Tax Planning

Digital assets and taxes: What you need to know

Digital,assets,business,management,system,concept,on,modern,city,background.
May 28, 2025
H&B
0
As the use of digital assets like cryptocurrencies continues to grow, so does the IRS’s scrutiny of how taxpayers report these transactions on their federal income tax returns. The IRS has flagged this area as a key focus. To help you stay compliant and avoid tax-related complications, here are the basics of digital asset reporting. […]
#CryptocurrencyReporting, #CryptoTax, #DigitalAssets, #IRSCompliance
Find Out More
Employee Benefit Plans

The IRS recently announced 2026 amounts for Health Savings Accounts

Magnifying,lens,with,text,hsa,with,medical,tools,pills
May 27, 2025
H&B
0
The IRS recently released the 2026 inflation-adjusted amounts for Health Savings Accounts (HSAs). Employees will be able to save a modest amount more in their HSAs next year. HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can […]
#EmployeeBenefits, #HealthSavingsAccount, #HSA2026, #TaxCompliance
Find Out More
Tax Planning

How working in the gig economy affects your taxes

Image, shows, bold, text, "The, Gig, Economy,", with, the, note, "Don't, forget, taxes!", alongside, gears, symbolizing, the, moving, parts, and, tax, responsibilities, of, gig, work.
May 21, 2025
H&B
0
The gig economy offers flexibility, autonomy and a way to earn income, but it also comes with tax obligations that can catch many workers off guard. Whether you’re driving for a rideshare service, delivering food, selling products online or offering local services like pet walking, it’s crucial to understand the tax implications of gig work […]
#EstimatedTaxes, #SelfEmploymentTax, #TaxPlanning
Find Out More
Human Resources

Hiring independent contractors? Make sure you’re doing it right

Concept,image,of,tiles,spelling,employee,or,contractor
May 19, 2025
H&B
0
Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for federal tax purposes is crucial. Misclassifying employees as independent contractors can result in expensive consequences if the IRS steps in and reclassifies them. It could lead […]
#IRSGuidelines, #TaxCompliance, #WorkerClassification
Find Out More
Human Resources

4 ways business owners can make “the leadership connection”

A,diverse,group,of,professionals,taking,a,cheerful,selfie,together
May 7, 2025
H&B
0
To get the most from any team, its leader must establish a productive rapport with each member. Of course, that’s easier said than done if you own a company with scores or hundreds of workers. Still, it’s critical for business owners to make “the leadership connection” with their employees. Simply put, the leadership connection is […]
#EmployeeTrust, #LeadershipConnection, #TeamEngagement
Find Out More
Tax Planning

Corporate business owners: Is your salary reasonable in the eyes of the IRS?

Saving,money,and,growing,capital,financial,concept.,increase,wealth,,income,
May 5, 2025
H&B
0
Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions or reclassify payments, potentially leading to penalties, back taxes and interest. But by proactively following certain steps, owners can help ensure their compensation is seen […]
#BusinessTax, #IRSCompliance, #SmallBusinessTips, #TaxPlanning
Find Out More