Summer is a good time for some tax planning that could lower your 2024 tax bill. Since the passage of the Tax Cuts and Jobs Act, which increased the standard deduction, fewer people benefit from itemizing deductions. You can use this IRS Interactive Tax Assistant to find your 2024 standard deduction.
How to Keep Control Over Inventory
Many businesses need to have some inventory available. However, having too much inventory is expensive, not just to purchase but also to store, safeguard, and insure. So, keeping your inventory as lean as possible is critical.
How to Deduct Business Travel
Before traveling for business, it’s important to know what’s tax deductible. Through 2025, employees aren’t permitted to deduct unreimbursed business expenses, including travel expenses, but self-employed people may deduct business travel expenses on Schedule C. Businesses may deduct employees’ travel expenses if they provide advances or reimbursements to employees or pay the expenses directly.
Hiring Your Child to Work at Your Business This Summer
With school out, you might be hiring your child to work at your company. In addition to giving your son or daughter some business knowledge, you and your child could reap some tax advantages.
How Family Businesses Can Solve the Compensation Puzzle
Every type of company needs to devise a philosophy, strategy, and various policies regarding compensation. Family businesses, however, face additional challenges — largely because they employ both family and nonfamily staff.
Why ESG Should Be in Your Strategic Business Plan
When business owners and their leadership teams meet to discuss strategic planning, the primary question on the table is usually something along the lines of, “How can we safely grow our company to reach the next level of success?”
4 Ways Businesses Can Better Control Cash Flow
From the minute they open their doors, business owners are urged to keep a close eye on cash flow. And for good reason — even companies with booming sales can get into serious trouble if they lack the liquidity to compensate employees and pay their bills. Here are four ways businesses can better control cash flow.
Why Businesses Should Rethink Income and Deductions
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to?
Valuable Tax Credit Available for Energy-Efficient Homes
Under the Inflation Reduction Act, construction contractors who build or rehab energy-efficient homes may be eligible for a federal tax credit of up to $5,000 per project.
To claim the credit, builders are required to construct or substantially rehab a qualified home and own it during the construction process.
Renting to Family Members
As rents continue to rise in many areas, you may decide to help your financially challenged family members by renting a property to them at a discount. But this can lead to the loss of significant tax deductions. Here’s a look at the tax treatment that applies when you rent to unrelated parties and how the rules change when you rent to relatives.