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Small Business

Is your business underestimating the value of older workers?

Human Resources (HR), Small Business, Small Business Owners /

The job market remains relatively tight for businesses looking to fill open positions or simply add top talent when the fit is right. That means it’s still important for companies to continuously reassess where they’re looking for applicants and which job candidates they’re focusing on. In October, global employment nonprofit Generation, in partnership with the […]

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4 ideas that may help reduce your 2023 tax bill

Charitable Contributions, Federal Tax Deductions, Retirement, Small Business, Small Business Owners, Small Business Tax Tips, Stocks, Taxes 2023 /

If you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick strategies that may help you trim your taxes before year-end. 1. Accelerate deductions and/or defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage interest deduction. So, if you

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There still may be time to reduce your small business 2023 tax bill

Business Income Tax, Depreciation Deduction (Section 179), Federal Taxes, Small Business, Small Business Owners, Small Business Tax Tips, Tax Savings, Taxes 2023 /

In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take advantage of a few opportunities. Time deductions and income. If your business operates on a cash basis, you can significantly affect your amount of taxable

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Key 2024 inflation-adjusted tax parameters for small businesses and their owners

Federal Taxes, Inflation, LLC, Ordinary Income Tax, Partnerships, Past-Through Entities, S Corporation, Self Employment Tax, Small Business, Small Business Owners, Small Business Tax Tips, Sole Proprietors /

The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. Rates and brackets. If you run your business as a sole proprietorship or pass-through business entity (LLC, partnership or S corporation), the business’s net ordinary income from operations

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Some businesses may have an easier path to financial statements

Bookkeeping, Certified Public Accountant (CPA), Financial Statements, Small Business, Small Business Owners, Small Business Tips /

There’s no getting around the fact that accurate financial statements are imperative for every business. Publicly held companies are required to not only issue them, but also have them audited by an independent CPA. Audited financial statements provide the highest level of assurance to third-party users that the documents in question are free of material

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A cost segregation study may cut taxes and boost cash flow

Cash Flow, Cost Segregation Study, Depreciation, Depreciation Deduction (Section 179), Federal Taxes, Small Business, Small Business Tips, Tax Cuts and Job Acts (TCJA) /

Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. Depreciation basics. Business buildings generally have a 39-year depreciation period

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Is your business subject to the new BOI reporting rules?

Beneficial Ownership Information, Corporations, Financial Crimes Enforcement Network (FinCEN), LLC, Small Business, Small Business Tips, The Corporate Transparency Act (CTA) /

The Corporate Transparency Act (CTA) was signed into law to fight crimes commonly associated with illegal business activities such as terrorist financing and money laundering. If your business can be defined as a “reporting company” under the CTA, you may need to comply with new beneficial ownership information (BOI) reporting rules that take effect on

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Choosing a business entity: Which way to go?

Alternate Minimum Tax (AMT), Business Entities, C Corporation, Federal Income Tax, Federal Taxes, LLC, Past-Through Entities, Qualified Business Income Deducton (QBI), S Corporation, Small Business, Small Business Owners, Small Business Tips, Sole Proprietors /

If you’re planning to start a business or thinking about changing your business entity, you need to determine what will work best for you. Should you operate as a C corporation or a pass-through entity such as a sole proprietorship, partnership, limited liability company (LLC), or S corporation? There are many issues to consider. Currently,

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New per diem business travel rates kicked in on October 1

Business Deductions, Business Meals and Entertainment, Business Travel Rates 2024, Small Business, Small Business Owners, Small Business Tips /

Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel expenses. There may be a way to simplify the reimbursement of these expenses. In Notice 2023-68, the IRS announced the fiscal 2024 special “per diem” rates that became effective

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What businesses can expect from a DOL benefits plan audit

Business Audit, Civil Fraud, ERISA (Employee Retirement Income Security Act, Small Business, Small Business Tips, U.S. Department of Labor /

All but the smallest businesses today are generally expected to offer employees “big picture” benefits such as health insurance and a retirement plan. Among the risks of doing so is that many popular plan types must comply with the Employee Retirement Income Security Act (ERISA). That means lots of rules and much documentation. No matter

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