Bartering is a Taxable Transaction Even if No Cash is Exchanged
If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new — it’s the oldest form of [...]
Beware of a Stealth Tax on Social Security Benefits
Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In fact, depending on how much overall income you have, up to 85% of [...]
Maximize the QBI Deduction Before It’s Gone
The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So if you’re eligible, you want to make the most of the deduction while it’s still [...]
The Rise of IoT and Smart Workplaces: Revolutionizing the Modern Office
In the era of digital transformation, the Internet of Things (IoT) has emerged as a cornerstone technology driving innovation across various sectors, notably in the creation of smart workplaces. By integrating IoT devices and systems [...]
Better Tax Break When Applying the Research Credit Against Payroll Taxes
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’ll [...]
Applying for a Commercial Loan with Confidence
Few and far between are businesses that can either launch or grow without an infusion of outside capital. In some cases, that capital comes in the form of a commercial loan from a bank or [...]
Tax-Wise Ways to Take Cash from Your Corporation While Avoiding Dividend Treatment
If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax efficient since it’s [...]
Small Businesses Can Help Employees Save for Retirement, Too
Many small business owners run their companies as leanly as possible. This often means not offering what are considered standard fringe benefits for midsize or larger companies, such as a retirement plan. If this is [...]
If You Didn’t Contribute to an IRA Last Year, There’s Still Time
If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. If you qualify, [...]
Tech Tuesday: Enhancing Collaboration with Cloud Computing
In the current business landscape, collaboration and integration across various functions are more than just a convenience—they are a necessity. Cloud computing has emerged as a pivotal force in enabling this shift, offering tools and [...]