Our Financial Blog
Boost Your Income: How Renting Your Vacation Home Can Maximize Your Earnings and Minimize Your Taxes
Owning a dwelling unit that is used as a vacation home can be a dream come true, offering a personal retreat and potential rental income. However, the tax implications of renting out a vacation home can be complex. Understanding these rules can help you maximize your...
A Retiree’s Guide to Reducing Taxes on Social Security Benefits
Social Security benefits serve as a crucial financial backbone for millions of retirees, disabled individuals, and families of deceased workers in the United States. However, the taxation of these benefits often presents a complex landscape for beneficiaries. This...
Navigating Potential Changes in Capital Gains Tax: What Business Owners and Boomers Need to Know
As a business owner or a baby boomer planning to sell your business or a significant real estate asset, understanding potential changes in capital gains tax is crucial. President Biden's FY 2025 budget proposal includes significant tax reforms aimed at wealthier...
How an Accounting Pro Can Help You Create and Stick to a Budget
Maintaining a clear and effective budget is crucial for success. Yet, many businesses are overwhelmed by day-to-day operations, often making financial decisions without a solid forecast. This can lead to unexpected financial troubles and missed growth opportunities....
Living Below Your Means: A Key to Entrepreneurial Success
Starting a business is a thrilling adventure, filled with dreams of innovation, independence, and financial success. However, the reality of entrepreneurship often involves long hours, relentless challenges, and financial uncertainty. As tax and accounting...
Summary of the Latest Federal Income Tax Data Based on Tax Year 2021 (2024 Update)
In 2021, taxpayers filed 153.6 million tax returns, reported earning more than $14.7 trillion in adjusted gross income (AGI), and paid nearly $2.2 trillion in individual income taxes. The top 50 percent of all taxpayers paid 97.7 percent of all federal individual...
Updated frequently asked questions on New, Previously Owned and Qualified Commercial Clean Vehicle Credits now available from the IRS
The Internal Revenue Service updated frequently asked questions in Fact Sheet 2024-26 PDF to provide guidance related to eligibility rules, income limitations, transfer rules and dealer registration for the New, Previously Owned and Qualified Commercial Clean Vehicle...
SBA Certification Upgrade Starting August 1, 2024
SBA's certification upgrade will start on August 1st 2024 Initial certification applications will not be accepted during the upgrade period. The upgraded system is expected to be available for new applications in early September. New and prospective applicants...
Unexpected Windfall or Financial Pitfall? Navigating the Tax and Financial Consequences of Losing Your Job
Losing a job is a significant life event that not only affects your immediate emotional well-being but also has profound tax and financial implications. From severance pay to unemployment benefits, health insurance options, and the fate of your employer pension plan,...
National Small Business Week 2024 begins; IRS offers tax resources, information to nation’s entrepreneurs
The Internal Revenue Service today offered helpful information to entrepreneurs in anticipation of the upcoming kick-off of National Small Business Week, celebrating and recognizing the crucial contributions America's small businesses make to the nation's economy....
Unlocking the Secrets of the SMB Business Life Cycle
Understanding your company's journey from inception to maturity is not optional if you want to have a successful career as a business owner. The business life cycle, a concept thoroughly explored by experts in corporate finance, serves as an essential roadmap for...
Payroll Management: A Complete Guide for SMBs
Payroll taxes can be a significant headache for many small—to medium-sized business owners. Without proper education, entrepreneurs can find themselves in trouble with the IRS and state tax agencies. Fortunately, if you’ve been struggling with payroll taxes, you’re in...
FTC Bans Noncompete Agreements
The U.S. Federal Trade Commission (FTC) today approved a proposed final rule banning most new noncompete clauses in employment contracts—a sweeping rule affecting millions of workers. The rule also makes all existing noncompete agreements except for those covering...
DOL Publishes Overtime Final Rule
The U.S. Department of Labor’s (DOL’s) Wage and Hour Division (WHD) published its updated federal overtime rule. The rule, Defining and Delimiting the Exemptions for Executive, Administrative, Professional (EAP), Outside Sales and Computer Employees, was initially...
Missed the April tax-filing deadline? File quickly to avoid penalties and interest; those owed a refund also shouldn’t forget to file
The Internal Revenue Service encourages taxpayers who missed the April tax-filing deadline to file a tax return as soon as they can. The IRS offers different resources to help those who may be unable to pay their tax bill in total. Those who missed the deadline to...
Proving Noncash Charitable Contributions
Tax legislation passed in late 2017 nearly doubled the standard deduction for years 2018 through 2025, and now about 90% of individuals filing a tax return are taking advantage of the higher standard amount and are not itemizing their deductions. For the 10% of filers...
Navigating Economic Storms: 10 Strategies for Business Survival and Success
As the winds of economic uncertainty continue to blow, many businesses find themselves sailing through turbulent waters. With high interest rates and mounting consumer debt, fears of an impending recession loom large. But amid these challenges lies an opportunity for...
How Overstaffing Can Impact Your Small Business
In the bustling world of small businesses, where every decision can significantly impact your bottom line, overstaffing can be a major problem. One of the main reasons for this is that hiring too many employees can happen before you even realize it – you might be...
Securing Your Business’s Future: Mastering Succession Planning
For many business owners, the future is uncertain. Would you like to ensure the long-term success of your enterprise, reducing stress and providing peace of mind? That’s where succession planning comes in. Every successful business gets to that point thanks to careful...
The Tax-Filing Deadline Is Drawing Near
As a reminder to those who have not yet filed their 2023 tax returns, April 15, 2024, is the due date to either file a return (and pay the taxes owed) or file for an automatic extension (and pay an estimate of the taxes owed). Taxpayers in Maine and...