You may have dreams of turning your hobby into a profitable business, one that might eventually grow into a successful, full-time business. If you’ve yet to earn a profit, you may wonder if you can still deduct your expenses on your federal income tax return. That depends on whether the IRS views your activity as […]
Business Tax Planning for Tax Cuts and Jobs Act (TCJA) Sunset
The Tax Cuts and Jobs Act (TCJA) of 2017 introduced substantial tax reductions and incentives for businesses, many of which are set to expire by the end of 2025. As this sunset approaches, businesses must engage in strategic tax planning to mitigate potential financial impacts. This article outlines key considerations and strategies for businesses to […]
What Is a 1031 Like-Kind Exchange?
A 1031 like-kind exchange, named after Section 1031 of the Internal Revenue Code, allows investors to defer capital gains taxes when exchanging one investment property for another of like kind. This tax-deferral strategy is widely used by real estate investors to grow their portfolios and optimize their tax liabilities. How Does a 1031 Exchange Work? […]
Transform Your Business Operations by Harnessing the Power of AI
Artificial Intelligence (AI) has emerged as a transformative force in virtually every industry, revolutionizing the way businesses operate and interact with their customers. From streamlining processes to unlocking valuable insights, the potential applications of AI are vast and varied. In this article, we explore how AI can help improve a business across multiple dimensions, driving […]
Weighing Your Options: Promoting vs Hiring Externally
It’s a quite common dilemma to figure out if you need to hire externally or promote from within to see improvement with your business. There are benefits to both. We will now go over the pros and cons to each side. Hiring Externally Pros Cons Promoting from Within Pros Cons Overall, consider your employees and […]
The Many Types of Investment Risk
It is important for investors to understand that every investment has its own set of risks. One key to successful investing is to recognize the different types of risks that could be a threat to one’s financial well-being and to take steps to minimize their impact. What follows is an overview of the primary forms […]