Most experts would agree that the best way to minimize fraud at any company, including a construction business, is to take a holistic approach. As the owner, you must set the tone at the top… Read More »Prevent fraud at your construction company with a holistic approach
These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others.… Read More »Computer software costs: How does your business deduct them?
No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For… Read More »2023 limits for businesses that have HSAs — or want to establish them
Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim a credit against their federal tax for up to $14,890 of “qualified adoption… Read More »Adopting a child? Bring home a tax break too
How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions,… Read More »Inflation means you and your employees can save more for retirement in 2023
The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your federal income… Read More »How inflation will affect your 2022 and 2023 tax bills
Are you still using the optimal accounting method to handle your construction company’s tax deferrals? Depending on your business earnings, as well as your typical contract type and length, you can choose from various methods… Read More »Reviewing 10 tax accounting methods for construction companies
You’ve probably heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may… Read More »You may be liable for “nanny tax” for all types of domestic workers
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject… Read More »Employers: In 2023, the Social Security wage base is going up
Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year through the proper use of the annual exclusion. The exclusion amount… Read More »Plan now to make tax-smart year-end gifts to loved ones