Money

What Businesses Need to Know Business loans are a crucial tool for business owners looking to grow, manage cash flow, or invest in new opportunities. Here’s what you need to know about business loans to make informed decisions for your business. First and foremost, understanding the different types of business loans available is essential. There […]

With the end of the year fast approaching, it’s time to dissolve any inactive business to avoid having to pay extra fees and paperwork for 2025. When a business entity is no longer needed, has completed its business dealings, has completed its job in a foreign State, or even if it was never used for […]

Classifying workers as independent contractors or employees is a critical decision for businesses. Misclassification can lead to legal penalties, tax liabilities, and damage to a company’s reputation. Understanding the differences and applying the correct classification is essential.  Key Differences  The distinction between an employee and an independent contractor lies primarily in the degree of control […]

The holiday season is here, and while it’s a time of joy and celebration, it can also bring some financial stress if you need to prepare. As we move into December, I want to share some tips to help you manage your holiday expenses wisely, finish the year strong, and plan for a stronger financial […]

As 2024 comes to a close, it’s the perfect time to review your finances and take proactive steps to reduce your tax bill. Here are some strategies to help you save before the year ends: 1. Maximize Contributions to Retirement PlansTake full advantage of your workplace retirement plan. For 2024, you can contribute up to […]

If you’re a business owner/operator, you understand the importance of your presence and services in your immediate community—so who better to understand your needs than a local community bank like Excel Bank? Community banks offer several advantages for small businesses: 1. Relationship-Based Banking You know better than anyone that your business is based on your […]

In today’s competitive business landscape, small to medium-sized enterprises (SMEs) face numerous financial challenges. One effective solution gaining traction is hiring an outsourced controller. This strategic move can provide various benefits, enabling SMEs to focus on growth and efficiency while ensuring robust financial management.  One of the most significant advantages of outsourcing a controller is […]

My name is Nicole, and I founded Elite Tax Partners because I realized something crucial was missing in the traditional model—heart. Dissatisfied with the impersonal approach of larger firms, I set out to build a company where values are not just talked about but lived and breathed in every interaction. I wanted to create a […]

Profitability is the cornerstone of any successful business. It’s the metric that determines whether a  company is financially healthy and able to sustain growth. To ensure your business is on a path to  profitability, consider these strategies: 1. Understand Your Costs:  2. Increase Revenue: 3. Improve Efficiency:  4. Manage Inventory Effectively:   5. Price Your Products […]

When establishing, maintaining and growing a business, it’s critical to have a sound financial management strategy in place. A key component of this strategy is having a business relationship in place with a bank that caters to your business’s unique needs. When selecting a bank for your business, it’s imperative that you choose an institution […]

Filing your S-corp business taxes on time is crucial for maintaining the financial health of your company and avoiding potential penalties. While the tax code can be complex, understanding the importance of timely filing can help you navigate the process effectively. Avoid Costly Penalties The IRS imposes significant penalties for late S-corp tax filings. These […]

Running a small business is a thrilling rollercoaster. But amidst the highs of achieving your goals, the financial side of things can often lead to sleepless nights and constant worry. This is where small business accounting comes in – a powerful tool to not only manage your finances but also significantly reduce anxiety and stress. […]

Human Resources (HR) departments are often seen as the guardians of employee wellbeing and company culture. But their role extends far beyond ping pong tables and team-building exercises. A well-crafted HR manual can be a company’s secret weapon in the financial arena. Cost Control Through ClarityAn HR manual acts as a central source of truth […]

Taxes. One word that can send shivers down even the most organized spine. But in the age of instant information, wouldn’t a quick social media scroll provide all the tax tips you need? Not quite. Here’s why a trusted tax professional trumps online advice every time.  The Peril of Popularity: Social media thrives on trends […]

For many small businesses, accounting feels like the lifeblood. It tracks income, expenses, and overall financial health. But what happens when this vital system is compromised?  Cybersecurity threats are a growing concern for businesses of all sizes, and small businesses are especially vulnerable. Hackers often target them because they may have weaker security measures compared […]

Are you an S Corporation owner looking to maximize your tax savings? The Augusta rule, outlined in IRC Section 280A(g), might be the key to tax-free income for you. This rule allows S Corporation owners to benefit from tax-free rental income when their dwelling unit is used as a residence and rented for less than […]

The recently enacted Inflation Reduction Act brings forth significant enhancements and extensions to tax credits aimed at promoting energy efficiency in homes. Here’s an overview of the key provisions: 1. Solar Panels and More Homeowners can now enjoy a substantial 30% tax credit for installing solar panels, effective retroactively from 2022. Additionally, credits are available […]

As a business owner, every dollar counts. Especially when it comes to tax time, maximizing deductions can make a significant difference in your bottom line. Three key areas to keep a close eye on are client meetings, meals, and mileage. By diligently tracking these details, you can unlock valuable tax benefits and save yourself a […]

Running a small business comes with its share of challenges, and managing taxes and finances is undoubtedly one of the most crucial aspects. In a world where regulations are constantly evolving, staying informed and proactive is key to the financial health and success of your venture.  Understanding the basics of small business tax is the […]

If you’re deciding between leasing and buying your next business vehicle, the key question is: Which option costs less? The answer isn’t straightforward, as it involves considering cash available, tax benefits, and the time value of money. The Difference between Lease and Buy Buy: Ownership after loan repayment, with the ability to sell or trade […]

Tax season can be a stressful time, and choosing the right tax professional can make all the difference. But with a confusing alphabet soup of credentials like CPA, EA, CRTP, AFSP, and PTIN, how do you know who you can trust with your finances? Let’s break it down: The Big Three: Beyond the Big Three: […]

Can I deduct that? With tax season here, chances are you’ve heard those words or you have asked that question yourself.  What is a tax deduction? A tax deduction, or tax write-off, is used to decrease taxable income, thereby decreasing the amount of tax owed. There are different types of tax deductions available. In addition […]

For any business owner, tax season can be a daunting task, but it becomes even more challenging when you haven’t meticulously documented your finances throughout the year. However, fret not! Even with incomplete or messy records, there are still steps you can take to get organized and prepare for filing. Gather What You Have: Estimate […]

As we approach the end of the year, it’s time to think about tax planning. Is there a difference between Tax Preparation and Tax Planning? Yes, with tax preparation you are looking at history. Once December 31st of each year is over you can’t change history. Anything you could have done to reduce your tax […]

Are you looking for ways to save for retirement? Did you know? The Health Savings Account (HSA) is the only tax-advantaged account that gives you both: a tax deduction for the money you put in, and tax-free withdrawals What is a Health Savings Account (HSA)? The HSA is a tax-advantaged medical savings account similar to […]

First off, let me just say it’s good to be back on these pages after a couple years away. I’ve written for this paper for a lot of years and one subject that has been a frequent topic over the years is the issue of FRAUD. Fraud, from long years of fighting a variety of […]

Yes! Potentially, in two different ways. Here’s how. Payments for Job-Related Education Your business can reimburse an employee for certain education expenses, and the reimbursements will be treated as tax-favored working condition fringe benefit payments. For the employee, that means the reimbursements are free of any federal income tax hit or federal employment tax hit. Nice! For […]

There are 3 categories the IRS uses to describe real estate investors that can dramatically change the taxpayer’s tax liability, namely:   Real Estate Dealer Status   Real Estate Developer Status   Real Estate Professional Status Do you know which one are you? Real Estate Dealer Status: is defined as someone who is involved in […]

The qualified plug-in electric vehicle credit remains in place through December 31, 2022, but if you purchased a qualifying electric vehicle after August 16, 2022, it must have been assembled in North America. The credit maximum remains $7,500. A new clean vehicle tax credit takes effect in 2023. The maximum amount of the new credit […]

For the business owner and tax practitioner, the most important part of the Inflation Reduction Act of 2022 was not the tax credit for flashy new electric cars. It was something much more basic: a long-term budget commitment to help the struggling, failing IRS. The Inflation Reduction Act invests an additional $80 billion in the […]