by Brian Hare, CPA, CGMA | Feb 18, 2025 | Blog, Business, Tax
If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax situation. Disallowance rule The tax rules can get complicated if your business or...
by Brian Hare, CPA, CGMA | Jan 16, 2025 | Tax
When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or exchange of certain business property. Business gain and...
by Brian Hare, CPA, CGMA | Jan 9, 2025 | Uncategorized
When deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages and disadvantages that may significantly affect your business operations and financial health. Here’s a detailed look at the pros...
by Brian Hare, CPA, CGMA | Dec 11, 2024 | Uncategorized
Understanding how to deduct transportation costs could significantly reduce the tax burden on your small business. You and your employees likely incur various local transportation expenses each year, and they have tax implications. Let’s start by defining “local...
by Brian Hare, CPA, CGMA | Nov 13, 2024 | Blog, Business, Tax
How much can you and your employees contribute to your 401(k)s or other retirement plans next year? In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans, as well as other qualified plans,...
