If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions addressing when certain costs are qualified medical expenses for federal income tax purposes. Basic rules… Read More
Blog
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6 tried-and-true strategies for improving collections
Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take payments right at a point-of-sale terminal and customers go on their merry ways. (These enterprises face many other challenges,… Read More
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Education benefits help attract, retain and motivate your employees
One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to attract, retain and motivate employees is to provide education fringe benefits… Read More
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Businesses, be prepared to champion the advantages of an HSA
With concerns about inflation in the news for months now, most business owners are keeping a close eye on costs. Although it can be difficult to control costs related to mission-critical functions such as overhead and materials, you might find… Read More
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Keeping in compliance with Uniform Guidance
If your not-for-profit receives significant federal funds, it may be subject to the Office of Management and Budget’s Administrative Requirements, Cost Principles, and Audit Requirements (Uniform Guidance). And if your nonprofit spends $750,000 or more in federal awards in a… Read More
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Strengthen strategic planning with competitive intelligence
Business owners and their leadership teams are rightly urged to engage in regular strategic planning to move their companies, thoughtfully and consciously, in a positive direction. However, no matter how sound a set of strategic objectives might be, it’s always… Read More
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There’s a favorable “stepped-up basis” if you inherit property
A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? This is an important area and is too… Read More
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The tax advantages of hiring your child this summer
Summer is around the corner so you may be thinking about hiring young people at your small business. At the same time, you may have children looking to earn extra spending money. You can save family income and payroll taxes… Read More
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Nonprofits: 4 ratios worth watching
To control your not-for-profit’s expenses and improve operating efficiency, you need to keep an eye on the numbers. This should come as no surprise. But which measures are important? Which ratios can help you identify how much currently goes toward… Read More
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Choosing an entity for your business? How about an S corporation?
If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form of business for your new venture. Here are some of the reasons why. A big benefit… Read More