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September 2025

The tax traps of personally guaranteeing a loan to your corporation

Leave a Comment / Business Bad Debt Deduction, Closely Held Corporations, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips /

If you’re considering guaranteeing, or are asked to guarantee, a loan to your closely held corporation, it’s important to understand the potential tax consequences. Acting as a guarantor, endorser or indemnitor means that if the corporation defaults, you could be responsible for repaying the loan. Without planning ahead, you may face unexpected tax implications. A […]

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What every business owner should know about data hygiene

Leave a Comment / Artificial Intelligence (AI), Cybersecurity, Data Hygiene, Small Business, Small Business Owners, Small Business Tips /

When you read the word “hygiene,” you may immediately think about the importance of washing your hands or brushing your teeth. But there’s another use of the term that every business owner should know: data hygiene. This refers to the ongoing process of ensuring that the information your company relies on is accurate, complete, consistent

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Understanding the most common IRS notices

Leave a Comment / Federal Taxes, Income Tax, Individual Income Tax, Internal Revenue Service (IRS), State Income Tax, Tax Scams /

For many taxpayers, receiving a letter from the IRS can feel intimidating. The envelope arrives with the IRS seal, and immediately, worry sets in: Did I make a mistake? Am I in trouble? The truth is, IRS notices aren’t uncommon, and most of them can be resolved fairly easily once you understand what they mean. This article

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Tax Court case provides lessons on best recordkeeping practices for businesses

Leave a Comment / Federal Taxes, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips /

Running a successful business requires more than delivering great products or services. Behind the scenes, meticulous recordkeeping plays a crucial role in financial health, compliance and tax savings. Good records can mean the difference between successfully defending a deduction and losing valuable tax breaks. A recent U.S. Tax Court decision underscores just how important this

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Occupational fraud still affects many businesses

Leave a Comment / Employees, Financial Statements, Occupational Fraud, Small Business, Small Business Owners, Small Business Tips /

The more things change, the more they stay the same. This age-old saying applies to many things, and one of them is fraud perpetrated against businesses by their employees. In fact, occupational fraud cost organizations about 5% of their revenue on average last year, according to the Association of Certified Fraud Examiners’ Occupational Fraud 2024: A

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Receive $10,000 in cash at your business? The IRS wants to know about it

Leave a Comment / Cash Transactions In Your Business, Federal Income Tax, Internal Revenue Service (IRS), Small Business, Small Business Owners /

Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. Here are some answers to questions you may have. What are the requirements? Although many cash transactions are legitimate, the IRS explains that the

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Businesses strive for balance in hybrid work models

Leave a Comment / Employees, Remote Working, Small Business, Small Business Owners /

If your business allows employees to perform their jobs under a hybrid work model, it’s not alone. Ever since the pandemic, many companies have sought to strike a balance between permitting some remote work while also requiring staff to come into the office (or another type of facility). Data released this year shows that, by

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Payroll tax implications of new tax breaks on tips and overtime

Leave a Comment / (FLSA) Fair Labor Standards Act, Employees, Federal Income Tax, Modified Adjusted Gross Income (MAGI), One, Big, Beautiful Bill Act, Payroll Tax, Self Employed, Small Business, Tips And Overtime /

Before the One Big Beautiful Bill Act (OBBBA), tip income and overtime income were fully taxable for federal income tax purposes. The new law changes that. Tip income deduction For 2025–2028, the OBBBA creates a new temporary federal income tax deduction that can offset up to $25,000 of annual qualified tip income. It begins to

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Run a business with your spouse? You may encounter unique tax issues

Federal Income Tax, Partnerships, S Corporation, Self Employment Tax, Small Business, Small Business Owners, Sole Proprietors, Tax Savings, Unincorporated Small Business /

Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment. Otherwise, you must file an annual partnership return using Form 1065.

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