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One fundamental financial practice that often gets overlooked, yet is very important, is the idea of separating personal and business finances. There are a wealth of benefits from maintaining distinct bank accounts and credit cards for business transactions. Benefits for small business owners include: Benefits of Separating Personal and Business Finances The intertwining of personal …
The U.S. Department of Labor (DOL) announced on Jan. 9, 2024, the issuance of its final rule regarding whether a worker is an employee or an independent contractor under the federal Fair Labor Standards Act (FLSA). The new rule, which becomes effective March 11, 2024, rescinds the 2021 independent contractor rule issued under former President Donald Trump. …
The practice of separating personal and business finances is a fundamental financial practice that often gets overlooked, yet holds immense importance. By maintaining distinct bank accounts and credit cards for business transactions, small business owners benefit in so multiple ways. These benefits include streamlining bookkeeping processes, ensuring accurate expense tracking, and fostering clarity in financial …
The death of a loved one is devastating, and as a surviving spouse, can be one of life’s most challenging scenarios. It also triggers unique financial and tax events that must be dealt with by the survivors. Especially if the death was sudden with little or no time to make financial preparations. This material is …
IRC Section 1202, the Qualified Small Business Stock (QSBS) gain exclusion, provides a significant tax planning strategy. Section 1202, also called the Small Business Stock Gains Exclusion, was enacted in 1993 to encourage investment in small businesses. It allows individuals to avoid paying taxes on up to 100% of the taxable gain recognized on the …
Understanding the remote work tax implications is crucial for small and medium-sized businesses (SMBs) to avoid potential penalties and ensure compliance with tax laws. As businesses across a wide range of industries have shifted to a remote model, employees and employers alike have experienced numerous benefits such as reduced overhead costs, increased employee satisfaction, and …
The Internal Revenue Service is encouraging taxpayers to take simple steps before the end of the year to make filing their 2023 federal 2023 tax return easier. With a little advance preparation, taxpayers can approach the upcoming tax season with confidence. If you are a current client, you can expect to receive your 2023 Tax …
The Internal Revenue Service recently announced the inflation-adjusted 2024 mileage reimbursement rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning Jan. 1, the 2024 mileage reimbursement rates for the use of a car (or a van, pickup or panel truck) are: Business standard mileage rates …
Ready to learn about Beneficial Ownership Information (BOI) Reporting rules that start January 1, 2024? In the ever-evolving landscape of business regulations, the Corporate Transparency Act (CTA), passed as part of the National Defense Authorization Act for Fiscal Year 2021. The Act introduces new reporting requirements for businesses in the United States; specifically focusing on …
