BOI Reporting Deemed Unconstitutional for Some
On January 1, 2024, the Corporate Transparency Act (CTA) went into effect. The CTA requires most smaller corporations, most limited liability companies, and some other business entities to file a beneficial ownership information (BOI) report with the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN). The BOI report identifies and provides contact information […]
Financial Planning : Types and Importance
In today’s complex financial landscape, financial planning is essential for individuals and families that are looking to secure their future. Financial planning is also crucial to organizational success because it complements the business plan as a whole, confirming that set objectives are financially achievable. This article covers the fundamentals of financial plans, its various types, […]
Turn Your Vacation—Even a Luxurious One—into Tax-Deductible Business Travel
Here’s an idea: how about transforming your next vacation into business travel? With careful planning, your transportation to any destination could be fully deductible. This includes airfare—even first-class—luxury hotel stays, and cruise expenses. If you can tie your travel to business purposes, you can enjoy substantial tax savings, depending on your tax bracket. Two Main […]
BOI Reporting Deemed Unconstitutional for Some
On January 1, 2024, the Corporate Transparency Act (CTA) went into effect. The CTA requires most smaller corporations, most limited liability companies, and some other business entities to file a beneficial ownership information (BOI) report with the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN). The BOI report identifies and provides contact information […]
Tax Reform Doubles Down on S Corporation Reasonable Compensation
From 2018 to 2025, the Tax Cuts and Jobs Act is offering a 20 percent deduction on pass-through business income, with specific eligibility criteria. This deduction impacts the choice of entity. For instance, should you operate as a sole proprietorship or an S corporation? The Importance of Reasonable Compensation When operating your business as an […]
Key Insights on the ICHRA for Small Businesses
If you are thinking about offering your employees the new ICHRA, take a moment to read the insights below. Class size rule. You face the class size rule only if you offer a traditional group health plan to one class of employees and an ICHRA to another. Minimum class size example. You cover four full-time […]
Update on State Pass-Through Entity Taxes Beating the SALT
Here are some critical updates on the pass-through entity tax (PTET), which has recently become the rule in most states rather than the exception. The PTET enables owners of pass-through businesses, such as S corporations and multi-member LLCs, to navigate around the $10,000 annual limit on state and local taxes (SALT). How PTET Works The […]
Turn Your Vacation—Even a Luxurious One—into Tax-Deductible Business Travel
Here’s an idea: how about transforming your next vacation into business travel? With careful planning, your transportation to any destination could be fully deductible. This includes airfare—even first-class—luxury hotel stays, and cruise expenses. If you can tie your travel to business purposes, you can enjoy substantial tax savings, depending on your tax bracket. Two Main […]
Are you a home office cleaner service provider?
I wanted to offer some insights regarding an important tax aspect related to the cleaning services at your home office. As you have a home office that qualifies for a home-office deduction and you employ a cleaning lady—let’s call her Annie—who maintains both your home and your home office, there are a couple of tax […]
Are you struggling to keep your business finances in order?
Starting new ones should be easier than breaking old, established ones. And when it comes to your knowledge about your company’s financial health, it’s good to develop practices that you eventually do without even thinking about them. Open the Income Tracker. This is the best way to get a quick look at the status of […]