Running a small business is a round-the-clock hustle. You juggle employees, invoices, marketing, and a million other tasks that always demand your attention. The last thing you want is to overlook a perfectly legal tax deduction that could save you thousands—or worse, get stuck paying more than your fair [...]
A gift is any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return. The donor is generally responsible for reporting these gifts via an annual gift tax return, along with paying any tax should it apply. [...]
Acquiring a business can be an exciting endeavor, whether it be expanding your company’s existing footprint or making a life-changing decision in becoming a new entrepreneur. In working with your financial team to finalize that letter of intent and enter into the due diligence phase, it is crucial to [...]
Remember when Bench closed its doors on December 27—practically overnight—and everyone collectively gasped at their screens? If you’re a small or medium-sized business owner who used the platform, you probably felt that wave of panic: Wait, who’s got my books? How do I trust these online platforms? Then came [...]
Individual Retirement Accounts (IRAs) are essential tools for retirement planning, offering tax advantages that can help you grow your savings over time. Two of the most popular types of IRAs are the Traditional IRA and the Roth IRA. While both serve the purpose of retirement savings, they have distinct [...]
Individual Retirement Accounts (IRAs) are a nice way to save for retirement. You may be eligible to contribute to an IRA if you have ‘taxable compensation’. If you file a joint return, you and your spouse can each contribute to an IRA even if only one of you has [...]
Parents have special tax situations and benefits. Tax breaks for parenting expenses can result in a lower tax bill and a higher refund. Here are some key things new parents need to know. To begin with, for parents to take advantage of most of the child-related tax benefits, the [...]
You’ve hit your 40s or 50s, and suddenly, retirement doesn’t feel like a distant mirage. It’s real. The countdown is on. But here’s the good news: You’re in a prime position to play catch-up and fortify your future, using smart tax strategies to stretch your dollars further. Think of [...]
The Research and Development (R&D) tax credit remains a vital component of U.S. tax policy, designed to promote innovation and technological advancement. This dollar-for-dollar federal tax credit, often supplemented by state benefits, supports companies engaging in qualified research activities. Businesses across many different industries can leverage this credit, making [...]
Picture this: It’s Friday, and your employees are eagerly awaiting their paychecks. You’re confident everything’s squared away—until a mistake surfaces. Maybe taxes were miscalculated, overtime wasn’t included, or worse, you missed a deadline. What starts as a seemingly small error can spiral into major issues with the IRS, state [...]
