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 [...]
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 [...]
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. [...]
Cybersecurity Alert: Don’t Let Tax Season Scammers Get the Last Laugh
As the April 15th tax deadline approaches, cybercriminals are having their own version of “busy season.” Unfortunately, they don’t file returns—they steal them. We’re seeing a rise in scams targeting both individuals and businesses during [...]
Discover If You Qualify for “Head of Household” Tax Filing Status
When we prepare your tax return, we’ll check one of the following filing statuses: single, married filing jointly, married filing separately, head of household or qualifying widow(er). Only some people are eligible to file a [...]
Business Owners Should Get Comfortable with Their Financial Statements
Financial statements can fascinate accountants, investors and lenders. However, for business owners, they may not be real page-turners. The truth is each of the three parts of your financial statements is a valuable tool that [...]
Turning Stock Downturns Into Tax Advantages
Have you ever invested in a company only to see its stock value plummet? (This may become relevant in light of recent market volatility.) While such an investment might be something you’d rather forget, there’s [...]
The Rise of AI Assistants: Your New Favorite (Digital) Coworker?
Remember the old days when work was just… work? You’d dig through spreadsheets, manually enter data, and try to remember which folder contained that one file from last quarter (spoiler: it was always in the [...]
Planning for the Future: 5 Business Succession Options and Their Tax Implications
When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to retire, you wish to step back [...]
Ways to Manage the Limit on the Business Interest Expense Deduction
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 [...]