As inflation continues to sweep the country causing prices to rise, one cost that is about to drop is the City of Philadelphia’s Business Income and Receipts Tax (BIRT). Effective July 1, 2022, the net…

This is the final year to take advantage of 100% bonus depreciation. Here is what you need to know about how to use this generous tax break for your business. Background Bonus depreciation allows you…

Too often businesses emphasize increasing sales as the only way to boost profits. Cost-cutting, when done selectively and intelligently, can be a faster way to higher profits. Here are six ways you can “trim the…

While most interest expense is no longer tax deductible, home equity loan interest may be. It all depends on how the money is used.   Home acquisition debt: Interest on debt used to purchase, refinance…

Succession planning can be one of the most difficult issues faced by a family-owned business. Unfortunately, many don’t survive the transition to the next generation. Good planning is the key. Yet, according to the Conway…

Before you close the file on this year’s tax return, there is still accurate record-keeping to prepare in case of an audit. Here are some tips for organizing everything. Save indefinitely • Your tax return…

With inflation running at a 40-year high and interest rates heading north, it is important to understand how the Federal Reserve’s actions will influence financial choices that you make in 2022 and beyond. Here are…

The Internal Revenue Service announced on June 9, 2022 an increase in the standard mileage rates in the middle of the year.  Normally they are adjusted once a year for inflation, but this midyear adjustment…