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The quest for skilled laborers in the manufacturing sector continues. Where can manufacturers turn to fill open positions? One option can also provide substantial tax savings: Hire workers that qualify for the Work Opportunity Tax Credit (WOTC).
The qualified business income, QBI deduction, is available to eligible businesses through 2025. After that, it’s scheduled to disappear unless Congress acts to extend it. So make the most of the tax break while it’s still on the books.
Even if your startup business has little or no income tax liability, you may be eligible for a payroll tax credit election for increasing R&D activities. This tax break got better under the Inflation Reduction Act.
Even if your not-for-profit rarely needs to reimburse staffers, board members or volunteers, an expense reimbursement policy will make the reimbursement process easier and reduce the risk of any disagreements.
For manufacturers, as certain provisions of the Tax Cuts and Jobs Act (TCJA) begin to phase out, other tax laws, including the Inflation Reduction Act and the Creating Helpful Incentives to Produce Semiconductors Act, have begun to kick in.
What do you need to know about the new upcoming tax legislation in the Tax Relief for American Families and Workers Act of 2024 bill? This bill is currently with the Senate to approve and includes many significant changes that impact taxpayers.
Your employee value proposition (EVP), refers to everything employees appreciate about the company. Survey your workers to learn what they value the most to help retain and attract employees and address labor shortages.
VIDEO: Maximize your HSA (health savings account) benefits and avoid unnecessary taxes and penalties. Discover the eligibility criteria, benefits, and how to effectively manage your HSA.
A financial windfall presents both an opportunity and a challenge. While it’s a chance to boost your financial health, it also demands savvy strategic planning to minimize taxes and maximize returns. 
Nonprofit board meeting minutes could become critical documents in an IRS review or legal proceeding. It is important to capture the right information.
The U.S. DOL has issued new guidance on employee classification. This article provides an overview of the rule, its implications, and the steps employers must take to ensure their employee classifications are under the updated guidelines.
Businesses have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes.
Identity theft occurs when someone wrongfully obtains and uses another person's personal information, such as their name, Social Security number, credit card accounts, or other confidential data, and uses it to commit financial fraud or engage in other criminal activities while impersonating the victim.
Sponsorship and advertising can provide a real boost to your not-for-profit’s income. However, if sponsors or advertisers receive a “substantial benefit” or if providing benefits isn’t a related business activity, you may owe unrelated business income tax (UBIT).
In 2024, manufacturers purchasing equipment and other tangible property may be able to save taxes by claiming Section 179 expensing and first-year bonus depreciation.
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