Blog
How Business Owners Can Maximize the Impact of Charitable Giving
Giving from the heart can meaningfully impact your small business’s bottom lineGifting strategies may reduce your taxes owed, increase brand value, and help your communityThere are key risks to consider, and a long-term charitable giving strategy helps build a legacyAs we approach year-end, it’s naturally a time to reflect on the year that was. If you’ve been blessed with significant revenue gains and profit increases, you may look to spread some extra holiday cheer.
Tax Brackets, Bigger Refunds, and What It Means for 2026
This week’s insight looks ahead to the upcoming tax-filing season.The IRS released its 2026 income tax brackets last week. There’s a 4% increase in the lowest two rungs, while upper brackets are nudged higher by just 2.3%. As is normally the case, the adjustments rarely impact long-term planning strategy, but they’re a reminder that inflation is an ever-present issue. What’s more, the federal government may be trying to help out lower-income households with a larger increase to the 10% and 12% marginal tax brackets.
Hidden Gem: The $2,000 Charitable Deduction You Didn’t Know About
This week’s insight digs up a small nugget in the One Big, Beautiful Bill Act (OBBBA).As we continue nerding out on taxes, one OBBBA provision caught our eye, and it might put a few hundred bucks back in your pocket. We’re going to bury the lead a bit by providing some background. The 2017 Tax Cuts and Jobs Act (TCJA) simplified the tax code by eliminating the so-called “personal exemption” and increasing the standard deduction. That change didn’t impact taxpayers, but it stung charities.
Inside the One Big, Beautiful Bill: What OBBBA Means for You and Your Business
This week’s insight digs into the One Big, Beautiful Bill Act (OBBBA) that was signed into law on the 4th of July.After much debate on Capitol Hill and uncertainty over whether Congress would meet President Trump’s Independence Day goal, the tax cuts that began after the passage of the 2017 Tax Cuts and Jobs Act (TCJA) were made permanent earlier this month. In May, we detailed the tax and spending bill’s significant impacts on small business owners, and many of those call-outs made it to the final version of the legislation. Let’s dig into the key parts of the fiscal package.
One Big, Beautiful Bill: What Trump’s Tax Legislation Means for Small Business Owners
The 2017 Tax Cuts and Jobs Act is made permanent, with new benefits for families and businessesThe bill advances to the Senate, but final passage is not expected until July at the earliestNow is the time to review your tax strategy and ensure your business and long-term financial plans are on the best courseThere was relief on Capitol Hill last Wednesday when the US House of Representatives narrowly passed President Trump’s “One Big, Beautiful Bill” (OBBB).
Tax Season Reflections: Strategy, Deadlines, and What Comes Next
This week’s insight celebrates Tax Day and all the joys that come with it.My CPA friends will take much-deserved vacations in the weeks ahead—once April 15, 2025, is history. You, too, are probably glad to have all your documents sorted, data entered, and returns filed to the IRS. Small business owners often face headaches completing so many requirements. For those who plan and work with a financial team to strategize, there’s actually a bit of satisfaction and maybe some smugness knowing that you legally and ethically kept more of what’s yours.
Tax Time Tips for Entrepreneurs: Navigating 2024’s Small Business Tax Landscape
This week’s insight keeps on the tax-code theme (as the April 15 filing deadline looms!).One of the best effects of the COVID-19 pandemic, precisely five years ago now, was an entrepreneurial spirit that swept America. The government tracks this via a metric called “high propensity business applications,” which is a code term for new business formation. After steadily rising at about the pace of overall economic activity during the 2010s, new-company filings soared starting in mid-2020.
Bonus Depreciation: Potential Revival and Its Impact on Small Businesses
This week’s insight is an update to a small but important piece of the tax code that’s currently withering away: Bonus Depreciation.Bonus Depreciation allows firms to immediately deduct a large percentage of the purchase of eligible assets rather than writing them off over time, thereby potentially reducing a business owner’s tax bill. Last week, President Trump hinted that 100% Bonus Depreciation might be in the works as part of one “big, beautiful” tax bill that’s supposedly being crafted in Congress.
Understanding Business Valuation: A Guide for Small Business Owners
Entrepreneurs should always know how much their company is worth whether it is for a potential sale, succession planning, or just ongoing financial planningWe’ll go through some of the most widely used valuation techniques and why they matterKnowing the common pitfalls, the best value-maximization strategies, and tax implications is imperative to making the most of your small businessFor many people, a house or a retirement nest egg is their most valuable asset.
“Tax Season Alert: Uncle Sam is Watching”
This week’s insight is a reminder that Uncle Sam watches you.The IRS began accepting 2024 tax returns last Monday. The good news is that Direct File, a free tax-return program sponsored by the IRS, is available in Florida (but not Alabama). It allows eligible taxpayers to prepare and file their federal returns online directly with the IRS. To qualify, those married filing jointly must have a combined income of $250,000 or less and have generally simple tax situations. There is a free customer support line if you go that route.
January Tax Tips: Setting Your Small Business Up for Success in 2025
This week’s insight rings in the new year with a glass full of tax talk. We’ll try not to party too hard.Small business owners aren’t so much concerned about post-New Year’s hangovers as they are with the headaches that come with taxes in January. It seems like every year there is some new requirement that demands your time and energy. Fear not. Let’s outline how to avoid tax follies in 2025.
Navigating Employee Stock Ownership Plans (ESOPs): A Guide for Small Business Owners
An ESOP is a retirement plan that puts ownership in the hands of workers, offering tax advantages and a succession opportunity for the ownerWhile the initial costs are high and plan maintenance is required, established small businesses may find ESOPs to be ideal for promoting long-term growthCompanies with 30-100 workers may be best suited for an ESOPRewarding and motivating employees with a stake in your company can be an effective strategy.
Confidence in Tax Rates: New Retirement Plan Contributions Limits for 2025
This week’s insight looks at the new retirement plan contribution limits for 2025 and why you should have a bit more confidence about where tax rates may go.
Inflation’s Hidden Tax Trap: How Unindexed Limits Increase Your 2024 Tax Burden
This week’s insight takes aim at how lawmakers sometimes use inflation against taxpayers (imagine that!).The end of 2024 is in sight. It’s been a great last two years for investors, and the economy has proven to be resilient despite so many calls for an imminent recession. November-December is also a natural time to consider tax planning for both the current year and next.
Your 2024 Tax Checklist: 8 Moves Small Business Owners Can Make Before Year-End
Proactive tax planning is essential for small business owners looking to reduce their long-term tax obligations Big changes could be on the way at the end of 2025, so getting ready today is prudent From maximizing retirement contributions to adjusting your business structure, many strategies are available to manage your tax situation Don’t wait until the last minute to do your Christmas shopping.