Key Takeaways Most small and mid-sized businesses will not qualify for tariff refunds because they were not the importer of record. Refund eligibility is limited to businesses that directly imported goods and paid tariffs to the government. Even without direct eligibility, many businesses felt the impact of tariffs through higher supplier pricing. Recent legal changes […]
Does Your Business Qualify for Tariff Refunds? Read More »
Key Takeaways Sales tax rules have expanded significantly following South Dakota v. Wayfair, Inc., allowing states like Connecticut to impose obligations based on sales activity, not just physical presence. Connecticut businesses can trigger sales tax requirements through “economic nexus,” even when selling remotely or online. Sales tax in Connecticut may apply to more than physical
You May Owe Sales Tax in More Places Than You Think Read More »
Key Takeaways Some business owners are receiving official-looking mail tied to “beneficial ownership” filings These notices are not coming from the government Most businesses are not currently required to take action The goal is to fraudulently collect payment and sensitive information It’s worth verifying before responding to any unexpected request If you’ve received a formal-looking
That “Official” Filing Notice in Your Mailbox? It May Not Be What It Seems Read More »
Key Takeaways Tax preparation is backward-looking; by filing time, most decisions are already set. Tax planning happens throughout the year, when there is still time to influence outcomes. Increasing complexity in tax rules makes proactive planning more valuable than ever. Treating taxes as a once-a-year task often leads to missed opportunities and higher liability. Major
Why Filing Your Taxes Is Only Part of the Story Read More »
Key Takeaways Headlines like “no tax on overtime” and “no tax on tips” are oversimplified, and most benefits are partial, capped, and subject to income phase-outs. Overtime tax relief applies only to the premium portion (the “half-time”), not the full overtime pay, and may phase out at higher income levels. Tip income deductions are limited
What Actually Changed for 2025 Taxes (And What Headlines Are Getting Wrong) Read More »
Key Takeaways The IRS does not contact taxpayers by phone, text, or email; initial communication is always by mail. Scam calls often use urgency and fear to push individuals into sharing personal or financial information. Official-sounding company names do not mean a call is legitimate; many scams use fabricated or misused identities. Never provide sensitive information or
Protect Yourself from Common Tax Scams This Season Read More »
Key Takeaways The IRS lease inclusion rule slightly reduces deductions for certain leased business vehicles. The adjustment exists to keep the tax treatment of leasing and purchasing vehicles relatively consistent. The lease inclusion amount depends on the vehicle’s value, the year of the lease, and IRS inclusion tables. As with purchased vehicles, deductions depend on the percentage of business use.
Understanding the 2026 Vehicle Lease Inclusion Rule Read More »
Key Takeaways Conducting an annual pricing review helps small and mid-sized businesses maintain healthy profit margins as costs change. Pricing decisions should consider operating costs, economic conditions, tariffs, and supply chain pressures. Reviewing competitor pricing and market positioning helps businesses stay competitive while protecting profitability. Analyzing profitability by product or service line can reveal opportunities
Every Business Should Conduct an Annual Pricing Review Read More »
Key Takeaways Beginning in 2026, many employer-provided meals such as breakroom snacks and on-site lunches are no longer tax deductible under updated IRS rules. Business meals with clients and meals during overnight travel remain 50% deductible when properly documented. Certain events, such as company-wide celebrations or meals treated as taxable compensation, may still qualify for
Key Takeaways A large tax refund or low tax bill does not automatically indicate financial success. Tax returns are backward-looking and limited in what they reveal about cash flow, profitability, and long-term stability. Business success is better measured by factors like sustainable cash flow, retained earnings, and strategic planning. Over-focusing on minimizing taxes can obscure
Your Tax Return Isn’t a Measure of Success Read More »
Key Takeaways The federal R&D tax credit is legitimate but far narrower than many promoters suggest. Qualifying activities must meet the IRS’s strict four-part test, including technical uncertainty and experimentation. Routine improvements, off-the-shelf technology adoption, and standard process changes generally do not qualify. The IRS is closely scrutinizing R&D claims, particularly those pushed by aggressive
Is Your Business Really Eligible for R&D Credits Read More »
Key Takeaways Trump Accounts are a new federal, tax-advantaged savings option for children, available starting with the 2026 tax season. Eligible children (born 2025–2028) may receive a one-time $1,000 federal contribution when an account is opened. Annual contributions are generally capped at $5,000 per child and may come from parents, relatives, and in some cases
Evaluating Trump Accounts in Your Financial Plan Read More »