The Inflation Reduction Act (IRA), signed into law on August 16, 2022, includes tax provisions affecting businesses, individuals, the clean-energy industry, healthcare, and more. Let's look: Businesses Sec. 461(l) Business Loss Limitation. The pass-through tax deduction for small business owners (sole proprietorships, some limited liability companies, partnerships, and S-corporations) was.. Continue reading →

A cash windfall is any amount of money that you didn't expect to receive and is over your regular income. Most would consider it to be any amount over $1,000 - and quite often, the amount of money is much more than that. For example, you may have received a.. Continue reading →

When creating a budget, it's essential to estimate your spending as realistically as possible. Here are five budget-related errors commonly made by small businesses and some tips for avoiding them. Not Setting Goals It's almost impossible to set spending priorities without clear goals for the coming year. It's important to.. Continue reading →

Are you wondering if there's a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there's more to it than that. Taxable Income.. Continue reading →

At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants and how to approach them properly can mean the difference between getting a loan for expansion or scrambling to find cash from other sources. Unfortunately, many business.. Continue reading →