According to IRS data, over five million small businesses operate as S corporations, primarily to benefit from lower payroll taxes by paying themselves modest salaries. While this is a common strategy, many S corporation owners are unaware of the numerous advanced tax planning opportunities available. These strategies can significantly reduce their tax burden and maximize […] The post S Corporation Tax Planning Strategies for Business Owners first appeared on THInc ..read more

Every business dreads operating blindly. To avoid this, fast and reliable accounting is indispensable. Accounting teams generate financial reports that offer invaluable insights into a company’s growth and performance. Investors and stakeholders rely on these reports to make critical financial decisions that shape the business’s future. Inaccurate reports can lead to misguided decisions based on […] The post Accounting Accuracy: 5 Essential Tips for Small Business first appeared on THInc ..read more

In a campaign mainly lacking in detailed policy proposals, Vice President Kamala Harris quietly introduced her most comprehensive plan yet this week: a proposal for nearly $5 trillion in tax increases over the next decade. The Democratic presidential nominee unveils her first revenue-raising policy, contrasting her approach with that of her Republican opponent.     Vice President […] The post Kamala Harris Democrat 2024 Presidential Nominee’s Proposed Tax Plans and What Businesses should know first appeared on THInc ..read more

Deciding when to hire a CFO can be challenging for startups or growing small businesses. With your team focused on daily operations, finding the time and resources for a full-time CFO can feel daunting. Many growing businesses need help budgeting and might need to find out if they can afford a CFO. This creates a […] The post Outsourced CFO Services: Benefits, Challenges, and Key Factors to Consider first appeared on THInc ..read more

As the 2024 presidential election approaches, Donald Trump unveils critical tax plans that could shape his potential administration. With Trump securing the Republican presidential nomination, both political parties are closely examining Project 2025, a comprehensive and thoroughly developed policy initiative by The Heritage Foundation in collaboration with over 100 other conservative organizations. CNBC recently reported […] The post Trump Tax Plans: How Project 2025 Could Affect Your Tax Bracket and Capital Gains first appeared on THInc ..read more

According to an article in the Journal of Accountancy, employees, including business owners/employees, frequently pay expenses out of pocket for their employer or business. Typically, they either anticipate reimbursement or, until the end of 2017, had planned to claim these expenditures as a miscellaneous itemized deduction (subject to a threshold of 2% of adjusted gross […] The post IRS Accountable Plans: Expense Reimbursement Tax Benefits for S Corp Business Owners first appeared on THInc ..read more

Did you know that as a W-2 employee, you pay the highest taxes? Higher than businesses and investors? No group in America pays more taxes than high-salary wage earning W-2 employees. Whether you are a successful senior executive or engineer in the tech industry, a professional athlete or physician with a high salary, tax planning […] The post 10 strategies for high income earner W-2 employees to reduce their tax liability (2024) first appeared on THInc ..read more

The legislation expands tax credits for small employer retirement-plan startup costs, among other things.  The SECURE 2.0 Act introduces new and enhanced tax credits to help small business owners establish affordable retirement plans. These provisions encourage employers to offer benefits to their employees by incentivizing retirement savings and reducing the costs of starting retirement plans. […] The post Secure 2.0 Act Employer Retirement Plan Startup Tax Credits for Small Business Owners first appeared on THInc ..read more

Accurate and timely financial accounting guides businesses towards sustainable growth and profitability. However, many organizations need help in this area. Financial statements often appear unclear, resembling a complex puzzle that requires extensive deciphering effort. More data clarity is needed to ensure quality decision-making, compliance, and accuracy efforts are maintained. Furthermore, essential financial reports move slowly […] The post Outsourced Accounting: Should a startup hire in-house financial staff or outsource to an accounting firm first appeared on THInc ..read more

In today’s economy, software development costs represent a significant portion of many companies’ operating budgets. The method a company uses to account for these costs—whether expensing them as regular business costs or capitalizing them as investments in company assets—can greatly impact the bottom line. Deciding which costs to capitalize and which to expense is a […] The post FASB plans for New Accounting Rules for Software Costs removing from balance sheet for companies that internally use it first appeared on THInc ..read more