Work Opportunity Tax Credit Benefits for Those Hiring

Norcross Accounting heaven and alvarez

If you’re a business owner or manager who is seeking to hire, you should be aware of the details of a valuable tax credit for hiring individuals from one or more targeted groups. Employers can qualify for the Work Opportunity Tax Credit (WOTC), which is worth as much as $2,400 for most eligible employees (higher […]

Retirement Plan Options for Small Businesses

Social Security Benefits

If you’re looking for a retirement plan for yourself and your employees but worried about the financial commitment and administrative burdens involved, there are some options to consider. One possibility is a Simplified Employee Pension (SEP). This plan, which comes with relative ease of administration and the discretion to make or not make annual contributions, […]

Applying Finance Charges in QuickBooks

heaven and alvarez

Now that we’re past the holidays and you’ve had January to catch up on the December work that didn’t get done, how’s your financial workflow? Are you caught up on bills and invoices? You may be, but your customers might not be. You can find out by creating an Open Invoices report (Reports | Customers […]

QBI Deduction Tax Tips

qbi deduction

QBI may sound like the name of a TV quiz show. But it’s actually the acronym for “qualified business income,” which can trigger a tax deduction for some small business owners or self-employed individuals. The QBI deduction was authorized by the Tax Cuts and Jobs Act (TCJA), and it took effect in 2018. How It […]

Business Related Travel Deductions in 2024

Business-related Travel Deductions

If you and your employees will be traveling for business this year, there are many factors to keep in mind. Under the tax law, certain requirements for out-of-town business travel within the United States must be met before you can claim a deduction. The rules apply if the business conducted reasonably requires an overnight stay. […]

New Rule for Depreciation and Expensing: Sec. 179

New Rules for Depreciation and Expensing

If eligible, you can elect to use Section 179 expensing or bonus depreciation to deduct a large portion of the cost (and in some cases the full cost) of eligible property in the year it’s placed in service. Alternatively, you may follow regular depreciation rules and spread deductions over several years or decades, depending on […]

Advantages of LLC Structure for a Small Business

Advantages of LLC Structure for a Small Business

If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know the options for setting it up. Here are the advantages of an LLC structure for a small business and […]

Education Benefits Help Attract and Retain Employees While Saving Taxes

tax return tips

Your business can attract and retain employees by providing education benefits that enable team members to improve their skills and gain additional knowledge, all on a tax-advantaged basis. Here’s a closer look at some education benefits options. Educational Assistance Program One popular fringe benefit that an employer can offer is an educational assistance program that […]