Month: July 2024

Why ESG Should Be in Your Strategic Business Plan

When business owners and their leadership teams meet to discuss strategic planning, the primary question on the table is usually something along the lines of, “How can we safely grow our company to reach the next level of success?”

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4 Ways Businesses Can Better Control Cash Flow

From the minute they open their doors, business owners are urged to keep a close eye on cash flow. And for good reason — even companies with booming sales can get into serious trouble if they lack the liquidity to compensate employees and pay their bills. Here are four ways businesses can better control cash flow.

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Solar panel installer smiling into the camera. Below the the home owner watching.

Valuable Tax Credit Available for Energy-Efficient Homes

Under the Inflation Reduction Act, construction contractors who build or rehab energy-efficient homes may be eligible for a federal tax credit of up to $5,000 per project.

To claim the credit, builders are required to construct or substantially rehab a qualified home and own it during the construction process.

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Two parent, 2 kids and 2 grand parents in a kitchen. The father holds the youngest child up in the air.

Renting to Family Members

As rents continue to rise in many areas, you may decide to help your financially challenged family members by renting a property to them at a discount. But this can lead to the loss of significant tax deductions. Here’s a look at the tax treatment that applies when you rent to unrelated parties and how the rules change when you rent to relatives.

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Paper and marker with 401K Rollover scribbled onto the paper.

Handle Your 401(k) Rollover With Care

Leaving a job? You may want to roll over funds in your former employer’s 401(k) plan to an IRA. But there’s a tax trap for the unwary. If you receive a 401(k) plan check that’s payable to you personally or if you have a distribution put into a personal account electronically, 20% of the taxable amount of the payout will be withheld for federal tax.

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Young smiling woman standing in front of a mainframe room with laptop in hand

A General Look at Generative AI for Businesses

If you follow the news, you’ve probably heard a lot about artificial intelligence (AI) and how it’s slowly and steadily expanding into various aspects of our lives.

One widely cited example is ChatGPT, an AI “chatbot” that can engage in conversations with users and create coherently written articles, as well as other content when prompted.

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Figuring Corporate Estimated Tax

The next quarterly estimated tax payment deadline for individuals and businesses is September 16, so this is another good opportunity to review the rules for computing corporate federal estimated payments.

You want your business to pay the minimum estimated tax amount without triggering the penalty for underpayment of estimated tax.

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