Employers understand that offering a broad range of employee benefits can help attract, motivate, and retain key employees. One benefit that an increasing number of employers are adding to their employee benefits package is a cafeteria plan (also known as a flexible benefit plan). A cafeteria plan is a written plan under which participants may choose their own menu of benefits consisting of “cash” and “qualified” benefits. Cash here means:… Read More
Choosing Between Annual and Quarterly Tax Filings: A Guide for Business Owners
One of the fundamental decisions that business owners face when it comes to tax planning is determining the frequency of tax filings—whether to file annually or opt for quarterly filings. Each approach has its pros and cons, and the decision ultimately depends on various factors, including the nature of the business, cash flow considerations, and compliance obligations. In this article, we’ll explore the advantages and considerations of both annual and… Read More
How to Determine If You Should File Taxes Jointly or Separately When Married
When it comes to filing taxes, married couples have the option to file either jointly or separately. Deciding which filing status to choose can significantly impact your tax liability and potential refunds. Understanding the benefits and drawbacks of each option is crucial for making an informed decision. Here’s a comprehensive guide to help you determine the best filing status for your situation. Understanding the Basics Married Filing Jointly (MFJ): Married… Read More
Frequently Asked Questions About Estimated Taxes
Quarterly Estimated Tax Payments can be a nightmare for business owners to determine how much they owe the IRS. Here is our guide for Frequently Asked Questions regarding Estimated Taxes. What are Estimated Taxes? Estimated Taxes are taxes that are paid to the IRS throughout the year on earnings that are not withheld from the federal government. Most people pay these taxes on a quarterly basis. Who pays estimated taxes?… Read More
Bookkeeping & Accounting Tips for Small Business Owners
Running a small business is a demanding task, requiring you to wear many hats, from managing operations to marketing and customer service. Among these responsibilities, bookkeeping and accounting are crucial for the financial health and sustainability of your business. While it may seem daunting, effective financial management doesn’t have to be overly complicated. Here are some essential bookkeeping and accounting tips to help small business owners stay organized, compliant, and… Read More
Valuing Your Estate’s Assets
In estate planning, you often come across the term “fair market value.” However, some assets are easier to value than others. The IRS defines fair market value as “the value at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.” Some assets are easily valued. A stock,… Read More