Posts by Caras & Shulman

5 Strategies for Improving Collections

5 Strategies for Improving Collections

by | Jul 15, 2024 |

Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take payments right at a point-of-sale terminal and customers go on their merry way. For other types of companies, it’s not so easy. Collections can be particularly difficult for business-to-business operations, which often find themselves in complex relationships with key customers. In these businesses, it’s often not as simple as “pay up or hit the road.”

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Independent Contractors: Classify Carefully

Independent Contractors: Classify Carefully

by | Jul 8, 2024 |

Many businesses use independent contractors to help keep their costs down and provide flexibility for short-term needs. But the question of whether a worker is an employee or an independent contractor is complex. Be careful that your independent contractors are properly classified for federal tax and employment tax purposes, because if the IRS reclassifies them as employees, it can be an expensive mistake.

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What Expenses Can’t Be Written Off by Your Business?

What Expenses Can’t Be Written Off by Your Business?

by | Jun 17, 2024 |

If you check the Internal Revenue Code, you may be surprised to find that most business deductions aren’t specifically listed there. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in the first sentence of Section 162, which states you can write off “all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.”

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Does the Corporate Transparency Act Apply to Your Business?

Does the Corporate Transparency Act Apply to Your Business?

by | Jun 10, 2024 |

Under the Corporate Transparency Act (CTA), many businesses are subject to new reporting requirements that went into effect on January 1, 2024. That means certain companies are required to provide information related to their “beneficial owners,” that is, the individuals who ultimately own or control the company, to the Financial Crimes Enforcement Network (FinCEN). Failure to submit a beneficial ownership information (BOI) report may result in civil or criminal penalties, or both.

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Tax Tips for July 2024

Tax Tips for June 2024

by | Jun 3, 2024 |

Click on the links below to jump to each section in this article: Help Prevent Financial Scams Aimed at Older People Boost Your Home Improvements with Tax Credits Tax Breaks for Increasing Accessibility   Help Prevent Financial Scams Aimed at Older People In any season, scam artists are seeking new ways to steal financial data and money from vulnerable people. Such fraudulent activities often target older adults. Here are three ways to help prevent elder financial abuse and fraud, whether...

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To Get an “Early” Refund, Adjust Your Withholding

To Get an “Early” Refund, Adjust Your Withholding

by | May 20, 2024 |

If you received a large refund this year, you may want to adjust your withholding. Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your money.

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The Advantages of Hiring Your Minor Children for Summer Jobs

The Advantages of Hiring Your Minor Children for Summer Jobs

by | May 13, 2024 |

If you’re a small-business owner and you hire your children this summer, you may be able to secure tax breaks and other nontax benefits. The kids can gain bona fide on-the-job experience, save for college and learn how to manage money. You may be able to shift some of your high-taxed income into tax-free or low-taxed income, and, depending on the situation, you may realize payroll tax savings. Perhaps best of all, your kids will spend time with you.

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