Businesses usually want to delay taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to? One reason might be tax law changes that raise tax rates. The Biden administration has proposed raising the corporate federal income tax rate … Continue reading “When Businesses May Want To Take A Contrary Approach with Income and Deductions”
Month: April 2024
Health Care Self-Insurance and Stop-Loss Coverage: What Business Owners Need To Know
For businesses, cost-effective employer provided health benefits is an ongoing battle. In the broadest sense, you have two options: fully insured or self-funded. A fully insured plan is simply one you buy from an insurer. Doing so limits your financial risk while offering the most predictable costs. The other option is what’s commonly known as … Continue reading “Health Care Self-Insurance and Stop-Loss Coverage: What Business Owners Need To Know”
Scrupulous Records & Legitimate Business Expenses Are The Key To Less Painful IRS Audits
If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record tax deductible expenses to claim all the deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns … Continue reading “Scrupulous Records & Legitimate Business Expenses Are The Key To Less Painful IRS Audits”
A General Look At Generative AI For Businesses
If you follow the news, you’ve probably heard a lot about artificial intelligence (AI) and how it’s slowly and steadily expanding into various aspects of our lives. One widely cited example is ChatGPT, an AI “chatbot” that can engage in conversations with users and create coherently written articles, as well as other content, when prompted. … Continue reading “A General Look At Generative AI For Businesses”