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Small Business

9 tax considerations if you’re starting a business as a sole proprietor

Entrepreneurs, Medical Deductions, Quarterly Estimated Tax Payments, Self Employment Tax, Small Business, Small Business Owners, Small Business Tips, Sole Proprietors /

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here are nine considerations: 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you’re currently eligible to claim […]

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3 common forms of insurance fraud (and how businesses can fight back)

Insurance, Insurance Fraud, Small Business, Small Business Owners, Small Business Tips /

Businesses of all shapes and sizes are well-advised to buy various forms of insurance to manage operational risks. But insurance itself is far from risk-free. You might overpay for a policy that you don’t really need. Or you could invest in cheap coverage that does you little to no good when you need it. Perhaps

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Update on IRS efforts to combat questionable Employee Retention Tax Credit claims

Employee Retention Tax Credit (ERTC), Internal Revenue Service (IRS), Small Business, Small Business Owners, Small Business Tips, Tax Credits /

The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the ERTC expired for most employers at the end of the third quarter of 2021, it could still be claimed on amended returns after that. According

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Seeing the big picture with an enterprise risk management program

(ERM) Enterprise Risk Management Program, Risk Management, Small Business, Small Business Stock, Small Business Tips /

There’s no way around it — owning and operating a business comes with risk. On the one hand, operating under excessive levels of risk will likely impair the value of a business, consume much of its working capital, and could even lead to bankruptcy if those risks become all-consuming. But on the other hand, no

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Defer a current tax bill with a like-kind exchange

Federal Taxes, Like-kind Exchange of Property, Real Estate, Small Business, Small Business Owners, Small Business Tax Tips /

If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange. With this transaction, you exchange the property rather than sell it. Although the real estate market has been tough recently in some locations, there

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The standard business mileage rate will be going up slightly in 2024

Business Mileage, Small Business, Small Business Owners, Small Business Tips, Standard Business Mileage Rate, Vechicle /

The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 67 cents (up from 65.5

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Reinvigorating your company’s sales efforts heading into the new year

Customers, Employees, Fringe Benefits For Employees, Sales, Small Business, Small Business Tips /

Business owners, with the year just about over, you and your leadership team presumably have a pretty good idea of where you want your company to go in 2024. The question is: Can you get there? When it comes to success, the driving force behind most businesses is sales. If products or services aren’t moving

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2024 Q1 tax calendar: Key deadlines for businesses and other employers

2024 Tax Calendar, Federal Taxes, Small Business, Small Business Owners, Small Business Tax Tips, Taxes 2024 /

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines.

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How businesses can get better at data capture

Data Analytics, Small Business, Small Business Tips /

It would be hard to argue against the notion that almost every kind of business today is data-driven. Without the information you need to run your company — be it financial metrics, marketing demographics or productivity measures — you’d probably fall behind the competition, and fast. For this very reason, “data capture” has become a

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