Don’t Have a Tax-Favored Retirement Plan? Set One Up Now

June 5, 2024

If your business doesn’t already have a tax-favored retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For…

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Scrupulous Records and Legitimate Business Expenses Are the Key to Less Painful IRS Audits

May 30, 2024

If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim…

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Coordinating Sec. 179 Tax Deductions with Bonus Depreciation

May 20, 2024

Your business should generally maximize current-year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation deductions…

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Using Data Analytics and AI for Managing Business Cash Flow

May 7, 2024

By: Victoria Kosuda, CPA, Principal, Client Accounting Services and Advisory Use Data Analytics Tools and AI for Better Business Cash Flow Management  Data analytics and artificial intelligence (AI) are transforming…

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Better Tax Break When Applying the Research Credit Against Payroll Taxes

March 26, 2024

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit…

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Federal Tax News for Individuals

March 23, 2024

Little bits of income still count It’s easy to overlook smaller amounts of income when it’s time to prepare your tax return. Taxpayers must generally include all income, not just…

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Tax-Wise Ways to Take Cash from your Corporation While Avoiding Dividend Treatment

March 12, 2024

If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash as a dividend. However, a dividend distribution…

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9 Tax Considerations if You’re Starting a Business as a Sole Proprietor

March 7, 2024

When launching a small business, many entrepreneurs start as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here are…

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W-9 Rules for Independent Contractors in General Businesses

February 29, 2024

If your business is perpetually shorthanded, you may have decided to engage independent contractors or freelancers to pick up some of the slack. Just make sure you’re collecting the right…

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Important Tax Figures for 2024

February 21, 2024

The following chart provides some important federal tax information for 2024, as compared with 2023. Social Security/ Medicare 2024 2023 Social Security Tax Wage Base $168,600 $160,200 Medicare Tax Wage…

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