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3 summertime marketing ideas for 2022
- Jun 28, 2022
- By Dukhon Tax
- In Business
You can’t stop it; you can only hope to use it to your best business advantage. That’s right, summer is on the way and, with it, a variety of seasonal marketing opportunities for small to midsize companies. Here are three ideas to consider. 1. Support summer camps and local sports Soon, millions of young people will be attending summer camps,…
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Want to turn a hobby into a business? Watch out for the tax rules
- May 23, 2022
- By Dukhon Tax
- In Business, Business Taxes, Income Tax
Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return? You can generally deduct losses for expenses incurred in a bona fide…
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AI for small to midsize businesses isn’t going away
- Apr 22, 2022
- By Dukhon Tax
- In Business
Artificial intelligence (AI) has made great inroads into certain sectors of the U.S. economy. However, it hasn’t reached many small to midsize businesses (SMBs) in a major way … yet. In 2021, AI analysis firm Unsupervised published a survey of 520 SMB owners that found 48% of them still found AI too cost prohibitive. Forty percent said their businesses lacked…
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Are you ready for the 2021 gift tax return deadline?
- Mar 24, 2022
- By Dukhon Tax
- In Affordable Care Act, Business, Business Taxes, Financial Planning
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? The annual gift tax exclusion has increased in 2022…
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There still may be time to cut your tax bill with an IRA
- Mar 22, 2022
- By Dukhon Tax
- In Affordable Care Act, Business, Business Taxes, Financial Planning
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until the April 18, 2022, filing date and benefit from the tax savings on your 2021 return.…
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Business owners, lean into sales staff retention
- Mar 18, 2022
- By Dukhon Tax
- In Affordable Care Act, Business
Although there have been some positive signs for the U.S. economy thus far in 2022, many businesses are still reeling from last year’s “Great Resignation.” This trend of a historic number of workers voluntarily leaving their jobs, combined with the difficulty of hiring new employees, didn’t spare sales teams. However, one could say that the Great Resignation only threw gasoline…
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Married couples filing separate tax returns: Why would they do it?
- Mar 16, 2022
- By Dukhon Tax
- In Affordable Care Act, Business, Tax Advice
If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” liable for the…
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Prudent technology upgrades call for some soul searching
- Mar 14, 2022
- By Dukhon Tax
- In Affordable Care Act, Business, Business Taxes
By now, most business owners view technology upgrades as inevitable. Whether hardware or software, the tech your company relies on to operate will need to change slightly or even drastically for you to stay competitive. Strange as it may sound, technology upgrades demand a bit of soul searching. That is, before spending the money, you need to dig deep for…
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Let your financial statements guide you to optimal business decisions
- Mar 10, 2022
- By Dukhon Tax
- In Affordable Care Act, Business, Business Taxes
Now that 2022 is up and running, business owners can expect to face a few challenges and tough choices as the year rolls along. No matter how busy things get, don’t forget about an easily accessible and highly informative resource that’s probably just a few clicks away: your financial statements. Assuming you follow U.S. Generally Accepted Accounting Principles (GAAP) or…
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The Ins and Outs of IRAs
- Mar 08, 2022
- By Dukhon Tax
- In Affordable Care Act, Business, Retirement
Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed is that they can help you save for retirement on a tax-favored basis. Here’s an overview. Traditional IRAs You can make an annual deductible contribution to a traditional IRA if: You (and your spouse) aren’t active participants in employer-sponsored retirement…
Category “Business”
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