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Douglas Freeman

Advisory boards provide family businesses with independent perspectives

Leave a Comment / Family Business, Small Business, Small Business Owners, Small Business Tips /

Does your family business keep its strategic decisions within the family? It’s common for family businesses to assign relatives to positions of authority and require other employees to defer to them. But “common” doesn’t necessarily mean “good.” Not only is outside input recommended, but it can help reduce the risk of certain problems (such as […]

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There’s still time to set up a SEP and reduce your 2025 taxes

Leave a Comment / Federal Income Tax, Limited Liability Company, Partnerships, S Corporation, Self Employed, Simplified Employee Pension (SEP), Small Business, Small Business Owners, Small Business Tax Tips, Tax-Advantaged Retirement Plan, Taxes 2025 /

If you own a business or are self-employed and haven’t already set up a tax-advantaged retirement plan, consider establishing one before you file your 2025 tax return. If you choose a Simplified Employee Pension (SEP), you’ll be able make deductible 2025 contributions to it, saving you taxes. Not only is the SEP deadline favorable, but

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Tax filing FAQs for individuals

Leave a Comment / Federal Income Tax, Federal Income Tax Filing, Federal Taxes, Individual Income Tax, Individual Tax Tips, Tax Identity Theft, Tax Refund /

The IRS is opening the filing season for 2025 individual income tax returns on January 26. This is about the same time as when the agency began accepting and processing 2024 tax year returns last year, despite IRS staffing having been significantly reduced since then. Here are answers to some FAQs about filing. When is

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Is your business ready for the tax deadline that’s on Groundhog Day this year?

Leave a Comment / Employees, Independent Contractors, Small Business, Small Business Owners, Small Business Tips, Social Security, W-3 Transmittal Of Wage And Tax Statements, Wage and Tax Statement /

Normally businesses must furnish certain information returns to workers and submit them to the federal government by January 31. But this year, that date falls on a Saturday. So the deadline is the next business day, which happens to be Groundhog Day: February 2, 2026. W-2s for employees By February 2, employers must furnish and/or file these

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Consider these issues before providing (or reimbursing) mobile phones

Leave a Comment / Employees, Fringe Benefits For Employees, Small Business, Small Business Owners, Small Business Tips, Tax Rules For Work-Issued Phones /

For many employees, mobile phones are no longer a perk — they’re an essential business tool. However, issuing company phones or reimbursing employees for use of their personal devices can create hidden security risks, unexpected tax consequences and productivity concerns for business owners. Here are some key issues to consider before rolling out or revising

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Tax filing update for pass-through entities

Leave a Comment / Business Interest Expense Deductions, Federal Income Tax, First-Year Depreciation, Limited Liability Partnership (LLP), LLC, One, Big, Beautiful Bill Act, Partnerships, Pass Through Taxation, S Corporation, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, Tax Deadlines /

Do you operate a business as a partnership, a limited liability company (LLC) treated as a partnership for tax purposes or an S corporation? In tax lingo, these are called “pass-through” entities because their taxable income items, tax deductions and tax credits are passed through to their owners and taken into account on the owners’ federal

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If you suffered a disaster, you may be eligible for a casualty loss tax deduction

Leave a Comment / Casualties, Casualty Losses on Property, Insurance, Natural Disaster, One, Big, Beautiful Bill Act, Personal Property loses /

Every year, severe storms, flooding, wildfires and other disasters affect millions of taxpayers. Many experience casualty losses from damage to their homes or personal property. The One Big Beautiful Bill Act (OBBBA), signed into law last year, generally made permanent the Tax Cuts and Jobs Act (TCJA) limitation on the personal casualty loss tax deduction.

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Not all “business” expenses are tax deductible

Leave a Comment / Business Expenses, Business Valuation, Debt-to-equity Ratio, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, Tax-Deductible Business Expenses, Working Capital In Business /

Valuation professionals often use discounted cash flow (DCF) techniques to determine the value of a business or estimate economic losses. A critical input in a DCF model is the cost of capital — the rate that’s used to discount future earnings to today’s dollars. Modest changes in this rate can have a major impact on

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