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Growing Your Business with a New Partner: Here Are Some Tax Considerations

2 min read

Growing Your Business with a New Partner: Here Are Some Tax Considerations

There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners...

7 min read

Updated Guidance on Business Vehicle Depreciation

The rules for deducting depreciation expenses on vehicles used for business purposes have been liberalized under current tax law, but they remain...

Why Some Businesses Choose to Execute a Pivot Strategy

2 min read

Why Some Businesses Choose to Execute a Pivot Strategy

When you encounter the word “pivot,” you may think of a politician changing course on a certain issue or perhaps a group of friends trying to move a...

You May Want to Separate Real Estate Assets from Your Business

2 min read

You May Want to Separate Real Estate Assets from Your Business

Many companies choose not to combine real estate and other assets into a single entity. Perhaps the business fears liability for injuries suffered on...

Business Owners, Your Financial Statements Are Trying to Tell You Something

2 min read

Business Owners, Your Financial Statements Are Trying to Tell You Something

Business owners are commonly and rightfully urged to generate financial statements regularly in compliance with Generally Accepted Accounting...

Chart a Tax Course for Business Travel

4 min read

Chart a Tax Course for Business Travel

Are you planning to take a business trip this year? If your destination is known for its cultural or recreational attractions, you might want to...

Growth Strategies: How to Take Your Business to the Next Level

5 min read

Growth Strategies: How to Take Your Business to the Next Level

Once your business has survived the start-up phase, it's got a solid foundation to grow. Business and financial advisory services are critical at...

Help Wanted: Hiring Your Kids to Work for Your Small Business

4 min read

Help Wanted: Hiring Your Kids to Work for Your Small Business

If you own a small business, you might consider hiring your kids to work during their time off from school. In addition to teaching your children...

Withdrawing Cash from Your C Corporation

3 min read

Withdrawing Cash from Your C Corporation

C corporation owners often need to take cash out of the business to pay personal expenses or to shield excess cash from creditors. Paying dividends...

Responsibilities When Collecting W-4s

2 min read

Responsibilities When Collecting W-4s

Employees don't always take the task of filling out their W-4 forms seriously. They may write "exempt" on the withholding portion of the form or even...

Perform an Operational Review to See How Well Your Business Is Running

2 min read

Perform an Operational Review to See How Well Your Business Is Running

In the wide, wide world of mergers and acquisitions (M&A), most business buyers conduct thorough due diligence before closing their deals. This...

Cost-Effective Ways to Improve Retention

2 min read

Cost-Effective Ways to Improve Retention

Like many other businesses, your company may occasionally endure downturns during which revenues stagnate, and your ability to authorize generous...

Can Your Company Revise its Payday Schedule?

2 min read

Can Your Company Revise its Payday Schedule?

Paydays are sacred in the workplace. Some employees who can't remember how many years they've been married or how long it's been since their last...

Nine Tax Considerations if You're Starting a Business as a Sole Proprietor

2 min read

Nine Tax Considerations if You're Starting a Business as a Sole Proprietor

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need...

Clear Overtime Policy Saves Money

2 min read

Clear Overtime Policy Saves Money

It's not enough to have a one-sentence statement in your employee handbook that merely tells your employees something like this: "All time worked...

How TMAs Payroll Service Works

2 min read

How TMA's Payroll Service Works

Twenty-five years ago, TMA was focused solely on helping small businesses get a handle on bookkeeping and taxes. Providing payroll services was not...

Setting Goals for Your Small Business

2 min read

Setting Goals for Your Small Business

Setting goals plays a pivotal role in shaping the success and growth trajectory of small businesses. It's a practice that every small business owner...

Partnerships: Tax Considerations When Adding a New Partner

4 min read

Partnerships: Tax Considerations When Adding a New Partner

Are you considering inviting an employee or an outsider to participate in your existing partnership? Before making any commitments, it's important...

Hit the Ground Running: 7 Tips for New Business Owners

3 min read

Hit the Ground Running: 7 Tips for New Business Owners

Launching a new business can be a daunting endeavor. As soon as you form the company, you'll face many important decisions — ranging from the mundane...

Ask the Right Questions When Growing the Family Business

1 min read

Ask the Right Questions When Growing the Family Business

Profit growth and business expansion are two key goals for many family businesses. In order to successfully reach your targets, however, you must...

5 Ideas to Help Small Business Owners Reduce Taxes for 2023

6 min read

5 Ideas to Help Small Business Owners Reduce Taxes for 2023

As year-end approaches, small business owners should review their tax situations to determine ways to lower federal income taxes for the current tax...

Why an Accounting Service is Worth the Cost for Your Small Business

2 min read

Why an Accounting Service is Worth the Cost for Your Small Business

Running a small business requires the owners to juggle a lot. These tasks can take up much, if not most, of your time. So, it can be hard to keep...

Update on Luxury Auto Depreciation Deductions for Businesses

2 min read

Update on Luxury Auto Depreciation Deductions for Businesses

Federal income tax deductions for taxpayers who use passenger autos more than 50% for business were permanently expanded by the Tax Cuts and Jobs Act...

What Employers Should Know about Health Savings Accounts

4 min read

What Employers Should Know about Health Savings Accounts

Health Savings Accounts (HSAs) are a tax-smart way to cover an individual's uninsured medical expenses, as well as certain other out-of-pocket...

Estimating the Value of Your Business Today

4 min read

Estimating the Value of Your Business Today

Proactive business owners always have an eye on the future. And part of that preparedness means knowing what the company is currently worth and doing...

Use an Old Rule to Add Value at Work

2 min read

Use an Old Rule to Add Value at Work

Here's a trivia question: Name the management consultant credited with launching the Pareto Principle who lived to be more than 100 years of age?...

Many factors are involved when choosing a business entity

2 min read

Many factors are involved when choosing a business entity

Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best for...

Employers: The Social Security wage base is increasing in 2022

2 min read

Employers: The Social Security wage base is increasing in 2022

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up...

Lowdown on Federal Tax Proposals for Individuals and Businesses

5 min read

Lowdown on Federal Tax Proposals for Individuals and Businesses

The U.S. Department of Treasury released its “Green Book” in May entitled, “General Explanation of the Biden administration’s Fiscal Year 2022...

Boost Profits with These 10 Techniques

2 min read

Boost Profits with These 10 Techniques

They say little things mean a lot. And relatively small expenses can add up to a huge amount of money your company could be wasting.

How Start-Up Expenses are Handled on Your Tax Return

2 min read

How Start-Up Expenses are Handled on Your Tax Return

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020...