Financial Statements Can Move a Business Forward

Financial statements…every business produces them…or should. In most small businesses, they are most likely prepared monthly or quarterly and certainly should be prepared more often than only annually. Of course, the more frequently financial statements are prepared, the better. During the financial crisis caused by the global pandemic, financial statements...

Read More

Business Lessons Learned from the Pandemic

Business

It might be an understatement to say that the global pandemic of COVID-19 has been a learning experience for all businesses large and small. Every type of business regardless of location has had to adapt to a changing environment, purchasing behaviors, supply chain problems, employee layoffs, and alternative approaches to...

Read More

10 Advantages of Tax Planning for Small Businesses

Unfortunately, it seems as though small business owners never have enough time on their hands. As a result, tax planning is something that gets put on the back burner and sometimes never completed. However, tax planning quite often is an item that pays dividends down the road. Overall tax planning...

Read More

The new SALT deduction limits will affect home sales

The Tax Cuts and Jobs Act (TCJA) of 2017 sharply raised the standard deduction and placed limits on itemized deductions. In particular, no more than $10,000 can be deducted in state and local tax (SALT) payments on a single or joint tax return. As a result, most people will take...

Read More

A grain of SALT in new IRS notice

Taxpayers who itemize deductions on Schedule A of their tax return have been able to deduct outlays for state and local income tax as well as property tax with no upper limit. (State and local sales tax may be deducted instead of income tax.) However, as of 2018, the Tax...

Read More

How the new tax law affects 529 plans

For many years, 529 college savings plans have offered a tax-favored way to save for higher education. These plans, officially qualified tuition programs, are named for the IRC section that provides their advantages. In brief, 529 plans are funded with aftertax dollars. In college savings plans, account owners choose from...

Read More