Facebook Linkedin Twitter

Small Business

Riding the tax break train: Maximizing employee transportation fringe benefits

Employees, Fringe Benefits For Employees, Mass Transit Passes, Small Business, Small Business Owners, Transportation-Related Fringe Benefits /

There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes, you should probably take advantage of them by signing up. Here’s a quick summary of the current federal tax treatment of transportation-related benefits. Mass transit passes For 2025, employer-provided mass transit passes for train, subway and bus […]

Riding the tax break train: Maximizing employee transportation fringe benefits Read More »

Exploring business entities: Is an S corporation the right choice?

Business Entities, Capital Losses, Fringe Benefits For Employees, Gross Profit, Qualified Business Income Deducton (QBI), S Corporation, Shareholder, Small Business, Small Business Owners, Small Business Stock /

Are you starting a business with partners and deciding on the right entity? An S corporation might be the best choice for your new venture. One benefit of an S corporation One major advantage of an S corporation over a partnership is that shareholders aren’t personally liable for corporate debts. To ensure this protection, it’s crucial to: Handling

Exploring business entities: Is an S corporation the right choice? Read More »

Choosing the right sales compensation model for your business

Compensation, Employee Stock Ownership Plans, Employees, Hybrid Sales Model, Profit-Sharing Plan, Sales, Small Business, Small Business Owners /

A strong sales team is the driving force of most small to midsize businesses. Strong revenue streams are hard to come by without skilled and engaged salespeople. But what motivates these valued employees? First and foremost, equitable and enticing compensation. And therein lies a challenge for many companies: Choosing the right sales compensation model isn’t

Choosing the right sales compensation model for your business Read More »

Ways to manage the limit on the business interest expense deduction

(ATI) Adjusted Taxable Income, Business Deductions, Small Business, Small Business Owners, Tax Cuts and Job Acts (TCJA) /

Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expense. The TCJA created Section 163(j), which generally limits deductions of business interest, with certain exceptions. If your business has significant interest expense, it’s important to understand the impact of the

Ways to manage the limit on the business interest expense deduction Read More »

5 steps to creating a pay transparency strategy

Employees, Pay Transparency, Small Business, Small Business Owners /

Today’s job seekers and employees have grown accustomed to having an incredible amount of information at their fingertips. As a result, many businesses find that failing to adequately disclose certain things negatively impacts their relationships with these parties. Take pay transparency, for example. This is the practice, or lack thereof, of a company openly sharing

5 steps to creating a pay transparency strategy Read More »

How a business owner’s home office can result in tax deductions

Actual Expenses Method, Federal Tax Deductions, Home Office Deduction, Small Business, Small Business Owners /

As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS rules to ensure compliance and avoid potential IRS audit risks. There are two methods for claiming this tax break: the actual expense method and the simplified method. Here

How a business owner’s home office can result in tax deductions Read More »

Do you have an excess business loss?

Federal Income Tax, LLC, Net Operating Loss (NOL), Partnerships, Past-Through Entities, S Corporations, Small Business, Small Business Owners /

If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax situation. Disallowance rule The tax rules can get complicated if your business or rental activity throws off a tax loss — and many do during

Do you have an excess business loss? Read More »

On developing an effective IT modernization strategy

Information Technology (IT), Small Business, Small Business Owners /

Information technology (IT) is constantly evolving. As the owner of a small to midsize business, you’ve probably been told this so often that you’re tired of hearing it. Yet technology’s ceaseless march into the future continues and, apparently, many companies aren’t so sure they can keep up. In October of last year, IT infrastructure services provider

On developing an effective IT modernization strategy Read More »

Questions about taxes and tips? Here are some answers for employers

Federal Taxes, Small Business, Small Business Owners, State Tax, Taxes and Tips, Tip Tax Credit /

Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include restaurants, hotels and salons. Compliance with federal and state tax regulations is vital if your business has employees who receive tips. Are tips becoming tax-free? During the campaign, President Trump promised to end taxes on

Questions about taxes and tips? Here are some answers for employers Read More »