Posts Tagged ‘best Accounting Services Brookfield’

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…

Under current law, the deduction for business interest expense is generally limited to 30% of adjusted taxable income (ATI). Beginning in 2025, the One Big Beautiful Bill Act (OBBBA) changes how ATI is calculated. Depreciation, amortization, and depletion will once again be added back when determining ATI — a shift that effectively increases the amount…

As a family business owner, you’re not just building wealth; you’re also creating a legacy. But when it comes to transferring that legacy to the next generation, taxes, control and family dynamics can complicate even the best intentions. A family limited partnership (FLP) or family limited liability company — let’s refer to them collectively as…

The One Big Beautiful Bill Act (OBBBA) includes numerous tax law changes that affect employers. Understanding these provisions is essential to ensure compliance with federal tax and reporting obligations — and to minimize taxes when providing employee benefits. Below are 10 key employer-focused updates. 1. Employee Deductions for Qualified Tips and Overtime Income For 2025…

When you got married, you knew it was for “better or worse.” But you might not know about laws that hold you responsible if your spouse cheats on a tax return—a situation where expert tax accounting solutions Brookfield professionals can help protect your financial well-being. Married couples filing jointly should be aware that: To illustrate…

For many family-owned businesses, growth comes with a renewed commitment to employees and the community. One such business is taking that commitment to a new level by adding an on-site child care facility — an investment in its workforce that also comes with valuable federal tax incentives. A Strategic Step Toward Work-Life Balance The decision…