Taxation Issues in the Gig Economy
Do you provide car rides through a mobile app, rent out your spare room using an online platform or repair computers for local businesses on demand? If so, you may [...]
Steps to Help Avert Sabotage by Former Employees
Termination can be painful, whether it's for cause or part of a business slump that you can't avoid. Employees who are fired or laid off often have negative feelings about [...]
Don’t Take a Personal Guarantee Lying Down
Most lenders require the owner of a small business to personally guarantee loans made to the company in question. This pledge indicates the owner's commitment and helps ensure that the [...]
4 Warning Signs of Financial Distress
Financial problems rarely happen overnight. Early detection increases the chances of a successful turnaround. Here are four red flags to watch out for: Late financial statements. When financials are delayed, [...]
Set a Realistic Price for Your Business
As part of your exit strategy or your estate plan, let's say your team of advisors has helped you determine that selling your business will help you best achieve your [...]
Protect the “Ordinary and Necessary” Advertising Expenses of Your Business
Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut [...]
Update on Deducting Business Meal and Entertainment Expenses
The federal income tax treatment of business-related meal and entertainment expenses has been a moving target the last few years. If you're confused about what rules currently apply, you're not [...]
Tax Law Changes that Could Affect Your Business Return
Every tax season, business owners must familiarize themselves with tax law changes that went into effect for that tax year. Fortunately, businesses don't have to contend with sweeping changes for [...]
Business Valuation Issues in Divorce
In a divorce, when either or both spouses own a closely held business, the dissolution of the marriage becomes more complex. There are several questions to consider: Should the couple [...]
New Tax Law Improves QCD Benefits
Seniors who must take withdrawals from their IRAs may be able to benefit from a special tax provision for qualified charitable distributions (QCDs). Briefly stated, this provision allows people in [...]
Employers Should Be Wary of ERC Claims That Are Too Good to Be True
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is [...]
Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or [...]
HSA 2023
With Health Savings Accounts (HSAs), individuals and businesses buy less expensive health insurance policies with high deductibles. Contributions to the accounts are made on a pre-tax basis. The money can [...]
Let’s Be Reasonable about Owners’ Compensation
Is it possible to have too much of a good thing? The IRS thinks so, at least in the context of compensation paid to business owners. If an owner's compensation is [...]
Computer software costs: How does your business deduct them?
These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or [...]