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Small Business

When can you deduct business meals and entertainment?

Business Deductions, Business Meals and Entertainment, Business Travel Deductions, Business Travel Expense, Federal Tax Deductions, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips /

You’re not alone if you’re confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Let’s take a look at what you can deduct in 2024. Current law The Tax Cuts and Jobs Act eliminated deductions for most business-related entertainment expenses. That means, for example, that

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3 types of retirement plans for growing businesses

401K, Fringe Benefits For Employees, IRA, Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Simplified Employee Pension (SEP), Small Business, Small Business Owners /

When start-ups launch, their focus is often on tightly controlling expenses. Most need to establish a brand and some semblance of stability before funding anything other than essential operating activities. For companies that make it past that tenuous initial stage, there comes a time when they must loosen up the purse strings and start investing

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Self-employment tax: A refresher on how it works

Medicare Taxes, S Corporation, Self Employed, Self Employment Tax, Small Business, Small Business Owners, Social Security Administration /

If you own a growing, unincorporated small business, you may be concerned about high self-employment (SE) tax bills. The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals like you. SE tax basics The maximum 15.3% SE tax rate hits the first $168,600 of your 2024 net SE income. The

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Business owners: Be sure you’re properly classifying cash flows

Accrual Method of Accounting, Accrual-Basis Taxpayers, Cash Flow, Financial Statements, Small Business, Small Business Owners /

Properly prepared financial statements provide a wealth of information about your company. But the operative words there are “properly prepared.” Classifying information accurately isn’t always easy — especially as the business grows and its financial transactions become more complex. Case in point: your statement of cash flows. Customarily, it shows the sources (money entering) and

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Marketing your B2B company via the right channels

Business Digital Marketing, Business to Business (B2B), Marketing, Small Business, Small Business Owners, Virtual Channels for Small Business Markeing /

For business-to-business (B2B) companies, effective marketing begins with credible and attention-grabbing messaging. But you’ve also got to choose the right channels. Believe it or not, some “old school” approaches remain viable. And of course, your B2B digital marketing game must be strong. Press releases It doesn’t get much more old school than this. Launching a

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Surprise IT failures pose a major financial risk to companies

Cyberdefenses, Cybersecurity, Information Technology (IT), Risk Management, Small Business, Small Business Owners, Small Business Tips /

It’s every business owner’s nightmare. You wake up in the morning, or perhaps in the middle of the night, and see that dreaded message: “We’re down.” It could be your website, e-commerce platform or some other mission-critical information technology (IT) system. All you know is it’s down and your company is losing money by the hour.

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Employers: In 2025, the Social Security wage base is going up

Employees, FICA, Payroll Tax, Self Employment Tax, Small Business, Small Business Owners, Social Security /

As we approach 2025, changes are coming to the Social Security wage base. The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 for 2025 (up from $168,600 for 2024). Wages and self-employment income above this amount aren’t subject to Social Security tax. If your business

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Turnaround acquisitions are risky growth opportunities for today’s companies

Cash Flow, Merger & Acquisition, Organic Sales Growth, Small Business, Small Business Owners /

When it comes to growth, businesses have two broad options. First, there’s organic growth — that is, progress made through internal efforts such as boosting sales, expanding into other markets, innovating new products or services, and improving operational efficiency. Second, there’s inorganic growth, which is achieved through externally focused activities such as mergers and acquisitions

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