COVID‐19 Safety Action Plan

Visitors, please read: We have adopted a COVID‐19 Safety Action Plan consistent with the State of Indiana’s “Suggested Guidelines for Professional Office Settings” Please visit us when you are not ill. See safe alternatives below. Please wash your hands or use hand sanitizer before entering. You will be asked to complete a brief COVID‐19 screening […]

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 you — a C corporation or a pass-through entity such as a sole-proprietorship, partnership, limited liability company (LLC) or S corporation. There are many factors to consider and proposed […]

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 from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Background information The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees and self-employed […]

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 Revenue Proposals.” It contains detailed information about President Biden’s proposed tax changes. Meanwhile the House Ways and Means Committee has released proposed legislation that includes some of Biden’s proposals, while tweaking and eliminating other changes […]

2021 Q4 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note: […]

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. By cutting costs, you can enhance your bottom line in several ways. Here are 10 ideas: 1. Improve cash flow. If your business is seasonal, ask your biggest vendors to let you stock […]

Getting a New Business Off the Ground: 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 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number. Entrepreneurs often don’t know […]

Don’t Assume Your Profitable Company has Strong Cash Flow

Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you make an … you probably know how the rest of the expression goes. A dangerous assumption that many business owners make is that, if their companies are profitable, their cash flow must also be strong. […]

7 Valuable Deductions for Self-Employed Individuals

If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you’re looking to fulfill a lifelong dream of running a business for the first time. In any event, there’s been a recent uptick in the number of people starting small businesses. Uncle Sam […]

Labor Shortage: Unlock Solutions by Evaluating Your Employment Value Proposition

In normal market conditions, people who’ve been unemployed due to an economic slump are generally eager to take a job when the economy perks up. But times are far from normal in many places and industries. One of the most pressing concerns employers face today is labor quality and availability, according to findings from The CFO Survey for […]

The IRS has Announced 2022 Amounts for Health Savings Accounts

The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is […]