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Small Business

The new law includes favorable changes for depreciating eligible assets

Assets, Business owned Property, Depreciable Business Equipment, Depreciation, Depreciation Deduction (Section 179), One, Big, Beautiful Bill Act, Qualified Improvement Property (QIP), Small Business, Small Business Owners, Small Business Tax Tips, Software /

The One Big Beautiful Bill Act (OBBBA) includes a number of beneficial changes that will help small business taxpayers. Perhaps the biggest and best changes are liberalized rules for depreciating business assets. Here’s what you need to know. 100% bonus depreciation is back The new law permanently restores 100% first-year depreciation for eligible assets acquired […]

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Significant business tax provisions in the One, Big, Beautiful Bill Act

Business Interest Expenses, Clean Vehicle Credit, Depreciation Deduction (Section 179), One, Big, Beautiful Bill Act, Qualifying Leave for Family Medical Leave, Small Business, Small Business Owners, Small Business Tax Tips, Tax Incentives /

The One, Big, Beautiful Bill Act (OBBBA) was signed into law on July 4. The new law includes a number of favorable changes that will affect small business taxpayers, and some unfavorable changes too. Here’s a quick summary of some of the most important provisions. First-year bonus depreciation The OBBBA permanently restores the 100% first-year

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DOs and DON’Ts to help protect your business expense deductions

Business Deductions, Home Office Deduction, Small Business, Small Business Owners, Small Business Tips /

If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting

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Run a more agile company with cross-training

Cross Training Employees, Employees, Small Business, Small Business Owners /

Agility is key in today’s economy, where uncertainty reigns and businesses must be ready for anything. Highly skilled employees play a huge role in your ability to run an agile company. One way to put them on optimal footing is cross-training. Multiple advantages Simply defined, cross-training is teaching employees to understand and perform responsibilities and

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Business owners can rest easier with sound cash flow management

Accounts Receivable, Business Expenses, Cash Flow, Sales, Small Business, Small Business Owners /

Slow cash flow is one of the leading causes of insomnia for business owners. Even if sales are strong, a lack of liquidity to pay bills and cover payroll can cause more than a few sleepless nights. The good news is that you can rest easier by exercising sound cash flow management. Scrutinize your cycles

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The One, Big, Beautiful Bill could change the deductibility of R&E expenses

(R&D) Research and Development, Business Deductions, Business Expenses, Cash Flow, Research Tax Credit, Small Business, Small Business Owners /

The treatment of research and experimental (R&E) expenses is a high-stakes topic for U.S. businesses, especially small to midsize companies focused on innovation. As the tax code currently stands, the deductibility of these expenses is limited, leading to financial strain for companies that used to be able to expense them immediately. But proposed legislation dubbed

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Hiring independent contractors? Make sure you’re doing it right

Employees, Employment Tax, Federal Income Tax Filing, Independent Contractors, Small Business, Small Business Owners /

Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for federal tax purposes is crucial. Misclassifying employees as independent contractors can result in expensive consequences if the IRS steps in and reclassifies them. It could lead

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Can you turn business losses into tax relief?

Business Deductions, Business Income Tax, C Corporation, Net Operating Loss (NOL), Small Business, Small Business Owners, Tax Planning /

Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. Certain losses, within limits, may be used to reduce taxable income in later years. Who qualifies? The net operating loss (NOL) deduction levels the playing field between businesses with steady income and those with income that

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4 ways business owners can make “the leadership connection”

Small Business, Small Business Owners /

To get the most from any team, its leader must establish a productive rapport with each member. Of course, that’s easier said than done if you own a company with scores or hundreds of workers. Still, it’s critical for business owners to make “the leadership connection” with their employees. Simply put, the leadership connection is

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Cost management is critical for companies today

Cost Management, Customers, Sales & Marketing, Small Business, Small Business Owners /

Many business owners take an informal approach to controlling costs, tackling the issue only when it becomes an obvious problem. A better way to handle it is through proactive, systematic cost management. This means segmenting your company into its major spending areas and continuously adjusting how you allocate dollars to each. Here are a few

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