Navigating the labyrinth of tax filing statuses can be a daunting task, particularly for married couples faced with the decision of whether to file jointly or separately. This pivotal choice not only determines your tax rates and eligibility for certain deductions but also carries significant implications for your financial liability. Understanding the nuances of each […]

Embarking on the journey of starting your own business as a sole proprietor is an exciting endeavor filled with promise and potential. However, amidst the thrill of entrepreneurship, it’s crucial to navigate the intricacies of tax considerations that come with this venture. Here are nine essential tax factors to ponder as you set forth on […]

Businesses, regardless of their size or structure, are wise to invest in various insurance policies to mitigate operational risks. However, the realm of insurance itself is not without its own risks. It’s possible to overspend on unnecessary policies or opt for inexpensive coverage that proves inadequate in times of need. One particular risk tied to […]

Have you contributed to charity in the past year? While acknowledgment letters from the charities you supported may have arrived in your mailbox, if you haven’t received one, can you still claim a deduction for the donation on your 2023 income tax return? The answer varies. What the law requires To prove a charitable donation […]

The Employee Retention Tax Credit (ERTC) was established during the temporary closure of numerous businesses due to COVID-19. This credit offered financial assistance, allowing struggling businesses to retain their employees. As per the IRS, an influx of “questionable” Employee Retention Tax Credit (ERTC) claims started coming in, with promoters falsely suggesting that substantial tax refunds […]

Enterprise Risk Management programs can help manage the risk that comes with owning and operating your business. Business risk is always present, but too much risk could leave you vulnerable and lead to a failed business. Too little risk? Your business could overlook important opportunities for growth. How can you find the right balance? One […]

Traditional and Roth IRAs have been a popular way to build your retirement for many years. New rules enacted through Secure 2.0 make them even more advantageous to taxpayers. So what are the new changes to IRAs? Rules for traditional IRAs You can make an annual deductible contribution to a traditional IRA if: You (and […]

A Pension-linked emergency savings account (PLESA), a part of the SECURE 2.0 act, is now available for plan years beginning January 1, 2024. If adopted by a Plan Sponsor, certain employees could make after-tax Roth contributions to a PLESA account to pay emergency expenses. You can find Guidance in Notice 2024-22 and frequently asked questions […]

When thinking about marketing, some business owners and leadership teams will “cast a wide net” in order to maximize on business. If your company is looking to build business-to-business sales, a generalized marketing approach could leave some potential customers feeling like they received a vague response or the provider does not really know them. Account-based […]

The IRS has announced that on January 29th they will open the 2024 income tax return filing season. On this date they will begin accepting and processing 2023 tax returns. Here are answers to seven tax season questions we receive at this time of year. 1.What are this year’s deadlines? The filing deadline to submit […]