The 2024 Edition of My Tax Books Are Available Now!

If you own a small business, this comprehensive guide explains in easy-to-understand terms the essentials of business taxes to prepare you to work better with your CPA or other tax adviser or

handle tax responsibilities

on your own.

This edition of this popular book

has been fully updated to reflect the latest rulings and laws (including changes from the Inflation Reduction Act and SECURE Act 2.0), allowing you to easily

refer to the appropriate deductions and credits for your particular needs. 

Recession-Proof Your Business: What to Know About Taxes if Struggling in 2023

Many small businesses are thriving despite high inflation, labor shortages, and other challenges. Unfortunately, some businesses are struggling. Xero’s Small Business Global Index Update for July-September 2023 found that sales are down from a year ago. Even worse, it’s been reported that nearly 1,500 small businesses filed for bankruptcy in the first 9 months of 2023, which is almost as many as in all of 2022. If you look at your profit and loss statement year-to-date and don’t see good numbers, what does this mean taxwise for you? Read More

Inspirational Quotations for Small Business Owners

Business Owners Compensation: How Much?

Business owners need to take money out of their companies to pay their personal expenses and reward themselves for their hard work. Deciding how much to take and how to arrange this depends on many factors: the type of entity involved, profitability, cash flow, options for alternatives to taxable compensation, and more. Here is a review of the factors to consider.

Read More

J.K. Lasser's Small Business Taxes 2024: Author's Overview

For more than 25 years, I’m proud to say my tax book for small businesses has been the go-to guide for owners and their tax advisers. The 2024 edition for preparing 2023 returns as well as tax planning for 2024 has been updated to incorporate green energy changes from the Inflation Reduction Act, retirement plan changes from SECURE Act 2.0, and other new laws, as well as court decisions and IRS pronouncements. As has been my practice, I’ve written my own book review to explain the purpose of the book, what’s new, and what’s ahead. Read More

Sleep and the Workplace

Daylight Savings Time (DST) ended on November 5, 2023, at 2 a.m. It will begin on March 10, 2024. Many people are affected by these time changes. Johns Hopkins Bloomberg School of Public Health says that “the changing of the clock means misalignment of our bodies’ natural rhythms.”...The disruption may be temporary for most employees, but others may suffer from long-term sleep deprivation. Is there anything employers can or should do? Read More

Prevailing Wage and Apprenticeship Rules that Boost Certain Tax Write-Offs

The Inflation Reduction Act introduced or expanded various tax rules—deductions and credits—related to green energy. Basic write-offs can be supercharged if employers involved in certain construction activities meet prevailing wage and apprenticeship (PWA) requirements. Read More

Entrepreneurial-Minded Veterans

November 11 was Veterans Day (although celebrated on November 10th because the 11th was a Saturday). According to the U.S. Census Bureau, veterans own 5.6% of businesses in the U.S. and employ 3.6 million workers. This is slightly less than the percentage of the U.S. population that is veterans—6.4%.  Read More

Key Retirement Plan Changes for 2024

There are several factors contributing to a changing landscape for retirement plans in 2024. SECURE Act 2.0 made a number of changes effective in 2024. The IRS released cost-of-living adjustments to various retirement plan limits. And employees’ financial security concerns, coupled with a labor shortage, have driven more small businesses to consider their retirement plan offerings. Read More

Thanksgiving: Small Business Owners Can Be Grateful

The annual national holiday of Thanksgiving for many businesses is the official start of the holiday shopping season. For some businesses, this period represents their peak sales for the year. But there are many reasons why I’m grateful to be a small business owner in the U.S.  Read More

The Impact of Customer Reviews on Small Businesses

by Jack Shaw

In today’s interconnected world, customer reviews have become fundamental in business evaluation. These are not just opinions or remarks. They are powerful insights into consumers’ experiences with products or service. Read More

Adjusting to a Dozen Higher Tax Limits for 2024

No one enjoys thinking about taxes, but small business owners must do so to minimize their tax bill and avoid an IRS audit. It’s good to know that about 3 dozen tax rules are adjusted annually for inflation. 

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