It’s not too late for business owners to make strategic tax deductions before the end of this year. Here’s how: Prepay expenses using the IRS safe harbor allowing cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance. Qualifying expenses include lease payments on business vehicles, rent payments on offices and machinery, and business and malpractice insurance premiums. Stop Billing Customers, Clients, and Patients until after… Read More
Will Your Atlanta Company Be Giving Year-End Bonuses?
The plot to one of the most iconic Christmas movies of all time, Christmas Vacation, centers on one holiday hope: the year-end bonus. Clark Griswold, as “the last true family man”, decides he will use his promised year-end bonus to install a pool in his family’s backyard. When the dream fails to materialize, Clark gets upset at his boss and explains how he was planning on the bonus for his… Read More
Your retirement is one year closer – Have you planned for it?
Your retirement will be one year closer in a few weeks so how can you plan your tax reductions strategies around that as well as protecting your 2024 (and beyond) earnings? Here are five opportunities you may have overlooked: ⦁ If you have employees, establish your 2023 retirement plan before December 31 so you and your employees can make employee contributions for this year. If you are a sole proprietor… Read More
Are your ERC Claims Legitimate?
Although the ERC offers businesses potential tax credits of up to $26,000 or more per employee up to 10 employees, some ERC cheaters and scammers have driven the IRS to: ⦁ Stop processing new claims until after December 31, 2023. ⦁ Issue a Circular 230 warning to tax pros. ⦁ Release IRS Forms 3949-A and 14242 to report cheaters, and more. If your ERC claims (whether filed or unfiled) are… Read More
Practicing Thankfulness in Your Atlanta Business
Does your Atlanta family sit around the table at Thanksgiving dinner and share something they’re thankful for? I’ve been at those holiday meals many a time. I appreciate the intent, and will admit it’s usually effective in getting me to feel more grateful, but I do wish those hosts would generally restrict the “I’m thankful for” conversations for the end of the meal. “Some like it hot,” as they say on… Read More
7 Essential To-Dos For Your Atlanta Business Team
Before the holiday craziness kicks in, let’s remember: the end of the year is a golden chance to play with the calendar in your business’ favor. Whether it’s diving into year-end profit metrics, sorting out staff bonuses, or launching some targeted marketing to catch those year-end spenders — now is the time to zoom in on tasks that set you up for success now and into the coming year. Lock in… Read More