Tax and accounting

Picture two neighbors separated by a fence, both deciding how to seed and fertilize their respective lawns. One goes for a combination that grows like crazy in a typical wet spring and turns a lustrous green — only to quickly brown during the first extended dry spell in the summer heat. The other opts for…

How would you rate your financial literacy? Most small business owners (84%) don’t have a business degree or formal financial training — and just over half (54%) felt confident in their financial knowledge before launching their businesses, according to a 2025 QuickBooks survey. Even owners who think they understand financial matters often hit roadblocks. Roughly…

Every year, the amounts allowed for various federal tax benefits are subject to inflation adjustments and legislative changes. Staying informed is essential for effective tax planning, especially when working with a Tax Planning company in Brookfield that provides proactive, year-round tax accounting solutions Brookfield residents trust.  The following list provides important federal tax information for 2026, as compared with…

Small business owners and independent contractors are always looking for ways to save time. If you run your own business (or want to start one), it might seem tempting to have a combined business and personal bank account, but it’s not a good idea. Keeping finances separate not only simplifies recordkeeping but also makes it…

Our company offers a high-deductible health plan (HDHP) and makes contributions to the Health Savings Accounts (HSAs) of employees who have elected the HDHP coverage and established an HSA. Several employees have asked how they should report their HSAs on their federal tax returns. Understanding these reporting requirements is an important part of effective tax…

Meeting with prospective customers is like an opening night of a play — you’re either going to make it or break it. You’ve presented your pitch, answered all the questions, and by the end of the meeting you’re sure you clinched the deal. Then you find out the customer is turning you down for someone…

Even though the current gift and estate tax exemption amounts are high, some families with wealth tied up in a closely held business could be forced to sell assets to meet tax obligations. However, Internal Revenue Code Section 6166 can provide relief. Let’s take a look. An election to defer estate taxes under Sec. 6166 can help…

Under current law, the deduction for business interest expense is generally limited to 30% of adjusted taxable income (ATI) for the year. The One Big Beautiful Bill Act (OBBBA) modifies how ATI is calculated starting in 2025. Specifically, depreciation, amortization, and depletion are once again added back when computing ATI, increasing the limit on business…