Tax Implications When Employed in the Family Business
When a family member employs someone, the tax implications depend on the relationship and the type of business. Taxpayers and employers need to understand their tax situation. Here is what…
Highlights of the Secure 2.0 Act of 2022
The $1.66 trillion Consolidated Appropriations Act, 2023, was signed into law on December 29, 2022, by President Biden. Included in the 4,155-page bill is the SECURE Act 2.0 of 2022,…
Businesses: Important Tax Changes in 2023
Here’s what small business owners need to know about tax law changes and inflation adjustments for the year ahead. Standard Mileage Rates In 2023, the rate for business miles driven…
Improperly Forgiven PPP Loans Are Taxable
Recipients of Paycheck Protection Loans (PPP) should be aware that when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, they are not eligible to exclude the forgiveness from…
Small Business Taxpayers: The Year in Review
Here’s what business owners need to know about tax provisions for 2022: Standard Mileage Rates Due to inflation, there were two standard mileage rates in 2022: 62.5 cents per business…
Year-end Tax Planning Strategies for Business Owners
Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer…
Cash Management Tips for Small Businesses
Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business’s success. In fact, a healthy cash…
Retirement Plan Options for Small Businesses
According to the US Small Business Administration, small businesses employ half of all private-sector employees in the United States. However, a majority of small businesses do not offer their workers…
Small Employer Health Reimbursement Arrangements
Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses…