corporate expenses

The deductibility of corporate expenses covered by officers

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is…
student loan debt

Student loan debt, it may be hard to deduct the interest

More than 43 million student borrowers are in debt with an average of $39,351 each, according to the research group EducationData.org. If you have student loan debt, you may wonder if you can deduct the interest you pay. The answer is yes, subject…
strategic planning

Get serious about your strategic planning meetings

Most business owners would likely agree that strategic planning is important. Yet many companies rarely engage in active measures to gather and discuss strategy. Sometimes strategic planning is tacked on to a meeting about something else; other…
remote sales

Keeping remote sales sharp in the new normal

The COVID-19 pandemic has dramatically affected the way people interact and do business. Even before the crisis, there was a trend toward more digital interactions in remote sales. Many experts predicted that companies’ experiences during…
start up expenses

Treating start up expenses on your return

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau…
stepped up basis

There’s currently a “stepped-up basis” if you inherit property

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “stepped-up basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as…