Plan With a Business Continuity Strategy
Companies without a disaster recovery or business continuity plan need only consider the aftermath of recent hurricanes. News reports estimated property damages from Hurricane Helene alone last year to be more than $59.6 billion, plus disruption of untold businesses and services. Disasters such as storms, wildfires and earthquakes are unavoidable. However, companies can protect employees, […]
ESOPs: Unlocking the Potential Benefits
Wouldn’t it be great if your employees worked as if they owned part of the company? An employee stock ownership plan (ESOP) could make that a reality. Under an ESOP, employee participants gain partial ownership of the business through a retirement savings arrangement. Meanwhile, the company and its existing owner(s) can benefit from some tax […]
Get QuickBooks Ready for 2025
December always flies by. You’re trying to finish end-of-year work while squeezing in time for holiday activities. And you know your customers and vendors (and employees, if you have them) are experiencing the same time crunch. But it’s important to you set some time aside to: Chase down overdue revenue, Take action that can accelerate […]
Deductions for Charitable Giving? Be Sure You Can Substantiate Your Gifts
As the end of the year approaches, many people give more thought to supporting charities they favor. To avoid losing valuable charitable deductions if you itemize, you’ll need specific documentation, depending on the type and size of your gift. Here’s a breakdown of the rules: Cash gifts under $250. A canceled check, bank statement or […]
Unlocking Tax Savings: The Benefits of a Cost Segregation Study
A cost segregation study allows a business property owner to accelerate depreciation deductions. That, in turn, enables the owner to reduce current taxable income and increase cash flow. A cost segregation study combines accounting and engineering techniques to identify building costs that are properly allocable to tangible personal property rather than real property. It then […]
The U.S. Election Outcome Likely to Have Major Impact on Taxes
Having won control of the White House, the Senate and the House of Representatives, Republicans will have the opportunity to move forward their vision for federal taxes. What might this mean? First, many provisions in President-Elect Donald Trump’s signature tax legislation from his first time in the White House, the Tax Cuts and Jobs Act […]
Find Out What IRS Auditors Know About Your Industry
To prepare for a business audit, an IRS examiner generally researches the specific industry and issues on the taxpayer’s return. Examiners may use IRS Audit Techniques Guides (ATGs). A little-known secret is that these guides are available to the public on the IRS website. In other words, your business can use the same guides to […]
Year-End Tax Planning for Individuals
As the holidays approach, it’s time to consider tax planning moves that will help lower your 2024 taxes, as well as set you up for tax savings in future years. Here are seven year-end tax planning ideas to consider. 1. Strategize on the Standard Deduction vs. Itemizing This is a tried-and-true year-end tax planning strategy. […]
