Can You Turn Business Losses Into Tax Relief?
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 rises and falls. It lets businesses with fluctuating income to [...]
Critical Challenges Facing Today’s Business Owners
Running a business in California brings many opportunities, but also a unique set of challenges for employers. Employers today must navigate legal compliance, talent management, remote work issues, and rising costs, all while trying to run a successful business. As your trusted advisors, we want to highlight some of the most pressing issues California employers face today and how they can affect your bottom line. [...]
What Tax Documents Can You Safely Shred? And Which Ones Should You Keep?
Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders. But before reaching for the shredder or delete button, remember that some paperwork still has two important purposes: Protecting you if the IRS comes calling for an audit, and Helping you prove the tax basis of assets you’ll sell in [...]
Businesses Considering Incorporation Should Beware of the Reasonable Compensation Conundrum
Small to midsize businesses have valid reasons for incorporating, not the least of which is putting that cool “Inc.” at the end of their names. Other reasons include separating owners’ personal assets from their business liabilities and offering stock options as an employee incentive. If you’re considering incorporation for your company, however, it’s essential to be aware of the associated risks. One of them is [...]
An Essential Tax Deadline is Coming Up
Mark your calendars and stock up on coffee—Tuesday, April 15, 2025, is just around the corner. Yes, it's that special day when accountants celebrate their "New Year’s Eve," fueled by spreadsheets, calculators, and an unhealthy amount of caffeine. For taxpayers, it's the infamous annual filing deadline, but wait—there's more! It’s also the day the IRS expects your first quarterly estimated tax payment for 2025. That's [...]
6 Essential Tips for Small Business Payroll Tax Compliance
Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and even legal consequences. Below are six quick tips to help you stay on track. 1. Maintain organized records Accurate recordkeeping is the backbone of payroll tax compliance. Track the hours worked, wages paid and all taxes withheld. Organizing your documentation makes it easier to verify [...]