When can you deduct business meals and entertainment?
Business-related meal deductions can be valuable, but the rules can be complex. Under current law, your business can’t deduct most entertainment expenses. There are, of course, several exceptions. Contact the business tax advisors at SEK if you want more information.
How to set up a bookkeeping cycle in QuickBooks Online
Do you have a regular schedule you follow with your QuickBooks Online work? It can be a good strategy.
QuickBooks Online payroll update: Changes to W-2 printing and mailing
Beginning in January 2025 (for the 2024 tax season), QuickBooks Online Payroll will no longer include the cost of printing and mailing W-2 tax forms in its subscription. Instead, there will be a $4 fee per employee for this service.
Should a married couple use a joint trust or separate trusts?
If you’re married, you and your spouse must decide whether to use a joint revocable trust or separate revocable trusts. The right choice depends on your financial and family circumstances, applicable state law, and other factors. To determine which is right for you, contact the estate planning advisors at SEK.
Nonprofits: How to get foundations to say “yes” to your grant proposals
If your not-for-profit isn’t actively seeking grants from the many thousands of foundations in the United States, why not? In general, you’ll be the most successful at obtaining grants if you target foundations whose interests match your nonprofit’s mission and programs. Foundations usually like well-defined, data-driven projects that they can be confident will be completed. Contact the CPAs and nonprofit advisors at SEK for more suggestions.
Self-employment tax: A refresher on how it works
Do you own a growing, unincorporated small business, and are you concerned about high self-employment (SE) tax? The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals. Contact the CPAs and tax advisors at SEK if you have questions or want more information about the SE tax and ways to reduce it by operating as an S corporation.
Get tax breaks for energy-saving purchases this year because they may disappear
The Inflation Reduction Act created several tax credits to promote clean energy. You may want to take advantage of them before it’s too late as the law may be repealed in 2025. Contact the CPAs and tax advisors at SEK before making a large purchase to check if it’s eligible.
Ensure you’re properly documenting your charitable donations
If you’re charitably inclined and itemize deductions, you may be entitled to deduct charitable donations. The key word is “may” because there are requirements you must meet. Contact the estate planning advisors at SEK with questions.
Don’t let fraudsters ruin the most wonderful time of the year
The hubbub of the year-end giving season, combined with holiday absences, can make your nonprofit vulnerable to fraud. Read below for tips on preventing fraud in your nonprofit this holiday season or contact the nonprofit advisors at SEK with questions.
The amount you and your employees can save for retirement is going up slightly in 2025
How much can you and your employees contribute to your 401(k)s next year? The IRS recently announced the 2025 cost-of-living adjustments. Read here for the 2025 401(k) contribution limit, the catch-up contribution limit for employees who are age 50 or over and participate in 401(k), and there will be a new catch-up contribution amount for taxpayers age 60, 61, 62 or 63. Contact the tax advisors at SEK with questions.