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If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Heres what you need to know as you assess your 2024 tax situation. Disallowance rule The tax rules can get complicated if your business or rental activity throws off a tax loss and many do during the early years. First, the passive activity loss (PAL) rules may apply if you arent very involved in the business or if its a rental activity.
The way businesses handle their finances is evolving. Managing accounting in-house is expensive, time-consuming, and often inefficient. Hiring full-time staff, maintaining software, and ensuring compliance take valuable resources away from growth. Outsourced accounting services offer a smarter approach. By leveraging cloud-based technology and expert financial support, businesses can reduce costs, improve accuracy, and gain real-time financial insights.
If youre getting ready to file your 2024 tax return and your tax bill is higher than youd like, there may still be a chance to lower it. If youre eligible, you can make a deductible contribution to a traditional IRA until this years April 15 filing deadline and benefit from the tax savings on your 2024 return. Whos eligible? You can make a deductible contribution to a traditional IRA if: You (and your spouse) arent an active participant in an employer-sponsored retirement plan, or You (or your s
The way businesses handle their finances is evolving. Managing accounting in-house is expensive, time-consuming, and often inefficient. Hiring full-time staff, maintaining software, and ensuring compliance take valuable resources away from growth. Outsourced accounting services offer a smarter approach. By leveraging cloud-based technology and expert financial support, businesses can reduce costs, improve accuracy, and gain real-time financial insights.
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
Retirement is often viewed as an opportunity to travel, spend time with family or simply enjoy the fruits of a long career. Yet the transition may bring a tangle of tax considerations. Planning carefully can help you minimize tax bills. Below are four steps to take if youre approaching retirement, along with the tax implications. 1. Consider your post-career lifestyle Begin by assessing what retirement might look like for you.
AI is transforming how we workand our students need to be ready to use AI in their future careers. As educators, we have a responsibility to help them understand how to use tools like ChatGPT responsibly and effectively.
The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. Whether youre new to claiming the credit or youve benefited from it for years, its crucial to stay current on its rules and potential changes. As we approach the expiration of certain provisions within the Tax Cuts and Jobs Act (TCJA) at the end of 2025, heres what you need to know about the CTC for 2024, 2025 and beyond.
The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. Whether youre new to claiming the credit or youve benefited from it for years, its crucial to stay current on its rules and potential changes. As we approach the expiration of certain provisions within the Tax Cuts and Jobs Act (TCJA) at the end of 2025, heres what you need to know about the CTC for 2024, 2025 and beyond.
It's been ten years since Intuit published an ProAdvisor "Average Billing Rate Survey". Insightful Accountant had good participation in our Billing Rate Survey 2 months ago, but a majority readers' data still haven't responded. We need your data!
A business interests value is more than just a number to its owner. It represents years of hard work, sacrifice and investment. Owners often believe they have a clear understanding of their companys worth. But emotions and optimism about future earnings can cloud their perception. Lets look at psychological factors that may affect owners value perceptions and why the numbers might tell a different story.
Recertification is headed your way, opening April 28th. ProAdvisor Academy courses are being updated on Tuesday March 25th. Level 2 Certification VCon begins March 25th, Mailchimp training and PDF now available in ProAdvisor Academy.
Preventing financial losses from occupational fraud requires your company to remain vigilant. In a nutshell: Trust employees, but routinely verify they arent stealing. This includes salespeople who, if theyre unethical, could falsify sales commission records to illicitly line their own pockets. Because its sometimes impossible to spot crooks in your midst, be aware of potential sales commission fraud schemes and how best to detect and prevent them.
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
The IRS announced that 2025 filing season for individual income tax returns started on January 27. Thats when the agency began accepting and processing 2024 tax year returns. Even if you typically dont file until much closer to the mid-April deadline (or you file for an extension), you may want to file earlier this year. The reason is you can potentially protect yourself from tax identity theft.
The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating an automobile for business has also gone up. The IRS recently announced that the 2025 cents-per-mile rate for the business use of a car, van, pickup or panel truck is 70cents. In 2024, the business cents-per-mile rate was 67cents per mile.
To determine how much a business is worth, a valuation professional must develop a comprehensive understanding of how it runs. Financial statements and tax returns tell only part of the story. In-person inquiries provide additional insights that can significantly impact value conclusions. Owner and manager interviews If a valuator hasnt previously toured a companys facilities, expect him or her to request a site visit soon after being hired.
Deepfakes digital forgeries produced by artificial intelligence (AI) have blurred the line between reality and illusion. On the upside, AI-generated deepfakes have revolutionized special effects in motion pictures and made certain education and health care industry processes more effective. Yet there are also plenty of risks associated with deepfakes.
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
A variety of tax-related limits that affect businesses are indexed annually based on inflation. Many have increased for 2025, but with inflation cooling, the increases arent as great as they have been in the last few years. Here are some amounts that may affect you and your business. 2025 deductions as compared with 2024 Section 179 expensing: Limit: $1.25 million (up from $1.22 million) Phaseout: $3.13 million (up from $3.05 million) Sec. 179 expensing limit for certain heavy vehicles: $31,300
The multi-attribute utility model (MUM) provides a systematic technique for making complex decisions. One innovative way business valuation experts may use this framework is to break down goodwill in divorce cases. Heres a look at how this approach can help courts better understand experts analyses and conclusions regarding goodwill allocations. What is goodwill?
Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include restaurants, hotels and salons. Compliance with federal and state tax regulations is vital if your business has employees who receive tips. Are tips becoming tax-free? During the campaign, President Trump promised to end taxes on tips.
Chances are, youre more concerned about your 2024 tax return right now than you are about your 2025 tax situation. Thats understandable because your 2024 individual tax return is due to be filed by April 15 (unless you file for an extension). However, its a good time to familiarize yourself with tax amounts that may have changed for 2025 due to inflation.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
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