Use the tax code to make business losses less painful

Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations. Qualifying for a deduction The net operating loss (NOL) deduction addresses the tax inequities that can […]

Being a gig worker comes with tax consequences

  In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive for ride-hailing services. But so-called gig work seems to be expanding. Today, some nurses have become gig workers and writers in Hollywood who recently went […]

If you’re hiring independent contractors, make sure they’re properly handled

Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether […]

How to battle back against brandjacking

  As individuals, we’re warned repeatedly about the dangers of online identity theft. Well, as a business owner, you’re in double jeopardy because a hacker might not only steal your personal identity, but also — or alternatively — hijack your company’s brand. It’s sometimes called “brandjacking.” Essentially, a fraudster copies or recreates a business’s digital assets and […]

The IRS has just announced 2024 amounts for Health Savings Accounts

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered […]

Questions you may still have after filing your tax return

If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. When will your refund arrive? The IRS has […]

Addressing pay equity at your business

  Businesses today are under increased pressure to fully understand and thoroughly respond to the issue of pay equity. And neither of these two broad undertakings is particularly easy. First, fully understanding what pay equity is and whether and how it’s played out at your company calls for research, analysis and perhaps some difficult discussions. The […]

The Ultimate Career Growth Destination: Why I Joined OnTarget CPA

OnTarget

OnTarget CPA is more than just a public accounting firm; it is a career development destination that provides exceptional opportunities for accounting professionals looking to advance their careers. As someone who has firsthand knowledge of this, I can confidently state that OnTarget CPA is the ultimate destination for career advancement. In the sections that follow, […]