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
As a business owner, you may travel for a number of reasons, including to visit customers, attend conferences, check on vendors, and for other purposes. Understanding which travel expenses are
Consider a solo 401(k) plan if you own a small business with no employees (other than your spouse) and want to set up a retirement plan. This is also an
As we approach 2025, the Social Security Wage Base will be changing. The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to
