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As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings. Your tax home Eligible taxpayers can deduct the ordinary and necessary expenses of business travel when away from their tax homes.
Course offerings tucked away where they don't seem all that accessible. That's the Intuit Academy. but Insightful Accountant thinks you should be made aware of these offerings if you have never heard about them.
Recently, a 401(k) plan participant was defrauded of approximately $740,000 when he fell victim to an elaborate scheme perpetrated by overseas criminals. However, even friends, family members and employers have been discovered stealing from 401(k) accounts, adding up to millions of dollars in losses every year. Heres what your organization can do to help keep your employees retirement savings safe from theft.
Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.
How much can you and your employees contribute to your 401(k)s or other retirement plans next year? In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans, as well as other qualified plans, for 2025. With inflation easing, the amounts arent increasing as much as in recent years. 401(k) plans The 2025 contribution limit for employees who participate in 401(k) plans will increase to $23,500 (up from $23,000 in 2024).
Today, we'll explore some important inventory considerations when migrating from desktop to online systems. We encountered a unique use case while working on a client project that involved transitioning a couple of QuickBooks files from desktop to online. This transition revealed some unexpected considerations, particularly concerning inventory management in QuickBooks Desktop and QuickBooks Online.
When you think about tax deductions for vehicle-related expenses, business driving may come to mind. However, businesses arent the only taxpayers that can deduct driving expenses on their returns. Individuals may also be able to deduct them in certain circumstances. Unfortunately, under current law, you may be unable to deduct as much as you could years ago.
When you think about tax deductions for vehicle-related expenses, business driving may come to mind. However, businesses arent the only taxpayers that can deduct driving expenses on their returns. Individuals may also be able to deduct them in certain circumstances. Unfortunately, under current law, you may be unable to deduct as much as you could years ago.
If you own a small business with no employees (other than your spouse) and want to set up a retirement plan, consider a solo 401(k) plan. This is also an option for self-employed individuals or business owners who wish to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan. A solo 401(k), also known as an individual 401(k), may offer advantages in terms of contributions, tax savings and investment options.
In this Workshop Wednesday, we dive into the intricacies of managing Accounts Receivable (AR) in QuickBooks Online (QBO) and QuickBooks Desktop, addressing common mistakes and offering practical solutions. Workshop Wednesday: Navigating Accounts Receivable in QuickBooks Online Welcome to another Workshop Wednesday, brought to you by School of Bookkeeping.com, where we engage in casual conversations for serious workflows.
Hiring household help, whether you employ a nanny, housekeeper or gardener, can significantly ease the burden of childcare and daily chores. However, as a household employer, its critical to understand your tax obligations, commonly called the nanny tax. If you hire a household employee who isnt an independent contractor, you may be liable for federal income tax and other taxes (including state tax obligations).
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.
In todays global economy, an established business might consider expanding its revenue base by acquiring or merging with a company in an emerging market. These markets for example, in Brazil, China, India, Mexico, South Africa and Turkey provide tremendous growth potential. But they also come with significant risks. So, obtaining reliable business valuations is an essential part of due diligence in emerging-market M&As.
While many people donate cash or volunteer for their favorite causes, charities also welcome donations of company stock. Stock donations can offer a tax bonus to donors if the shares have appreciated. However, obtaining a business valuation from a qualified appraiser is critical to reap the tax benefits from a donation of private stock. Tax benefits If youre feeling generous this year, youre not alone.
Employee stock options remain a potentially valuable asset for employees who receive them. For example, many Silicon Valley millionaires got rich (or semi-rich) from exercising stock options when they worked for start-up companies or fast-growing enterprises. Well explain what you need to know about the federal income and employment tax rules for employer-issued nonqualified stock options (NQSOs).
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