A significant development in regulatory compliance is upon us that will impact millions of small businesses nationwide. The Corporate Transparency Act (CTA), effective as of January 1, 2024, mandates that businesses must submit details about their beneficial owners—that is, the people who own or have significant control over the company—to the Financial Crimes Enforcement Network […]

When planning major equipment purchases, business owners often face a crucial tax planning decision: whether to make the purchase this year or the next. This decision primarily revolves around several key factors, with the most significant being the tax rate differential between the two years. When tax rates are equivalent or similar, the decision becomes […]

QuickBooks Desktop was a revolutionary product for small businesses, dating back to the 1990s. This product still inspires strong loyalty. However, its cloud-based alternative, QuickBooks Online (QBO), launched about a decade ago, has been gaining traction despite initially mixed reviews. Many users remain loyal to the desktop version, citing its more intuitive interface and perceived […]

Receiving a cash settlement from a medical malpractice case can be a huge relief after what is usually a long and protracted process. But before you spend it, make sure you’re aware of any tax impacts it may have. The good news is that most of the payment will most likely not be taxable. A […]

Making generous gifts to others isn’t just about sharing your abundance with others – it’s also smart estate planning. But if you don’t follow the rules, you – or your estate – could face an expensive gift tax bill. Here’s what you need to know about gifting. The recipient doesn’t pay tax on the gift […]

An important aspect of tax compliance for business owners is the requirement to file a 1099 for certain payments made during the normal course of business.  If you are a business owner, below is a summary of what you need to know. What is a 1099? A 1099 is an IRS form that tells the IRS who […]

Owning your own business can provide opportunities to reduce taxes that you might not necessarily have as an employee, and the best place to start is to convert personal expenses that you would otherwise incur to legitimate business expenses. Below is a summary of some of the most common personal expenses that can be converted […]