10 Ways to Prepare Your Business for a Successful 4th Quarter
Fourth-quarter planning is crucial for business owners as it sets the stage for a successful year-end and prepares their businesses for the challenges and opportunities of the upcoming year. Here are some key areas to focus on during your fourth-quarter planning: Budget Assessment: Evaluate your current year’s budget and compare it to actual results. Identify […]
How Accurate Numbers Can Increase Your Business’ Value
Accurate accounting is not just a matter of compliance; it can significantly impact your business’s overall value. 6 Ways to Increase Business Value Here are several ways in which accurate books can increase your business’s value: 1. Improved Financial Decision-Making Accurate financial records provide you with a clear understanding of your business’s economic health. This […]
3 Things That Scare Business Owners
What scares small-business owners? According to the survey, they are most worried about: Taxes, Government requirements, and Poor sales. So, what’s a nervous small-business owner to do? Instead of fretting about how government regulations, shutdowns, and debt defaults might affect your bottom line, channel your energy into focusing on what you can control: financial planning, […]
Is Your Income Over $400K? Brace for More Audits as IRS Lowers Audit Target
The IRS is taking a significant step to focus its auditing efforts on higher-income earners. This change aims to improve tax compliance and ensure that the wealthiest individuals pay their fair share. Here’s what you need to know about this shift and how it might impact you. Understanding the Change In May 2024, the IRS […]
Rev Up Your Tax Savings: Leverage Increased Auto Depreciation Limits in 2024
You may have heard that auto depreciation limitations are getting a boost in 2024, and you’re curious about what that means for you, right? Whether you’re a small business owner, a freelancer, or just someone trying to make sense of tax talk let’s break it down into simple terms, so you can understand how these […]
How The New BOI Reporting Impacts Business Owners
The Corporate Transparency Act (CTA) was enacted as part of the National Defense Act for Fiscal Year 2021. The CTA mandates that millions of entities report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This resource is meant to provide a preliminary overview of the provisions in the CTA. Please […]
Should Your Hobby Be a Source of Income?
Do you have a hobby or pastime that brings you incredible joy? Maybe it even earns you a few bucks here and there. It could be painting, photography, gardening, sailing, or flying. Hobbies are a wonderful way to unwind, express creativity, and indulge in a personal interest. Did you know that, in certain circumstances, […]
Maximizing Tax Deductions: IRS Guidelines for Donating Clothing
Donating clothing to charitable organizations is not only an excellent way to declutter your closet, but it can also provide you with valuable tax deductions. However, to ensure you get the most out of your charitable contributions, following the Internal Revenue Service (IRS) guidelines for donating clothing is essential. An Overview Here’s a brief overview […]
Demystifying Depreciation: Understanding the True Value of Assets
Depreciation is a concept that plays a vital role in the world of finance, accounting, and business. It’s a term that often creeps up in financial discussions and is crucial for understanding the actual value of assets. What exactly does depreciation mean, and why is it so important? Let’s delve into this fundamental financial concept. […]
ERC Mills Keep Pushing—But the IRS is Pushing Back!
The IRS has stopped processing new claims for the Employee Retention Credit due to the number of filings by aggressive “ERC mills” luring ineligible businesses to file bogus claims. Along with this moratorium on the ERC, which will last at least through the end of this year, the IRS strongly encourages companies to work with […]
