As the driving force in today’s economy, small businesses benefit from numerous tax breaks in the tax code. One of these, the Qualified Small Business Stock (QSBS), was made permanent by the PATH Act (Protecting Americans from Tax Hikes Act of 2015). If you’re a small business investor, here’s what you need to know about this often-overlooked tax break.
How a Business Owner’s Home Office Can Result in Tax Deductions
As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS rules to ensure compliance and avoid potential IRS audit risks. There are two methods for claiming this tax break: the actual expense method and the simplified method. Here are answers to frequently asked questions about the tax break.
Next-Level Growth: Unlocking Your Business’s Full Potential
After successfully navigating the start-up phase, your business has a strong foundation for growth. At the growth stage, business and financial advisory services become essential. Focus on these two key areas to elevate your company to the next level.
Embrace the Future: Sales Forecasting for Businesses
So, how are sales looking for next year? It’s not a rhetorical question. Your business should be able to look ahead and accurately estimate how its future sales are shaping up. This practice is called sales forecasting, and doing it well is key to better managing your company’s financial performance.
Cut Business Taxes with Local Transportation Deductions
Understanding how to deduct transportation costs could significantly reduce the tax burden on your small business. You and your employees likely incur various local transportation expenses each year, and they have tax implications.
Growing the Business Means Supporting Your Managers
Many different shortcomings can hold back the growth of a company. Some are obvious, such as poor cash flow management or flawed strategic plans. Others aren’t so easy to see.
Prepare for Resilience with a Business Continuity Plan
Companies without a disaster recovery or business continuity plan need only consider the aftermath of recent hurricanes. News reports estimated property damages from Hurricane Helene alone last year to be more than $59.6 billion, plus disruption of untold businesses and services.
The Tax Treatment of Intangible Assets
Intangible assets, such as patents, trademarks, copyrights, and goodwill, are crucial to today’s businesses. The tax treatment of these assets can be complex, but businesses need to understand the issues involved. Here are some answers to frequently asked questions.
ESOPs Can Help Business Owners With Succession Planning
Devising and executing the right succession plan is challenging for most business owners. In worst-case scenarios, succession planning is left to chance until the last minute. Chaos, or at least much confusion and uncertainty, often follows.
Starting a Home-Based Business
More than half of all businesses today are home-based. Every day, people strike out to achieve economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs – home-based business people.
And with technological advances in smartphones, tablets, and iPads and rising demand for “service-oriented” businesses, the opportunities seem endless.