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2023 Business Reporting Reminders Guide
As the year draws to a close, all businesses must meet the following reporting obligations: Form 1099-MISC and 1099-NEC S-Corporation Health Insurance Personal Use of Employer-Provided Vehicle Personal Property Tax and Business License Returns Form 1099-MISC and 1099-NEC There are several important items and key changes to consider for FORMS 1099-MISC/NEC, whether you prepare them…
Read More2023 Business Planning Guide
This Guide outlines strategies that may help lower your tax bill. However, careful planning involves more than just focusing on lowering taxes for the current and future years. Each potential tax savings opportunity must be considered in the context of its effect on your entire business. In addition, tax planning for closely-held business entities requires…
Read More2023 Individual Planning Guide
Tax planning for yourself and your household can ensure a smooth transition from 2023 to 2024. Now is the time to review your taxes and identify opportunities for reducing, deferring or accelerating your tax obligations. Here are some tips to get you started. As a reminder, WellsColeman will no longer send certified payments on…
Read MoreWhy businesses may want to consider ESG in strategic planning
When engaging in strategic planning, business owners and their leadership teams must consider various factors. These commonly include the state of your industry, the national and local economies, the company’s financial position and cash flow, and opportunities in the marketplace. However, in today’s world, where transparency is everything, another factor that may be important for…
Read More2023 Q3 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. July…
Read More6 tried-and-true strategies for improving collections
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 ways. (These enterprises face many other challenges, of course.) For other types of companies, it’s not so easy. Collections can be particularly challenging…
Read MoreTraveling for business this summer? Here’s what you can deduct
If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you must meet certain requirements for out-of-town business travel within the United States. The rules apply if the business conducted reasonably requires an overnight stay. Note:…
Read More5 valuation terms that every business owner should know
As a business owner, you’ll likely need to have your company appraised at some point. An appraisal is essential in the event of a business sale, merger or acquisition. It’s also important when creating or updating a buy-sell agreement or doing estate planning. You can even use a business valuation to help kickstart or support…
Read MoreThe IRS has just announced 2024 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered…
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