Some taxpayers qualify for more favorable “head of household” tax filing status

When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Filing a return as a head of household is more favorable than filing as a single taxpayer.

ACA penalties will rise in 2024

Affordable Care Act insurance papers with cash

Recently, the IRS announced 2024 indexing adjustments to the applicable dollar amount used to calculate employer shared responsibility penalties under the Affordable Care Act (ACA).

Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers.

The 2022 gift tax return deadline is coming up soon

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway.

Forming a cross-functional sales team

team of young business people holding cardboards: strategy, motivation, profit, team, sales

Business owners are often warned about silos. Not the tall, cylindrical structures typically seen on farms or at grain processing facilities. Rather, the insular nature of many departments that results in the hoarding of information and a distinct lack of companywide communication.

Protect the “ordinary and necessary” advertising expenses of your business

Macro photo of tooth wheel mechanism with ADVERTISING, SALES, PLAN, CREATIVITY, CUSTOMER, MARKETING concept words

Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut their taxes.

Supreme Court: Overtime rules still apply to highly compensated employees

Business and finance concept. On the table there is a clock, a pen and a stand with a card on which the text is written FLSA. FAIR LABOR STANDARDS ACT

If you were told someone earns more than $200,000 annually, you might assume the person is a salaried employee who’s ineligible for overtime pay. However, as demonstrated in the recent U.S. Supreme Court case of Helix Energy Solutions Group, Inc. v. Hewitt, this isn’t always a safe assumption.

Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances

Law and justice concept. Judge hammer with the dollar placed - concept of judgment and justice. About fraud tax fines

You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal physical injuries or physical sickness” are free from federal income tax under the tax code. This includes amounts received in a lawsuit or a settlement and in a lump sum or in installments.

Influencer marketing could help your business (or not)

Young attractive asian woman blogger or vlogger looking at camera and talking on video shooting with technology. Social media influencer people or content maker concept in relax casual style at home.

Most companies today have some sort of presence on social media as part of their marketing efforts. If you’ve spent any time online as a business owner, you’d probably agree that building a following and getting meaningful reactions to your posts isn’t easy.

There still may be time to make an IRA contribution for last year

If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until this year’s April 18 filing deadline and benefit from the tax savings on your 2022 return.