What’s the best accounting method route for business tax purposes?

Many businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, which route should you take? Here are the rules. Continue Reading What’s the best accounting method route for business tax purposes?

Retirement saving options for your small business: Keep it simple

If you’re a small business owner, you may be reluctant to set up a retirement plan because of the administrative burdens. Here are two options to consider that have far fewer requirements than traditional qualified retirement plans. Continue Reading Retirement saving options for your small business: Keep it simple

Now hiring: 10 questions to ask bookkeeper candidates

Hiring a bookkeeper for your small business can be a daunting task. Here are some helpful tips. Continue Reading Now hiring: 10 questions to ask bookkeeper candidates

Reading the tea leaves: Potential tax legislation in the new Congress

With Republicans now in control of the U.S. House of Representatives, what’s the fate of prospective tax legislation in 2023? Continue Reading Reading the tea leaves: Potential tax legislation in the new Congress

Child tax credit: The rules keep changing but it’s still valuable

If you’re a parent, you know that children are expensive. Fortunately, there’s a federal Child Tax Credit that may help you with the expenses. Here are the current rules. Continue Reading Child tax credit: The rules keep changing but it’s still valuable

Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

Breaking into a retirement plan before age 59½ may result in a penalty tax. But there are exceptions. Here are the rules, along with what happened to one taxpayer who tried to avoid the penalty because he had diabetes. Continue Reading Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

Employers should be wary of ERC claims that are too good to be true

Have you heard ads on TV telling businesses how they can claim a huge Employee Retention Credit? It might be possible for some employers but it also might be too good to be true. Continue Reading Employers should be wary of ERC claims that are too good to be true

Clean Vehicle Credit comes with caveats

The Inflation Reduction Act’s Clean Vehicle Credit might alter the timing of purchasing a new or used qualifying electric vehicle. Learn why. Continue Reading Clean Vehicle Credit comes with caveats

Year-end tax planning ideas for your small business

Before you know it, the end of 2022 will be near. Here are some year-end moves to consider that may help your small business save on taxes. Continue Reading Year-end tax planning ideas for your small business