Choosing an entity for your business? How about an S corporation?
May 12, 2023
If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form…
Some taxpayers qualify for more favorable “head of household” tax filing status
May 10, 2023
When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head…
How businesses can use stress testing to improve risk management
May 8, 2023
If you’ve been following the news lately, you’ve surely heard or read about the sudden rise in concern about the banking industry. Although…
The tax advantages of hiring your child this summer
May 5, 2023
Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time, you may have…
The tax rules for donating artwork to charity
May 3, 2023
If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax…
It’s happening: Using social media for customer service
May 1, 2023
Everyone is on social media these days, including businesses and their customers. This creates a natural — or shall we say virtual — nexus…
Paperwork you can toss after filing your tax return
April 28, 2023
Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain…
Retirement saving options for your small business: Keep it simple
April 26, 2023
If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment…
5 valuation terms that every business owner should know
April 24, 2023
As a business owner, you’ll likely need to have your company appraised at some point. An appraisal is essential in the event of a business…
Renting to a relative? Watch out for tax traps
March 24, 2023
If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules…
Look forward to next year by revisiting your business plan
March 22, 2023
Businesses of all stripes are about to embark upon a new calendar year. Whether you’ve done a lot of strategic planning or just a little, a…
The standard business mileage rate is going up in 2023
March 20, 2023
Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the…
SECURE 2.0 law may make you more secure in retirement
March 17, 2023
A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few…
Unused PTO a problem? Consider a contribution arrangement
March 15, 2023
A new year has arrived. For many businesses, this means employees’ paid time off (PTO) arrangements have reset. And at companies with “use…
Employers should be wary of ERC claims that are too good to be true
March 13, 2023
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the…
Tax-wise ways to save for college
March 10, 2023
If you’re a parent or grandparent with college-bound children, you may want to save to fund future education costs. Here are several…
3 ways your business can uncover cost cuts
March 8, 2023
Every business wants to find them, but they sure don’t make it easy. We’re talking about cost cuts: clear and substantial ways to lower…
Forms W-2 and 1099-NEC are due to be filed soon
March 6, 2023
With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers…
Why you might want to file early and answers to other tax season questions
March 3, 2023
The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and…
Getting into data analytics without breaking the bank
March 1, 2023
Most business owners would probably agree that, in today’s world, data rules. But finding, organizing and deriving meaning from the…
Is now the time for your small business to launch a retirement plan?
February 27, 2023
Many small businesses start out as “lean enterprises,” with costs kept to a minimum to lower risks and maximize cash flow. But there comes…
Tax-saving ways to help pay for college — once your child starts attending
February 24, 2023
If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for years…
How the new SECURE 2.0 law may affect your business
February 22, 2023
If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every…
Answers to your questions about taking withdrawals from IRAs
January 23, 2023
As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA…