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The benefits of increasing your 401(k) contributions before the year runs out
As 2026 draws to a close, your employer’s 401(k) plan may offer an opportunity to reduce your current income taxes while building your retirement savings — or to boost your future tax-free retirement income. If you haven’t been contributing, it may not be too late to start. And if you’re already contributing, increasing the amount…
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What business owners need to know about the accounting cycle
The accounting cycle is used to record, organize and summarize financial activity for a specific period. Also known as the bookkeeping cycle, it’s designed to produce accurate data that will help business owners understand performance, manage cash flow and plan for the future. Properly prepared financial records can alert owners to operational issues before they…
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Expecting a big revenue year? Consider tax moves before year end
For most small business owners, strong revenue growth is something to celebrate. But a profitable year can also significantly increase your income tax liability. If your business is on track for a banner year, now is the time to evaluate tax-reduction strategies. Here’s some guidance for sole proprietors and owners of pass-through entities (such as…
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IRS guidance clarifies employer contributions to 530A accounts and more
Getting children on the road to a financially secure future can be a challenge. To help, the One Big Beautiful Bill Act (OBBBA) created Section 530A accounts (also known as “Trump Accounts”), a new type of tax-advantaged savings vehicle for eligible children. Not only can parents and grandparents contribute, but so can businesses as an…
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Buying a business? It pays to dig deeper into the financials
Whether you’re launching a new venture or expanding an existing one, it’s often easier to buy an established business than to build market share from scratch. Before signing a purchase agreement, however, you should review the seller’s financial records to understand what’s really driving the business’s profits and cash flow. Comprehensive due diligence doesn’t just…
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IRS publishes new per diem business travel rates for fiscal year 2027
Many businesses use federal “per diem” rates to reimburse employees for out-of-pocket travel expenses. In Notice 2026-60, the IRS announced special per diem rates that are effective for the federal government’s fiscal year of October 1, 2026, through September 30, 2027. Taxpayers can use these rates to substantiate certain lodging, meals and incidental expenses for business travel…
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5 year-end tax planning strategies for businesses
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What are the common warning signs of financial distress?
Owners, lenders, investors and other stakeholders often rely on a business’s annual financial statements to assess profitability, liquidity and overall financial health. However, the financials generally report what has already happened and may not fully reflect recent developments. Even when financial information is prepared regularly, stakeholders who rely solely on historical results may miss warning…
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Finish 2026 strong with these year-end tax planning strategies
Even though tax filing season is still several months away, the decisions you make before January 1, 2027, could have a significant impact on your 2026 federal income tax liability. Year-end tax planning is especially important this year because some new changes under 2025’s One Big Beautiful Bill Act (OBBBA) are taking effect. Plus, you…
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Let’s take a closer look at accrued expenses
At the end of the reporting period, most businesses have accumulated operating costs that won’t be paid until the next period. If your business prepares financial statements under U.S. Generally Accepted Accounting Principles (GAAP), certain unpaid costs may need to be reported as accrued expenses. Overlooking them can understate your business’s liabilities and overstate its…
