Most businesses close their books on December 31 because it aligns with the calendar year. However, this traditional approach isn’t always the most effective option. For some companies, adopting a fiscal year that better matches… Read More »Is a Fiscal Year Better for Your Business? Key Benefits Explained
New and used “heavy” SUVs, pickups and vans placed in service in 2025 are potentially eligible for big first-year depreciation write-offs. One requirement is you must use the vehicle more than 50% for business. If… Read More »Small business strategy: A heavy vehicle plus a home office equals tax savings
According to the U.S. Bureau of Labor Statistics, the unemployment rate continues to be historically low, ranging from 4.0% to 4.3% from May to November of 2024. With today’s hiring challenges, business owners should be… Read More »Understanding the Work Opportunity Tax Credit
Understanding how to deduct transportation costs could significantly reduce the tax burden on your small business. You and your employees likely incur various local transportation expenses each year, and they have tax implications. Let’s start… Read More »Drive down your business taxes with local transportation cost deductions
You’re not alone if you’re confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Let’s take a look at what you can deduct in 2024.… Read More »When can you deduct business meals and entertainment?
The Inflation Reduction Act (IRA), enacted in 2022, created several tax credits aimed at promoting clean energy. You may want to take advantage of them before it’s too late. On the campaign trail, President-Elect Donald Trump… Read More »Get tax breaks for energy-saving purchases this year because they may disappear
How much can you and your employees contribute to your 401(k)s or other retirement plans next year? In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans,… Read More »The amount you and your employees can save for retirement is going up slightly in 2025
Hiring household help, whether you employ a nanny, housekeeper or gardener, can significantly ease the burden of childcare and daily chores. However, as a household employer, it’s critical to understand your tax obligations, commonly called… Read More »The nanny tax: What household employers need to know
Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that qualify. However, some businesses may be… Read More »Cash or accrual accounting: What’s best for tax purposes?
There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are planning to admit a new partner. The new partner will… Read More »Growing your business with a new partner: Here are some tax considerations