So, how are sales looking for next year? It’s not a rhetorical question. Your business should be able to look ahead and accurately estimate how its future sales are shaping up. This practice is called sales forecasting, and doing it well is key to better managing your company’s financial performance.

There are two tax breaks that help eligible parents offset the expenses of adopting a child. In 2025, adoptive parents may be able to claim a credit against their federal tax for up to $17,280 of “qualified adoption expenses” for each child. This is up from $16,810 in 2024. A tax credit is a dollar-for-dollar reduction of tax.

In another turn of events, the IRS has made a change to the adoption of the new Form 1099-K reporting guidelines.  The 1099-K is generally issued for “reportable payment transactions” made through such “payment settlement entities” such as Venmo, PayPal, and other third-party settlement organization (TPSO) transactions. 

In one way or another, most small to midsize businesses have addressed employees using personal devices for work. In 2022, online career platform Zippia reported that 83% of companies surveyed had a bring your own device (BYOD) policy “of some kind.” That percentage has likely increased as even more businesses have recognized the inherent risks involved.

Medicare health insurance premiums can add up to big bucks — especially if you’re upper-income, married, and you and your spouse both pay premiums. Read on to understand how taxes fit in.

Breaking news for small business owners! As of December 3, 2024, a Federal Court in Texas ruled against the enforceability of the Beneficial Ownership Information (BOI) reporting that had taken effect in 2024. As a result, reporting requirements have been temporarily suspended nationwide.

Devising and executing the right succession plan is challenging for most business owners. In worst-case scenarios, succession planning is left to chance until the last minute. Chaos, or at least much confusion and uncertainty, often follows.

If you’ve reached age 70½, you can make cash donations directly from your IRA to IRS-approved charities. These qualified charitable distributions (QCDs) may help you gain tax advantages.

Family businesses often start out small, with casual operational approaches. However, informal (or nonexistent) policies and procedures can become problematic as such companies grow.

You’re not alone if you’re confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Let’s take a look at what you can deduct in 2024.