Latest posts
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Are you and your spouse considering splitting gifts?
The gift tax annual exclusion allows you to transfer up to $19,000 (for 2026) per beneficiary gift-tax-free, without tapping your $15 million (for 2026) lifetime gift and estate tax exemption. You can double the exclusion amount if you elect to split the gifts with your spouse. Gift-splitting in a nutshell Gift-splitting allows married couples to…
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Better billing practices are only an easy assessment away
Efficient, accurate billing practices are critical to your business’s financial health. Billing errors or delays can lead to revenue leakage, cash-flow shortages and customer attrition. If your company is struggling with billing issues — or it’s been a while since you evaluated this function — now’s a good time to review your processes and make…
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Business deductions for four-legged coworkers
Did you know that you can claim tax deductions for animals that serve a bona fide business purpose? This benefit extends beyond agricultural operations. Working animals in many sectors may qualify. Here are the details. Working animals vs. personal pets A working animal must provide a clear and direct business benefit. Common examples include: Dogs…
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Business deductions for four-legged coworkers
Did you know that you can claim tax deductions for animals that serve a bona fide business purpose? This benefit extends beyond agricultural operations. Working animals in many sectors may qualify. Here are the details. Working animals vs. personal pets A working animal must provide a clear and direct business benefit. Common examples include: Dogs…
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Building a culture of accountability in nonprofits
You might be tempted to think that “accountability” is just the latest in a long line of management buzzwords. But if properly embraced, it can transform an organization. When nonprofit leaders consistently own outcomes (whether successes or setbacks), they foster a proactive mindset that anticipates challenges and addresses them head-on. The result? Stronger performance, healthier…
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Consider your potential charitable deduction before donating artwork
If you give artwork to charity, the deduction you can claim depends on several factors, including the type of organization receiving the piece and how it will be used. Special substantiation and appraisal rules may apply as well. Relation to charitable function Your deduction for a donation of art will generally be reduced if the…
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An ILIT has many benefits, but options are available to undo it
Life insurance can provide peace of mind. But if your estate is large enough that estate taxes are a concern, it’s important not to own the policy at death. Why? The policy’s proceeds will be included in your taxable estate. To avoid this result, a common estate planning strategy is to set up an irrevocable…
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Benefits that help you care for your company’s caregivers
With caregiving costs rising faster than inflation, it’s harder than ever to juggle parenting young children or caring for elderly relatives while also working nine to five. Your business can help support caregiving employees and boost productivity by offering dependent care flexible spending accounts (FSAs). This benefit provides a tax-advantaged method to pay for eligible…
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Beware: Accounting missteps can trip up new businesses
Launching a start-up comes with no shortage of big decisions and fast-moving priorities. In the rush to grow, financial fundamentals can sometimes take a back seat — often with costly consequences. Some common accounting missteps that new business owners should avoid include: Overlooking day-to-day spending. Starting a new business is exciting, and it’s natural to…
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Avoiding inadvertent S corp termination
S corporation structure provides most of the tax benefits of a partnership plus the liability protection of a corporation. But because of the strict requirements that apply to these entities, preserving S corporation status requires due diligence. Reap the benefits Like a traditional C corporation, an S corporation shields its shareholders from personal liability for the corporation’s…
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Build a more resilient nonprofit with revenue diversification
When external conditions change — whether due to economic shifts, policy adjustments or evolving donor priorities — nonprofits that depend on one or two funding sources often face greater financial risk. Organizations that intentionally diversify their revenue streams are better positioned to adapt quickly and continue delivering on their mission. Strategically broadening a funding mix…
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Are you eligible for mileage deductions?
Whether you’re filing your 2025 individual income tax return or planning for 2026, it’s important to know if you can deduct vehicle-related expenses. A change that was made permanent by last year’s One Big Beautiful Bill Act (OBBBA) limits who can claim a deduction for business mileage. But you might still be eligible, and deductions…