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Blog Posts

Key Insights into Depreciation

Key Insights into Depreciation

Here are some key insights into depreciation, particularly regarding business or rental assets. When Does Depreciation Start? Technically, depreciation begins not when you use an asset but when it’s ready and available for its intended purpose....

HSAs For Business Owners

HSAs For Business Owners

When enacted, the Affordable Care Act (ACA) eliminated most small-business health plans that reimbursed individually purchased health insurance. Consequently, many small business owners with fewer than 50 employees chose health savings accounts...

Act Now! Get Your Safe-Harbor Expensing in Place

Act Now! Get Your Safe-Harbor Expensing in Place

For 2024, you can elect the de minimis safe harbor to expense assets costing $2,500 or less ($5,000 with audited financial statements or similar). The term “safe-harbor” means that the IRS will accept your expensing of the qualified assets if...

The Importance of Certified Public Accountants

The Importance of Certified Public Accountants

When you have your own business, you are likely focused on what your target market wants, how you can fulfill those wants, and fulfilling those wants better than your competitors can. You are likely not thinking of how much expense you are incurring to reach your...

Update on State Pass-Through Entity Taxes Beating the SALT

Update on State Pass-Through Entity Taxes Beating the SALT

Here are some critical updates on the pass-through entity tax (PTET), which has recently become the rule in most states rather than the exception. The PTET enables owners of pass-through businesses, such as S corporations and multi-member LLCs,...

Key Insights on the ICHRA for Small Businesses

Key Insights on the ICHRA for Small Businesses

If you are thinking about offering your employees the new ICHRA, take a moment to read the insights below. Class size rule You face the class size rule only if you offer a traditional group health plan to one class of employees and an ICHRA to...

ICHRA Unleashed: Transforming Small Business Health Benefits

ICHRA Unleashed: Transforming Small Business Health Benefits

The individual coverage health reimbursement arrangement (ICHRA) allows businesses of all sizes to reimburse employees for their personally purchased health insurance expenses. The ICHRA is beneficial for businesses with fewer than 50 employees...

What Should You Expect From a Tax Resolution Services Company?

What Should You Expect From a Tax Resolution Services Company?

If you get a notice from the Internal Revenue Service (IRS) regarding either taxes due that were not paid or an audit to ensure you are meeting all of your legal tax obligations, you will likely get nervous and be unsure what to do. It is important to act...

The QSEHRA Health Plan

The QSEHRA Health Plan

If you’re a small employer (fewer than 50 employees), you should consider the Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) as a good way to help your employees with their medical expenses. If the QSEHRA is indeed going to...

The Kiddie Tax and How to Avoid It

The Kiddie Tax and How to Avoid It

The kiddie tax was enacted by Congress to prevent parents from passing investment income to their children, typically those with a lower tax rate. Under the kiddie tax rules, a portion of a child’s net unearned income may be taxed at the...