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Douglas Freeman

Starting a business? How expenses will be treated on your tax return

Business Start Ups, Entrepreneurs, Small Business, Tax Deduction /

Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). The Bureau measures this by tracking the number of businesses applying for Employer Identification Numbers. If you’re […]

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Jury awards more than $22 million in back pay to manufacturing employees

(FLSA) Fair Labor Standards Act, Employees, Small Business, U.S. Department of Labor /

The U.S. Department of Labor (DOL) recently announced that a jury in a landmark case, Walsh v. East Penn Manufacturing Co, Inc., DC-PA, has awarded more than $22 million in back wages to about 7,500 employees of a battery manufacturer. The award marks the largest recorded verdict ever under the Fair Labor Standards Act (FLSA).

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Cultivate connections with a well-used CRM system

Customer Relationship Management (CRM), Small Business, Small Business Owners /

Has your business invested in customer relationship management (CRM) software? Many companies have — in fact, according to research cited by career-resource website Zippia, 91% of businesses with 10 or more employees use it. Essentially, CRM software enables you to gather, track, manage and analyze customer-related data in a multitude of ways. If you’ve yet

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The best way to survive an IRS audit is to prepare

AGI (Adjustable Gross Income), Doucment Retention, IRS Audit, Tax Record Retention, Tax Return /

The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audits these days, that will be little consolation if yours is one of them. Recent statistics. Overall, just 0.49%

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The Trust Fund Recovery Penalty: Who can it be personally assessed against?

Income Tax, Small Business, Small Business Tax Tips, Social Security, Trust Fund Recovery Penalty /

If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income taxes that are withheld by a business from its employees’ wages. Sweeping penalty The TFRP is dangerous because it applies

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Hiring family members can offer tax advantages (but be careful)

Employees, Employment Records, HRA, Small Business, Small Business Owners, Small Business Tax Tips, Sole Proprietors, Summer Employees /

Summertime can mean hiring time for many types of businesses. With legions of working-age kids and college students out of school, and some spouses of business owners looking for part-time or seasonal work, companies may have a much deeper hiring pool to dive into this time of year. If you’re considering hiring your children or

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Are you married and not earning compensation? You may be able to put money in an IRA

AGI (Adjustable Gross Income), IRA, Retirement, Roth IRA, Spousal IRA, Tax Return /

When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a “spousal” IRA. It allows contributions to be made

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2023 Q3 tax calendar: Key deadlines for businesses and other employers

2023 Tax Deadlines, FICA, Income Tax, Small Business, Small Business Owners, Small Business Tax Tips /

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. July

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In financial planning, forecasts and projections aren’t the same

Financial Oversight, Financial Planning, Financial Projections, Financial Statements, Small Business, Small Business Owners /

Businesses are rightly encouraged to regularly generate professionally prepared financial statements. Doing so is important for both understanding your own financial position and providing accurate, comprehensive information to stakeholders such as investors, lenders and advisors. However, keep in mind that financial statements are historical records. They depict the state of the company at a given

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When can seniors deduct Medicare premiums on their tax returns?

Itemized Deduction, Medicare Premium Tax Deduction, Medicare Taxes, Qualified Medical Expenses /

If you’re age 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially for married couples with both spouses paying them. But there may be an advantage: You may qualify for a tax break for paying

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