […]

With inflation rising and the fears of a recession not going away, many companies have been keeping a close eye on costs, especially costs of their health insurance and pharmacy coverage. If you’re facing higher costs for health care benefits this year, it probably doesn’t come as a big surprise. According to the National Survey […]

Many expenses can be incurred if you have a family member with disabilities. There are tax advantages to save for their needs without them losing eligibility for government benefits that they are entitled to. This can be done through an Achieving a Better Life Experience (ABLE) account, which is a tax free account that can […]

Changes were made to retirement plans due to the enactment of the Secure 2.0 law. One of the provisions provides employers the opportunity to help staff in times of emergency. This is done through “pension-linked emergency savings accounts.” Effective for plan years beginning January 1, 2024, SECURE 2.0 permits a plan sponsor to amend its […]