Facebook Linkedin Twitter

Douglas Freeman

Tax Court case provides lessons on best recordkeeping practices for businesses

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 […]

Tax Court case provides lessons on best recordkeeping practices for businesses Read More »

Occupational fraud still affects many businesses

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

Occupational fraud still affects many businesses Read More »

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

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

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

Businesses strive for balance in hybrid work models

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

Businesses strive for balance in hybrid work models Read More »

Payroll tax implications of new tax breaks on tips and overtime

(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

Payroll tax implications of new tax breaks on tips and overtime Read More »

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.

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

5 ways your business can build a stronger annual budget

Budgeting, Business Budgets, Cash Flow, Data Analytics, Sales, Tax Planning /

As summer gives way to fall, many businesses begin their budget-setting processes for the upcoming year. This annual rite of passage can be stressful, contentious and, perhaps worst of all, disappointing if your budgets often fail to achieve their objectives. The good news is that there are many ways to enhance your company’s budgeting process

5 ways your business can build a stronger annual budget Read More »

Teachers and others can deduct eligible educator expenses this year — and more next year and beyond

AGI (Adjustable Gross Income), Educator Expense Deduction, Individual Tax Tips, One, Big, Beautiful Bill Act /

At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But teachers are also buying school supplies for their classrooms. And in many cases, they don’t receive reimbursement. Fortunately, they may be able

Teachers and others can deduct eligible educator expenses this year — and more next year and beyond Read More »

New rules could boost your R&E tax savings in 2025

Federal Tax Deductions, Federal Taxes, One, Big, Beautiful Bill Act, Research & Experimental Expenses (R&E), Research Tax Credit, Small Business, Small Business Owners, Tax Deduction /

A major tax change is here for businesses with research and experimental (R&E) expenses. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) reinstated the immediate deduction for U.S.-based R&E expenses, reversing rules under the Tax Cuts and Jobs Act (TCJA) that required businesses to capitalize and amortize these costs over five years (15 years

New rules could boost your R&E tax savings in 2025 Read More »