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After successfully navigating the start-up phase, your business has a strong foundation for growth. At the growth stage, business and financial advisory services become essential. Focus on these two key areas to elevate your company to the next level. 1. Financial and Tax Reporting Businesses in the growth stage usually have more sophisticated financial reporting…

If you’ve filed your 2024 tax return, you may be eager to do some spring cleaning, starting with tax-related paper and digital clutter. The documentation needed to support a tax return may include receipts, bank and investment account statements, K-1s, W-2s, and 1099s. How long must you save these records? Three years is the general…

Wouldn’t it be great if your employees worked as if they owned part of the company? An employee stock ownership plan (ESOP) could make that a reality. Under an ESOP, employee participants gain partial ownership of the business through a retirement savings arrangement. Meanwhile, the company and its existing owner(s) can benefit from some tax…

Now is a good time to consider year-end moves that can help reduce your business’s 2024 taxes. The effectiveness of a particular action depends on the circumstances of your business. Here are several possibilities.  Time Income and Deductions A tried-and-true tactic for minimizing your tax bill is to defer income to next year and accelerate…

As the holidays approach, it’s time to consider tax planning moves that will help lower your 2024 taxes, as well as set you up for tax savings in future years. Here are seven year-end tax planning ideas to consider.  1. Strategize on the Standard Deduction vs. Itemizing This is a tried-and-true year-end tax planning strategy.…

Teachers who are getting ready for a new school year often pay for some of their classroom supplies out-of-pocket. They may be able to get some of that cost back by taking advantage of a special tax break for educators. History of the Deduction Before 2018, employees who had unreimbursed out-of-pocket expenses could potentially deduct…

If you’re a small business owner and you hire your children this summer, you may be able to secure tax breaks and other nontax benefits. The kids can gain bona fide on-the-job experience, save for college, and learn how to manage money. You may be able to shift some of your high-taxed income into tax-free…

If you’re looking for a retirement plan for yourself and your employees but are 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…

There is a new reporting requirement, known as Beneficial Ownership Information (BOI), which came into effect in 2024.  In the article below, you will find general information regarding the new reporting rules as well as initial steps you should take to address the implications of the Corporate Transparency Act (CTA) to your organization. Who This…

If you’re preparing to file your 2023 tax return, you may still be able to lower your tax bill – or increase your refund. If you qualify, you can make a deductible contribution to a traditional IRA right up until the original filing deadline, April 15, 2024, and see tax savings on your 2023 return. …