by Admin | Dec 27, 2022 | Business Taxes, Entrepreneurial, Individual Taxes, Tax Planning
There’s an old saying that reminds us that there are only two certainties in this life: “death, and taxes.” Whoever coined that phrase couldn’t have known how true it was, particularly when it comes to the latter portion. The Internal Revenue...
by Admin | Dec 23, 2022 | Business Taxes, Entrepreneurial
Experts agree that a recession in both the United States and Europe is likely just on the horizon. Recessions can be stressful and uncertain times for even the strongest businesses out there – to say nothing of how difficult they can make things for younger and...
by Admin | Dec 15, 2022 | Business Taxes, Entrepreneurial
The possibility of a recession looms large. According to one recent study, approximately 20% of all small businesses that open their doors today will close within the first year. Of the number that survives, about 30% will close just one year later. By year five,...
by Admin | Dec 7, 2022 | Business Taxes, Entrepreneurial, Individual Taxes, Tax Planning
This is our annual reminder that if you use workers other than employees to perform services for your business and pay them $600 or more for the year, you are required to issue each one a Form 1099-NEC after the end of the year to avoid facing the loss of the...
by Admin | Dec 7, 2022 | Business Taxes, Entrepreneurial, Tax Planning
It is common practice this time of year for employers to give their employees gifts. Where a gift is infrequently offered and has a fair market value so low that it is impractical and unreasonable to account for it, the gift’s value would be treated as a de minimis...
by Admin | Nov 29, 2022 | Business Taxes, Entrepreneurial, Tax Planning
The new minimum wage in Virginia increases to $12 on Jan. 1, 2023. Unlike other states, Virginia does not exempt tipped workers from the state mandated minimum wage. Tipped employees (those who regularly receive more than $30.00 a month in tips) may be paid at the...
