If you run a business from home, you could qualify for home office deductions
If you’re self-employed and run your business from home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: the actual expense method and the simplified method.
6 ways nonprofit retirement plans are changing
The SECURE Act 2.0 includes many provisions affecting 403(b) retirement plans. Make sure your nonprofit is adhering to the rules and implementing optional enhancements where they make sense. Contact the CPAs and business advisors at SEK for the latest tips for your not for profit.
To file or not to file a gift tax return, that is the question
If you made substantial gifts of wealth to family members in 2023, you may have to file a gift tax return. The return is due by April 15 of the year after you make the gift, so the deadline for 2023 gifts is coming up soon. Contact the CPAs and tax advisors at SEK for more details.
What’s the best accounting method route for business tax purposes?
Businesses basically have two accounting methods to figure their taxable income: cash and accrual. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. Contact the CPAs and business tax advisors at SEK to learn more about your small business tax.
Internal hiring can help fill your nonprofit’s open job positions
For the past two years, the U.S. unemployment rate has remained below 4%. This is great news for jobseekers but it can make hiring for your not-for-profit challenging. Consider looking within. By promoting existing staffers, you can save on the costs of recruiting workers. Contact the CPA's and business advisors at SEK for tips on how to run your nonprofit.
How businesses can reinvigorate strategic planning
Many businesses may get so caught up in day-to-day operations that strategic planning goes by the wayside. This can be dangerous, as a sudden market shift or disruptive competitor could leave your company slow to react. Ideally, engage in strategic planning at least annually or every few years. Consider engaging a professional facilitator to encourage participation, set clear goals and stick to the agenda. Contact the CPA's and business advisors at SEK for help or for your business strategy consultation.
Filing jointly or separately as a married couple: What’s the difference?
When filing your tax return, a filing status must be chosen. This is used to determine your standard deduction, rates and eligibility for certain tax breaks. If you’re married, should you file jointly or separately? It depends on your situation. In most cases, joint filing saves more tax, but some people save by filing separately. The CPA's and business tax advisors at SEK can weigh your options when preparing your return.
Factoring industry risk into the business valuation equation
Industry-specific risk is an important consideration when estimating an investor’s expected return. Valuators consider several factors when assessing industry risk, such as the industry’s growth prospects, the relative power of suppliers and customers, competitive threats, substitute products, and barriers to entry. Contact the CPA's and business advisors at SEK for more information on how we incorporate industry risk into our valuation methods and what’s right for you.
The life of an estimate in QuickBooks Online
You’ve probably received estimates before. Maybe you needed work done on a vehicle. Your dentist might have warned you how much a new crown would cost.
9 tax considerations if you’re starting a business as a sole proprietor
When launching a business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. You must pay self-employment taxes and make estimated tax payments on income earned. Contact the CPA's and business tax advisors at SEK if you want more information about the tax implications of running your business.