Tax Planning - Understand Inventory Write-Offs
June 12, 2024
Effective inventory management is essential for any business's financial health. Companies often hold damaged, defective, obsolete, or unsalable inventory in a back room or the corner of their warehouse. This can lead to an out-of-sight, out-of-mind issue. Writing off inventory can be an overlooked tax saving you should plan for each year.
The Tax Relief for American Families and Workers Act of 2024
June 07, 2024
Our team has followed the Tax Relief for American Families and Workers Act of 2024 (H.R.7024) for a few months. The U.S. House of Representatives passed the bill on January 31, 2024, but as of the end of May, the Senate has not addressed it. The bill garnered 83% approval votes in the House.
Understanding The Tax Benefits of Hiring Family Members
December 18, 2023
Running a business is challenging! There are many balls to juggle, and you need help, not just any help! You need to find someone who understands your goals for the business, is committed to the success of the business, and works as hard as you are in your business.
Changes Coming to Meal and Entertainment Expenses
December 05, 2023
The days of lavish spending and writing it off as an entertainment expense have already been impacted by reduced travel and entertainment (T&E) guideline spending at many corporations. New tax laws will impact these expenditures even more.
U.S. Citizens Abroad: Understanding Tax Benefits and Tests
November 28, 2023
If you are a U.S. citizen earning income in a foreign country, you may be required to pay taxes to the U.S. government and the country you work in. There are provisions to help mitigate this situation and reduce your U.S. tax liability. These benefits are based on meeting specific criteria related to your tax home, foreign earned income, and residency status in a foreign country.
Tax Planning: Maximizing Tax Savings with Qualified Opportunity Zones
November 15, 2023
The Tax Cuts and Jobs Act of 2017 introduced several changes to the United States tax code, affecting both businesses and individuals. One of the most innovative provisions was the creation of Qualified Opportunity Zones (QOZs).