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The Pluses and Minuses of Business Borrowing

May 14, 2023 by admin

There are distinct pluses and minuses that small business owners should consider when looking for a loan. New small business owners typically enter the marketplace with high expectations — they want to build sales and increase profits quarter to quarter. More often than not, they hope to add employees and, perhaps, open up additional locations. […]

Filed Under: Best Business Practices

The 5 Most Common Small Business Accounting Mistakes

May 12, 2023 by admin

Small businesses make accounting errors and oversights regularly. Here, we cover five of the most common small business accounting mistakes. Read on to see if you’re making any of these mistakes and how to avoid them in the future. 1. You don’t take bookkeeping as seriously as you should. Recording everything is an excellent rule […]

Filed Under: Best Business Practices

An Executor’s Tax Responsibilities

April 11, 2023 by admin

It is said that the only certainties in life are death and taxes. That expression may ring particularly true to anyone who has served as the executor of an estate. Nearly all estates have to file an income tax return for the decedent, and the executor also may have to file one or more income […]

Filed Under: Individual Tax

Payroll Taxes: Who’s Responsible?

March 22, 2023 by admin

Any business with employees must withhold money from its employees’ paychecks for income and employment taxes, including Social Security and Medicare taxes (known as Federal Insurance Contributions Act taxes, or FICA), and forward that money to the government. A business that knowingly or unknowingly fails to remit these withheld taxes in a timely manner will […]

Filed Under: Business Tax

Long-Term Investing 101

February 8, 2023 by admin

Investing for retirement can be intimidating for many people. Keeping these basic principles in mind can help you pursue your long-term goals. Have Realistic Expectations Be realistic about how well your investments will perform. If you are too optimistic, you could underestimate how much you should be contributing to your retirement account to reach your […]

Filed Under: Uncategorized

Top Tax Benefits of Real Estate Investing

January 9, 2023 by admin

Real estate investing comes with significant tax benefits. Find out how to identify the top tax strategies for maximum benefit and how to use them to your advantage come tax time. As with all deductions, consult your tax accountant for the most up-to-date on what is/is not allowed regarding tax deductions related to real estate […]

Filed Under: Investing, Real Estate

Tax Credit Opportunities

December 13, 2022 by admin

Tax deductions aren’t the only things to consider when looking for ways to reduce your tax bill. There are a number of tax credits that you may be able to claim. A tax credit reduces your tax liability dollar for dollar (and, in some instances, may be fully or partially “refundable” to the extent of […]

Filed Under: Individual Tax

Take the Pulse of Your Tax Health

November 2, 2022 by admin

Regular financial checkups give you an opportunity to identify where you can improve your overall tax situation. They also help identify areas of concern that may require more detailed attention. In a similar fashion, regularly reviewing your tax situation with a financial professional can identify opportunities to improve your tax picture and can often shed […]

Filed Under: Individual Tax

Deducting Home Office Expenses

October 21, 2022 by admin

If you’re one of the many people working from home this year, you may have questions about the home office tax deduction and whether you can qualify for it. Here’s a rundown of the rules. Employees Unfortunately, home office expenses incurred while working as an employee are not currently deductible. The reason: the Tax Cuts […]

Filed Under: Business Tax

Small Business Taxes: Who Pays What?

September 12, 2022 by admin

There are various federal taxes that may apply to your small business. The type and form of business you operate determines what taxes you must pay and how you pay them. At the federal level, several different taxes may apply. Excise Taxes The IRS defines an excise tax as a tax imposed on the sale […]

Filed Under: Business Tax

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