With the estate tax exemption at $12.06 million 2022, many estates won’t be subject to estate tax. As a result, more planning can be devoted to saving income taxes for your heirs.
The slower summer months are an ideal time to review your tax position and prepare for next year’s tax return.
This is the time of year when the IRS begins mailing notices to taxpayers about their recently filed returns.
Social media is not just a tool for sharing information and ideas with friends and loved ones across the world, it has also opened up a whole new way of garnering attention – and donations – for charitable organizations, people in need and new business ventures. As a result of the popularity of crowdfunding sources, […]
The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022 (and 2021). So, you can […]
Many business owners are discovering that their assets are not as well protected as they thought. Small businesses are susceptible to fraud most commonly due to lack of internal controls. There are a few key practices that can help prevent fraud in your business. One of the most important internal controls is segregation of duties. […]
Your business’s brand is more than just the product you sell or the aesthetics of your restaurant. Your company’s brand is shaped by every interaction that your customers have with your people. Forward-facing businesses like the restaurant and hospitality industry focus on both people and product. Most companies create standards and expectations that emphasize putting […]
Changes, changes, and more changes. With the multitude of changes in the tax laws, it is not always easy to determine which ones may affect you and your business. The American Rescue Plan Act, which will go in effect this year, has a change in how to report payments made to merchants. What are the […]
It’s not too late to make contributions to your traditional or Roth IRA for the 2021 tax year. Contributions made up until April 18, 2022, may be deducted from your 2021 tax return. Any contributions to a traditional or Roth IRA made until the April 18 filing date must be designated for 2021 to the […]
The recent news from the Federal Reserve about potential interest rate increases to combat the inflation the economy is currently seeing is making business owners rethink their existing business debt. A question that businesses are considering nowadays is whether or not they should look into locking in variable rate loans they currently have. The answer […]