When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and
The U.S. Bureau of Labor Statistics reports that unemployment is still very low, between 4.0% and 4.3% from May to November 2024. With hiring being difficult right now, business owners
One option to consider when deciding on the best structure for your business is a C corporation. This entity offers numerous advantages and disadvantages that may significantly affect your business operations
Intangible assets, such as patents, trademarks, copyrights, and goodwill, play a crucial role in today’s businesses. Businesses need to understand the issues involved, despite the complex tax treatment of such
As the year draws to a close, it’s a critical time to evaluate planning strategies that may help reduce your tax liability for this year and next. Successful tax planning
To potentially reduce the tax burden on your small business, you need to understand how to deduct transportation costs. You and your employees likely incur various local transportation expenses each
If you’re a small business owner, managing health care costs for yourself and your employees can be challenging. Adding a Health Savings Account (HSA) can be one effective tool to
If you’re confused about the federal tax treatment of business-related meal and entertainment expenses, you’re not alone. The rules have changed in recent years. Let’s take a look at what
You may be concerned about high self-employment (SE) tax bills if you own a growing, unincorporated small business. The SE tax is how Social Security and Medicare taxes are collected
How much can you and your employees contribute to your 401(k)s or other retirement plans next year? The IRS recently announced cost-of-living adjustments, in Notice 2024-80, that apply to the
