Which Business Structure is Right for You?

A lot of people want to work for themselves. That’s one of the conclusions of the September 2023 report The Global Entrepreneurship Monitor, an annual study by Babson College. They found that 19% of adults—nearly one in five—have founded a business in the past three and a half years, or in the process of founding …

“How Long Should I Keep My Tax Returns?”

“So how long should I keep my tax returns, anyway?” According to our president, Phyllis, this is one of the most common questions she’s asked. I’m guilty of asking her myself. It’s a valid question. I’ve heard everything from two years to ten years, with the most common response being seven. But what’s the actual …

IRS Announces New Mileage Reimbursement Rates for 2022

Finally… we’re getting a (small) break from the IRS! The IRS released its mileage reimbursement rates for 2022 on December 17, and we are seeing some benefits for business, individuals, and other organizations. Effective January 1, 2022, the following rates will apply: 58.5 cents per mile driven for business use (an increase of 2.5 cents …

Changes to the Employee Retention Tax Credit

The Employee Retention Tax Credit (ERTC) was extended through December 31, 2021, with the passage of the American Rescue Plan in March; given the wind of Congress’ discussions, it seems unlikely that it will be extended further. However, employers can still take advantage of the ERTC, though they will want to act quickly. If you …