INSIGHTS
We See Things Differently
When we’re not addressing clients’ needs for business and financial advisory, assurance or tax matters, we’re researching, learning and thinking about related subjects. Check out some of our thinking on a broad variety of topics that may impact your organization. And if you’d like to learn more about any of these topics, we’re always happy to talk.
Tax Credits vs Tax Deductions: What’s the Difference?
Two of the most common terms when doing taxes are “deductions” and “credits.” However, it can be challenging to differentiate between the two and how they influence your taxes. Here is a breakdown of the definitions of both terms and their key differences.
Overview of the Latest Cost of Living Updates for 2024
Each year, the IRS, Social Security Administration, and other federal agencies adjust policies to account for inflation. These adjustments are called Cost of Living Adjustments, or COLA. While more changes continue to be set in motion, here is a brief overview of the main cost of living adjustments for 2024 so far.
Claiming the Standard Deduction Vs. Itemized Deductions: What’s the Difference?
Standard deduction. Itemized deduction. Which one to take? It comes down to simple math. Here is a breakdown of the differences between the standard deduction vs. itemized deductions and what they mean for taxpayers.
Latest IRS Updates to the 1099-K Reporting Threshold for Businesses
The IRS recently announced several significant changes to the 1099-K reporting threshold for the 2023 and 2024 tax years. Here is a breakdown of the latest updates to the 1099-K reporting threshold and what they mean for businesses.
Extended & Increased: A Breakdown of the Latest Changes to Solar Energy Tax Credits
The federal solar energy credit is a tax credit that can be claimed on federal income taxes for both individuals and corporations. The credit was recently extended and increased starting FY2023. Here is a breakdown of the latest changes.
Updates to the Standard Deduction for 2024
The IRS recently announced several important inflation-related updates for the 2024 tax year that will be applied to returns filed in 2025. Among those changes was an increase to the standard deduction. Here is a breakdown of the new standard deduction amounts for 2024.
What Businesses Should Plan for in 2024: How to Navigate the Current Economic Landscape of Inflation and Interest Rates
We’re looking into the future and discussing what businesses should plan for 2024.
An Overview of IRS’ Changes to the FY2024 Tax Brackets
On November 9, 2023, the IRS announced its annual inflation adjustments for the upcoming FY2024 tax year. Among the changes were several adjustments to the different income tax brackets.
Year-End Financial Planning Checklist for Individuals
The end of the year is a great time to reflect and plan for the upcoming year. Here is a year-end financial planning checklist to help you evaluate things from the past twelve months and plan for the year ahead.
Is Tax Planning Worth It?
Tax Planning is an expense. How do you know if that expense is worth it for you? Check out our breakdown to see if it's right for you.
How Do I Start Tax Planning?
Tax planning is an excellent way to optimize your taxes. However, it is a complex process with moving pieces that keep changing. Here’s an overview of how to get started with tax planning.
The 5-Step Year-End Planning Checklist for Businesses
Year-end planning is more than just closing your books. It’s your opportunity to learn from the previous year and set your business on the right track to achieve your goals for the upcoming year. Here is a checklist of things you should start now and complete before the end of this year to close this year out right and help your business plan for the upcoming year.
What Businesses Need to Know About the MarylandSaves Program
In September 2022, Maryland introduced the MarylandSaves program, which is designed to help businesses comply with both federal and state laws mandating that employers offer retirement savings for employees. Here’s what business owners need to know about this program, even if you already offer a retirement plan for employees.
The Pros and Cons of Hosting In-Person vs. Hybrid vs. Virtual Events for Associations
In today's landscape, one of the biggest choices you'll face as an association event planner is whether the event should be held virtually, in a hybrid format, or fully in person. Here is a breakdown of the three main event formats and what to consider when choosing the format for your next event.
Things to Consider Before You Meet with a Financial Planner
When it comes to planning for the future, taking the first step can be the most daunting task. Here are some things to consider before you begin your financial planning journey.
Choosing the Right Business Structure
Whether you’re getting a startup off the ground or ready for your business to go public, how the company is structured affects everything. Here is a breakdown of the pros and cons of the main types of business structures.
Things to Consider When Selecting Strategic Partnerships
Forming a strategic partnership can benefit both your business and your clients in many ways, making it something worth considering if you’re looking to expand, improve, or network. Here are a few of the benefits of forming successful strategic partnerships.
10 Small Business Red Flags that Could Trigger an IRS Audit
An IRS audit is a stressful experience for any business owner, but it can be especially daunting for small business owners. While some audits are triggered randomly, most are caused by "red flags" that catch the attention of the IRS. Here are 10 things that could trigger an IRS audit.
