Meals and Entertainment Deductions Under the OBBBA
IRS Guidance Under the One Big Beautiful Bill Act (OBBBA), starting in 2026, deductions for employer-operated eating facilities and meals provided for the “convenience of the employer” under section 274(o) will be fully disallowed, marking the end of a long-standing...Read More →
Is it Time to Revisit Your Business Entity Structure?
There is always time to revisit your current business entity structure based on your business’s current needs. Read below to find out what has changed and why it is important to revaluate your existing business structure. One Big Beautiful Bill...Read More →
Hidden Gem Options to Elevate 401(k) Savings for High Earners
In 2024, employees participating in 401(k) plans can contribute up to $23,000 per year. In addition, when taking account for employer and employee contributions, the limit stands at $69,000 which increases the ability for workers to set aside even more....Read More →
Tax-Gain Harvesting and How You Can Use it to Your Advantage
Rallys within the stock market are great for profit, but with profit along comes taxes. Using Tax-Gain Harvesting as a tool can help lower taxes, and here is everything you need to know about it. Tax-gain harvesting is for those...Read More →
Contribution Guidelines Increase Savings for Taxpayers in 2024.
Those who are participating in retirement plans will witness an increase in contribution limits from $22,500 to $23,000. These plans include: 401(k), 403(b), and a majority of the 457 plans, including Thrift Savings Plan. Additionally, the annual contribution limits for...Read More →
Nearing retirement? Use an HSA.
Nearing retirement? Here's how to get the most out of your HSA.
Starting An S Corp? These Four Questions Will Help You Decide
Do S corps really live up to the hype? Even though everyone else is forming one—should you? How do you know if it’s really worth the time and investment? The truth is every business is different, forming an S corp is a...Read More →
ROTH IRAS: PUT YOUR CHILD’S SUMMER EARNINGS TO WORK
A Roth IRA allows you to make after-tax contributions instead of pretax contributions, such as those you might make with your own IRA or your employer's 401(k). It's important to create your account as a Roth IRA when set up, even though Regular and Roth IRA's are similar.
DEDUCTING BUSINESS-RELATED CAR EXPENSES
If you're self-employed and use your car for business, you can deduct certain business-related car expenses. First thing small business owners need to know is that there are two options for claiming deductions
THE 2022 TAX FILING SEASON: WHAT YOU NEED TO KNOW
Monday, January 24, 2022, was the official start to this year's tax season. By now, everyone should have received most of the information they need to make sure they file a complete and accurate return.