Small Business Trends to Watch
This article discusses how 2022 is a viable year for most small businesses as they continue to rebound from the coronavirus pandemic. A recent report shows that attracting new customers is the top challenge for most small businesses. However, utilizing trends such as shifting customer expectations, focusing on happy employees, and investing in the right technology can help alleviate this problem and others. Empowering your employees will yield many results and can boost your company [Read More]
Digital Innovations to Watch in 2022
This article discusses how the coronavirus pandemic accelerated many trends that we see today in the workplace. Specifically for start-ups, it is important to take advantage of these trends to stay competitive. For example, trends such as embracing the fact that hybrid and remote work are here to stay, demand for personalization, privacy, and artificial intelligence growth are all expected to have a significant impact in 2022. No matter the sector that you operate in, [Read More]
Protecting Your Business from Cyberattacks and Fraud in 2022
This article discusses how most companies today rely heavily on the Internet and other technology to operate. Although these tools are vital and can be useful, they also pose the threat of cybercrime. However, by utilizing strategies such as encrypting your data, investing in artificial intelligence, and utilizing your forensic accountant, your business should be able to detect fraud in its early stages. No matter the industry that you operate in, cyber security is a [Read More]
Determining If Your Vacation Rentals Are Really Commercial Real Estate
This article discusses the ins and outs of a tax strategy known as a cost segregation study, and in particular, for those that own a vacation rental real estate. When the property is leased out for less than 30 days at a time, it could be recognized as non-residential real estate property. Therefore, taxpayers should undertake a cost segregation study on their property in order to take bonus depreciation and meet passive activity loss grouping [Read More]
Ways to Keep Adult Children from Becoming a Financial Liability
This article explains several scenarios where your child may be asking you for financial help. First, they may have taken many loans and want your help with EMIs. The author suggests turning the child to a financial advisor to keep your finances intact. Secondly, the child may want a loan to help with a start-up company. If the child has mentioned this scenario before, then hopefully it makes sense for the parents to hand out [Read More]
Tax Deductions and Credits to Consider in 2022
This article discusses how there are two main strategies that individuals can take advantage of in order to lower their tax bills, deductions, and credits. While tax deductions lower your taxable income, tax credits are “a dollar-for-dollar reduction to your tax bill.” However, many people do not know of or forget about all the things that can qualify as either a deduction or credit. For example, tuition and fees deductions, educator expenses, and home office [Read More]
Estate Planning Should Include What Happens to Digital Assets and Cryptocurrency
This article explains how the assets people own have become more complicated, making it a little more difficult to include everything in your will. Only about 46% of Americans have made provisions for how their money and estate should be handled, according to a 2021 Gallup poll. Abby Schneiderman, co-founder and co-CEO of Everplans, which helps people create accounts to store their wills, passwords, and funeral wishes, suggests taking an inventory check of your digital [Read More]
The IRS May be Getting a Massive Budget Increase. Will It Impact the Audit Rate?
In September of 2021, the Congressional Budget Office announced a proposal to increase funding for the Internal Revenue Service by as much as $80 billion over the next ten years. The argument is that doing so would ultimately increase the revenue the organization is able to generate by as much as $200 billion over the next decade. A significant portion of the new money — to the tune of about $60 billion — is aimed [Read More]
How One Small Company Found Its Opening and Disrupted an Entire Industry in the Process
If you had to make a list of some of the fastest-growing industries in the United States, activewear would undoubtedly be on it. It's a field that is made up of a few different categories: athletic clothing, swimwear, yoga items and footwear, to name a few. According to one recent study, the industry was worth about $354 million in 2020. By as soon as 2026, that number is expected to grow by an impressive 25%. [Read More]
What Is Tax Basis and Why Is It So Important?
For tax purposes, the term “basis” refers to the monetary value used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000; if you then sell those shares for $3,000, the gain is calculated based on the difference between the sales price and the basis: $3,000 – $1,000 = $2,000. This is a simplified example, of course—under actual circumstances, purchase and [Read More]