How Small Business Owners Reduce Taxable Income
Reducing taxable income not only helps you retain more of your hard-earned money, but it’s also one of the best ways to find savings that can be reinvested in your business. This month, we wanted to step back to overview the most basic ways small business owners can reduce taxable income. First, it’s critical to […]
Spot These Tax Scam Signs Before It’s Too Late
Scammers are working overtime to separate honest taxpayers from their hard-earned money. These fraudsters are getting more sophisticated, moving beyond the obvious email phishing attempts to elaborate schemes that can fool even financially savvy individuals. Learn to recognize these common warning signs that could save you from becoming the next victim: Getting a bigger refund […]
Small Business Merger Tax Considerations
A small business merger can increase the market and financial power of everyone involved, but it takes strategic foresight for such a move to be successful. Taxes are a significant consideration during the planning process because they can financially impact the transaction. True, equal mergers are relatively rare compared to acquisitions. Many transactions labeled “mergers” […]
Charitable Giving & Your Taxes
We know charitable giving is on your mind. We love that about you! Make the most of it this season and all year long with our charitable contribution tips. Total giving among Americans is higher than it has ever been. But, when adjusted for inflation, those dollars aren’t stretching far. And we certainly don’t know […]
Texas Franchise Tax Reminders
The Texas franchise tax exemption nearly doubled to $2.47 million in 2024, and many businesses are breathing a sigh of relief. But we’ve noticed some confusion about who qualifies and what other obligations still apply. The Texas franchise tax exemption increase eliminates annual franchise taxes for an estimated 67,000 small- to medium-sized businesses that no […]
Corporate Transparency Act & Your Beneficial Ownership Obligations
You’re not a crook, but the federal government isn’t just going to take your word for it. That’s why the U.S. Corporate Transparency Act (CTA) was conceived. With the CTA’s new beneficial ownership information (BOI) reporting requirement looming, it’s time for most small business owners to act or potentially suffer painful consequences. Steven Bankler recently […]
Falling Interest Rates and Your Small Business
The Federal Reserve has begun lowering interest rates for the first time in four years. Is it a game changer for small businesses? Is it too early to tell? Here’s what history and current research tells us. The half-percentage reduction by the Federal Reserve in September may not seem significant to the average person. However, […]
Beware of Offer-in-Compromise (OIC) Scams
The IRS Offer-in-Compromise (OIC) program can be a great opportunity if you owe the IRS money you don’t have. However, some scam artists are getting in on the action and “selling” OICs that aren’t real. The IRS OIC program, a genuine option for taxpayers who can’t afford to pay their full tax debt, allows you […]
7 Reasons to Itemize Deductions
There’s good reason 90% of taxpayers claim the standard deduction: It more than covers what most Americans can deduct on their own. However, in certain years, some taxpayers may want or need to itemize instead. The standard deduction for 2024 is $14,600 ($29,200 for married couples) and a bit more if you’re 65 or older. […]
ERC Voluntary Disclosure Temporarily Returns
The IRS has announced a limited-time reopening of its Voluntary Disclosure Program (VDP) for businesses that incorrectly claimed Employee Retention Credit (ERC). It’s a chance for businesses that may have fallen victim to ERC promoters to correct improper payments at a 15% discount and avoid future audits, penalties, and interest. “During the first disclosure program […]