How often does your company generate a full set of financial statements? It is common for smaller businesses to issue only year-end financials, but interim reporting can be helpful, particularly in times of uncertainty. Given today’s geopolitical risks, mounting inflation and rising costs, it is wise to perform a midyear check-in to monitor your year-to-date […]

  It is not just businesses that can deduct vehicle-related expenses on their tax returns. Individuals also can deduct them in certain circumstances. Unfortunately, under current law, you may not be able to deduct as much as you could years ago. For years prior to 2018, miles driven for business, moving, medical and charitable purposes […]

Like a slowly gathering storm, inflation has gone from dark clouds on the horizon to a noticeable downpour on both the U.S. and global economies. Is it time for business owners to panic? Not at all. As of this writing, a full-blown recession is possible but not an absolute certainty. In addition, the impact of […]

Financial statements look at historical performance. However there are times when you want forward-looking reports to help your business make strategic investment decisions, evaluate the viability of a turnaround plan or apply for a loan. Your accountant can help ensure the assumptions underlying prospective financial statements make sense in today’s volatile marketplace. Key definitions When […]

Businesses with multiple owners generally benefit from a variety of viewpoints, diverse experience and strategic areas of specialization. However, there is a major risk: the company can be thrown into tumult if one of the owners decides, or is compelled by circumstances, to leave. A logical and usually effective solution is to create and implement […]

Some people who begin claiming social security benefits are surprised to find out they are taxed by the federal government on the amounts they receive. If you are wondering whether you will be taxed on your social security benefits, the answer is: it depends. The taxation of Social Security benefits depends on your other income. […]

Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according to the latest data from the U.S. Bureau of Labor Statistics. The Consumer Price Index (CPI) covers the prices of food, clothing, shelter, fuels, transportation, doctors’ and dentists’ services, drugs, and other goods and services […]

If you are an investor in mutual funds or you are interested in putting some money into them, you are not alone. According to the Investment Company Institute, a survey found 58.7 million households owned mutual funds in mid-2020. However despite their popularity, the tax rules involved in selling mutual fund shares can be complex. […]

Financial statements are an important source of data for valuing a business. However they tell only part of the story. An accurate business valuation hinges on a comprehensive understanding of the subject company’s relative performance and its future earnings power. To help clarify matters, experts often make various adjustments to the financials. Here are some […]

Like many people, you may have dreamed of turning a hobby into a regular business. You would not have any tax headaches if your new business is profitable. However what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return? You can generally deduct losses for […]