With the 2025 tax filing season underway, be aware that the deadline is coming up fast for businesses to submit certain information returns to the federal government and furnish them to workers. By January 31, 2025, employers must file these forms and furnish them to recipients: Form W-2, Wage and Tax Statement. Form W-2 shows the … Continue reading “Businesses: The Form W-2 and 1099-NEC deadline is coming up fast”
Month: January 2025
So many KPIs, so much time: An overview for businesses
From the moment they launch their companies, business owners are urged to use key performance indicators (KPIs) to monitor performance. And for good reason: When you drive a car, you’ve got to keep an eye on the gauges to keep from going too fast and know when it’s time to service the vehicle. The same … Continue reading “So many KPIs, so much time: An overview for businesses”
The standard business mileage rate increased in 2025
The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating an automobile for business has also gone up. The IRS recently announced that the 2025 cents-per-mile rate for the business use of a car, van, pickup … Continue reading “The standard business mileage rate increased in 2025”
3 ways businesses can get more bang for their marketing bucks
Most small to midsize businesses today operate in tough, competitive environments. That means it’s imperative to identify and reach the right customers and prospects. However, unlike large companies, your business probably doesn’t have a massive marketing department with seemingly limitless resources. You’ve got to pursue savvy campaigns while also controlling costs. Here are three fundamental … Continue reading “3 ways businesses can get more bang for their marketing bucks”
Small business strategy: A heavy vehicle plus a home office equals tax savings
New and used “heavy” SUVs, pickups and vans placed in service in 2025 are potentially eligible for big first-year depreciation write-offs. One requirement is you must use the vehicle more than 50% for business. If your business usage is between 51% and 99%, you may be able to deduct that percentage of the cost in … Continue reading “Small business strategy: A heavy vehicle plus a home office equals tax savings”
How companies can better control IT costs
Most small to midsize businesses today are constantly under pressure to upgrade their information technology (IT). Whether it’s new software, a better way to use the cloud or a means to strengthen cybersecurity, there’s always something to spend more money on. If your company keeps blowing its IT budget, rest assured — you’re not alone. The … Continue reading “How companies can better control IT costs”
Making the Switch: How to Transition Accounting Firms Seamlessly After Bench’s Closure
During the usually jubilant week between Christmas and New Year’s, Bench, a Canada-based accounting startup, shut down abruptly, giving no prior notice to its employees or more than 12,000 clients (down from a purported 35,000 at its peak). Reasons cited for the closure include upheaval in leadership (with CEOs entering and exiting in a veritable … Continue reading “Making the Switch: How to Transition Accounting Firms Seamlessly After Bench’s Closure”
Growing the business means supporting your managers
Many different shortcomings can hold back the growth of a company. Some are obvious, such as poor cash flow management or flawed strategic plans. Others aren’t so easy to see. Take, for example, disjointed or under-supported managers. If you don’t dedicate the time and resources to strengthening the bonds of your management team, and provide the … Continue reading “Growing the business means supporting your managers”
How Section 1231 gains and losses affect business asset sales
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 loss tax basics The federal income tax character of gains and losses … Continue reading “How Section 1231 gains and losses affect business asset sales”
Bench Closing: How Switching Accounting Firms Can Boost Your Business
Recently, the accounting startup Bench was acquired by Employer.com immediately after the company suddenly and unexpectedly shut down. While Employer.com will dedicate resources to reviving Bench’s infrastructure and assist customers with logging back and accessing their data, this came as a shock to the tens of thousands of customers who found themselves locked out of … Continue reading “Bench Closing: How Switching Accounting Firms Can Boost Your Business”