415 Group Named to Forbes 2022 Best Tax & Accounting Firms
415 Group, a certified public accounting, business consulting and IT services firm based in Canton, Ohio, was recognized by Forbes as one of America’s Best Tax and Accounting Firms for the second year in a row....READ MORE >
Many factors are involved when choosing a business entity
Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best for you — a C corporation or a pass-through entity such as a sole-proprietorship, partnership,...
Includes insights from Chad R. IslerREAD MORE >
Numerous tax limits affecting businesses have increased for 2022
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security tax The amount of an...READ MORE >
Help safeguard your personal information by filing your 2021 tax return early
The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until much closer to the April deadline (or you file for an...READ MORE >
How will revised tax limits affect your 2022 taxes?
While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. If you’re like most...READ MORE >
Businesses with employees who receive tips may be eligible for a tax credit
If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip...READ MORE >
Are you eligible for a medical expense tax deduction?
You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Medical expenses can be claimed as a deduction only to the extent your unreimbursed costs exceed 7.5% of...READ MORE >
KPIs: What are they, and which ones count?
Management needs timely, accurate feedback to guide operating decisions, anticipate problems and take advantage of emerging opportunities. Unfortunately, comprehensive financial statements take a long time to generate. Reporting key performance...READ MORE >
Gig workers should understand their tax obligations
The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans have earned money at some time through online gig platforms. This...READ MORE >
Will the standard business mileage rate go up in 2022? Yes
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate...READ MORE >
How to account for change orders
Last-minute changes to contracts can be frustrating. But, if managed properly, they can sometimes provide an opportunity to boost profits. Here are ways construction companies, engineering firms, software developers and other businesses that enter...READ MORE >
Looking for a 2022 safety net for your business? Act on EIDL funding before year end
As the new year approaches, the future of the Build Back Better Act (BBBA) — and the strength of the economic recovery — remains uncertain. One thing that’s not uncertain when it comes to your business is the impending deadline to...READ MORE >
There’s a deduction for student loan interest … but do you qualify for it?
If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject to certain limits. The maximum amount of student loan interest you can deduct...READ MORE >
2022 Q1 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to...READ MORE >
Digitizing the accounts receivable process
While digitalization continues to take hold of the business world, the billing and collections functions for many organizations remain largely paper based. Businesses that automate the accounts receivable process may accomplish several operational...READ MORE >
Stock market investors: Year-end tax strategies to consider
Year-end is a good time to plan to save taxes by carefully structuring your capital gains and losses. Consider some possibilities if you have losses on certain investments to date. For example, suppose you lost money this year on some stock and...READ MORE >