Your Ultimate Guide to Navigating Schedule D

Schedule D is the IRS tax form that reports your realized gains and losses from capital assets — investments and other business interests. You detail the total purchase price of assets, what they were sold for and whether they were held for long term (more than a year) or short term (less than a year). […]

Asset Deductions Made Easy with Section 179

Section 179 of the U.S. tax code offers a tax incentive to small and medium-sized businesses by allowing them to take a full deduction on tangible assets in the year items were purchased and put into service. The cost of such major purchases would generally have to be depreciated over time, but using the Section […]

Retirement Plan Limits Rise in 2025: What You Need to Know

Your max contributions to 401(k) plans for 2025 increase to $23,500, up from $23,000 for 2024, according to the IRS. The tax agency also issued technical guidance regarding cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2025. The limit on annual contributions to an IRA remains $7,000. The […]

Theft in the Workplace: How to Identify and Stop It

No matter what type of business you run, you’re vulnerable to employee theft motivated by greed, anger, dissatisfaction, or an “above the rules” attitude. Which of these ways employees steal are areas of vulnerability for your business? Payroll theft: Are your employees really working the hours they claim to be? Do you have controls to […]

Don’t Leave Money on the Table: A Guide to Business Tax Deductions That Can Save You Big

One of the worst things we can do as taxpayers is assume we know everything. There’s always more to learn, and as much as you might know about taxes, you may be missing out on key tax deductions just because you haven’t heard about them. Tax deductions to consider Believe it or not, there are […]