Tax Planning

Exploring business entities: Is an S corporation the right choice?

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March 10, 2025
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Are you starting a business with partners and deciding on the right entity? An S corporation might be the best choice for your new venture. One benefit of an S corporation One major advantage of an S corporation over a partnership is that shareholders aren’t personally liable for corporate debts. To ensure this protection, it’s crucial to: Adequately […]
#BusinessFormation, #SCorporation, #SmallBusiness, #TaxPlanning
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Financial Planning

Choosing the right sales compensation model for your business

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March 5, 2025
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A strong sales team is the driving force of most small to midsize businesses. Strong revenue streams are hard to come by without skilled and engaged salespeople. But what motivates these valued employees? First and foremost, equitable and enticing compensation. And therein lies a challenge for many companies: Choosing the right sales compensation model isn’t […]
#business, #Compensation, #Sales
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Tax Planning

Ways to manage the limit on the business interest expense deduction

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March 3, 2025
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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 business interest, with certain exceptions. If your business has significant interest expense, it’s important to understand the impact of the […]
#businesstaxes, #Section163j, #TaxPlanning, #TCJA
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Human Resources

5 steps to creating a pay transparency strategy

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February 28, 2025
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Today’s job seekers and employees have grown accustomed to having an incredible amount of information at their fingertips. As a result, many businesses find that failing to adequately disclose certain things negatively impacts their relationships with these parties. Take pay transparency, for example. This is the practice, or lack thereof, of a company openly sharing […]
#CompensationStrategy, #FairPay, #PayTransparency, #WorkplaceEquity
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Tax Planning

Can I itemize deductions on my tax return?

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February 26, 2025
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You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because you didn’t have enough deductions to itemize. How much do you need? You can itemize deductions if the total of your allowable itemized write-offs for the […]
#StandardDeduction, #TaxDeductions #ItemizedDeductions, #TaxPlanning
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Tax Credits

How a business owner’s home office can result in tax deductions

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February 24, 2025
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As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS rules to ensure compliance and avoid potential IRS audit risks. There are two methods for claiming this tax break: the actual expense method and the simplified method. Here […]
#HomeOfficeDeductions, #IRSCompliance, #SmallBusinessTips, #TaxSavings
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Retirement Planning

Are your employees suffering from retirement plan leakage?

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February 21, 2025
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Today’s small to midsize businesses are often urged to help employees improve their financial wellness. And for good reason: Financially struggling workers tend to have higher stress and anxiety levels. They may be less productive and more prone to errors. Some might even decide to commit fraud. One hallmark of an employee facing serious financial […]
#401kPlans, #EmployeeBenefits, #FinancialWellness, #RetirementPlanning
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