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…
Key Tax Provisions of the Inflation Reduction Act of 2022
The Inflation Reduction Act (IRA), signed into law on August 16, 2022, includes provisions affecting businesses, individuals, the clean-energy industry, healthcare, and more. Let’s take a look: Businesses Sec. 461(l)…
Standard Mileage Rates Increase for Remainder of 2022
The optional standard mileage rate, which taxpayers may use to calculate the deductible costs of operating an automobile for business and certain other purposes, increases to 62.5 cents per mile,…
Tax Withholding for Seasonal and Part-Time Employees
Tax Withholding for Seasonal and Part-Time Employees Many businesses hire part-time or full-time workers, especially in the summer. The IRS classifies these employees as seasonal workers, defined as an employee…
Settling Tax Debt With an IRS Offer in Compromise
Settling Tax Debt With an IRS Offer in Compromise An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer’s tax…
Common Small Business Budgeting Errors to Avoid
Common Small Business Budgeting Errors to Avoid When creating a budget, it’s essential to estimate your spending as realistically as possible. Here are five budget-related errors commonly made by small…
Cash Management Tips for Your Small Business
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…
Reminder: Rules for Depreciation and Expensing
Reminder: Rules for Depreciation and Expensing As part of the final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in…
How to Create a Profitable Transition of a Business
This was a virtual panel-driven session is designed to help any business owner who is thinking about exiting or transitioning a business. Whether you are the owner or an advisor…