Tax Planning

Tap into the 20% rehabilitation tax credit for business space improvements

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July 7, 2025
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If your business occupies a large space and you’re planning to relocate, expand or renovate in the future, consider the potential benefits of the rehabilitation tax credit. This could be particularly valuable if you’re interested in historic properties. The credit is equal to 20% of the qualified rehabilitation expenditures (QREs) for a qualified rehabilitated building […]
#HistoricPreservation, #QualifiedRehabilitation, #RehabilitationTaxCredit
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401(k) Plans

Safe harbor 401(k)s offer businesses a simpler route to a retirement plan

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July 2, 2025
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When many small to midsize businesses are ready to sponsor a qualified retirement plan, they encounter a common obstacle: complex administrative requirements. As a business owner, you no doubt already have a lot on your plate. Do you really want to deal with, say, IRS-mandated testing that could cause considerable hassles and expense? Well, you […]
#RetirementPlanning, #SafeHarbor401k, #SmallBusinessTips
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401(k) Plans, Software

Handle with care: Upgrading your company’s accounting software

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June 27, 2025
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What’s the most important type of software for your business? Your first thought may be whatever system you rely on most to produce or sell your company’s products or services. And that may well be true. However, more than likely, your accounting software comes in a close second. After all, this technological tool tracks every financial […]
#AccountingSoftware, #BusinessTechnology, #SoftwareUpgrade
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Tax Planning

Is college financial aid taxable? A crash course for families

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June 25, 2025
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College can be expensive. According to the College Board, the average sticker price for tuition and fees at private colleges was $43,350 for the 2024–2025 school year. The average cost for tuition and fees for out-of-state students at public colleges was $30,780. For in-state students, the cost was $11,610. Of course, there are additional costs […]
#CollegeCosts, #FinancialAid, #Scholarships
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Tax Planning

DOs and DON’Ts to help protect your business expense deductions

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June 23, 2025
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If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting […]
#BusinessExpenses, #IRSCompliance, #TaxDeductions
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Human Resources

Run a more agile company with cross-training

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June 20, 2025
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Agility is key in today’s economy, where uncertainty reigns and businesses must be ready for anything. Highly skilled employees play a huge role in your ability to run an agile company. One way to put them on optimal footing is cross-training. Multiple advantages Simply defined, cross-training is teaching employees to understand and perform responsibilities and […]
#CrossTraining, #EmployeeDevelopment, #WorkforceAgility
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Tax Planning

Are you missing a valuable tax deduction for Medicare premiums?

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June 18, 2025
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If you’re age 65 or older and enrolled in basic Medicare insurance, you may need to pay additional premiums to receive more comprehensive coverage. These extra premiums can be expensive, particularly for married couples, since both spouses incur the costs. However, there may be a silver lining: You could be eligible for a tax deduction […]
#MedicalDeductions, #MedicarePremiums, #RetirementTaxes, #TaxPlanning
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Tax Planning

The One, Big, Beautiful Bill could change the deductibility of R&E expenses

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June 16, 2025
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The treatment of research and experimental (R&E) expenses is a high-stakes topic for U.S. businesses, especially small to midsize companies focused on innovation. As the tax code currently stands, the deductibility of these expenses is limited, leading to financial strain for companies that used to be able to expense them immediately. But proposed legislation dubbed […]
#REExpenses, #ResearchAndDevelopment, #Section174
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Business Planning & Consulting

Business owners can rest easier with sound cash flow management

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June 13, 2025
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Slow cash flow is one of the leading causes of insomnia for business owners. Even if sales are strong, a lack of liquidity to pay bills and cover payroll can cause more than a few sleepless nights. The good news is that you can rest easier by exercising sound cash flow management. Scrutinize your cycles […]
#BusinessPlanning, #CashFlowManagement, #FinancialPlanning
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