According to one recent study, there is a 96% chance that the United States will experience some form of economic recession within the next 12 months. If you needed a single statistic to underline the importance of planning ahead when it comes to your business, let it be that one. Thankfully, this news isn't a guarantee of impending doom for your organization. Not only [...]
Article Highlights: Benefits Sunsetting After 2021 Benefits Sunsetting After 2022 Not Needing to File May Be an Opportunity Maximize Education Tax Credits Employer Health Flexible Spending Accounts Maximize Health Savings Account Contributions Roth IRA Conversions Avoid Required Minimum Distribution (RMD) Penalties Recognizing Capital Losses Take Advantage of the Zero Capital Gains Tax Rate Make Business Purchases Prepay State Income and 2023 Property Taxes Charitable Deductions [...]
Carrying long-term debt is a challenge, but when the money is owed to the government and you see no way to pay what you owe, it can bepsychologicallyand emotionally debilitating. Some people think they can turn to bankruptcy, but that is not the case – bankruptcy specifically will not discharge tax debts. One of the few options available for settling tax debt is an [...]
According to one recent study, there are currently more than 32 million small businesses operating in the United States. For the sake of discussion, know that this term refers to those organizations with fewer than 500 employees. To put that number into perspective, those small businesses create more than 1.5 million new jobs every year according to the same research from above. That breaks [...]
Article Highlights: American Rescue Plan Act 2021 Enhanced Child Tax Credit Credit Phaseout Advance Payments TIGTA Report Millions Entitled to But Did Not Receive the Credit Credit Still Available to Those That Qualify The American Rescue Plan Act of 2021, also referred to as the COVID-19 Stimulus Package or ARPA, was a $1.9 trillion bill passed by Congress to stimulate the U.S. economy as [...]
There was once a time when the only people who used the word “gig” were musicians chatting about a booking. Today, virtually every newspaper and magazine features the booming gig economy — or how to make the most of it — on a regular basis. Though the term generally refers to people who have taken leave of their full-time jobs, choosing instead to work [...]
We’ve gathered 10 simple end-of-season tasks to prepare your home for winter Check the gutters - Prevent ice dams by cleaning out your gutters, installing gutter guards and making sure your attic floor is properly insulated. The attic itself should be well-ventilated and about 10 degrees warmer than the temperature outside. Protect the pipes – Protect against frozen pipes by insulating those that could be [...]
Article Highlights Inflation Reduction Act Research Credit Payroll Tax Option Research Credit Qualified Research Qualified Small Business The Inflation Reduction Act that President Biden signed into law back in August, has a lesser-known provision that could benefit many small business startups, allowing them to potentially double the amount of the research and development tax credit they can claim from $250,000 to $500,000 per year [...]
Every entrepreneur starts their company with their own vision of what the future holds. Maybe you thought you'd just work from a home office, managing every function and loving every minute of it. Maybe you always knew you were going to make it big and would need a suite of executives, a team of sales and marketing professionals, and a whole bunch of support [...]
Highlights: Medical Savings Account Retirement Account High-Deductible Plan Eligible Individuals Monetary Qualification for an HSA Qualification Chart Maximum Contributions Establishing an HSA The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health plans (HDHPs) to save for medical expenses that are not covered by [...]
