Joseph Heneghan No Comments

Hit The Ground Running: 7 Steps for New Business Owners

Running a new business can be a daunting endeavor. As soon as you form a business, you’ll face many important decisions, ranging from mundane to critical. While much of what you must learn comes through trial and error, other lessons can be learned by observing what other business owners have experienced. Here are seven tips to help you hit the ground running.

Read more
Joseph Heneghan No Comments

Notify the IRS if You Change Your Address

It’s important to notify the IRS if you move and change your address. Under tax law regulations, a taxpayer’s last known address is the one that appears on the tax return you filed most recently — unless the IRS is otherwise notified.

Read more
Joseph Heneghan No Comments

7 Valuable Tax Credits For Small Businesses

Many people are familiar with tax credits for individual taxpayers, such as the credits for higher education expenses or the child tax credit. But businesses and business owners also may be eligible for some valuable credits that can lower their tax bills. Here are seven credits for small business owners to consider this tax year and beyond.

Read more
Joseph Heneghan No Comments

Congress Approves New Disaster-Area Tax Relief

A flurry of tax legislation passed at the end of 2019 as part of an omnibus spending package. You might have already heard about changes to the retirement plan rules and tax extenders that were part of this package.

However, there are some lesser-known changes that you might not know about. Specifically, the disaster-related provisions of the Taxpayer Certainty and Disaster Tax Relief Act provide valuable relief to taxpayers affected by federally declared disasters that happened between January 1, 2018, and January 19, 2020.

Read more
Joseph Heneghan No Comments

10 Tax Elections to Save Money on Your 2019 Return

2020 is a presidential election year. You’ll have an opportunity to cast a vote for your favored presidential candidate in November, but you can make several other key “elections” this year when filing your 2019 tax return. These elections may be influenced by the Tax Cuts and Jobs Act (TCJA), as well as the year-end spending package that was signed late last year. 

Here are ten important choices that individuals and small business owners can make this tax season.

Read more
Joseph Heneghan No Comments

Improve Your Construction Firm’s Chance of Winning a Bid

Like the saying “You gotta be in it to win it,” many construction firm owners submit many bids for local jobs to be in it.

But to thrive and survive, you need to do more than just be in the bidding process. Your firm must be able to submit bids that have a reasonable chance of approval. And your firm must win often enough to thrive.

Read more
Joseph Heneghan No Comments

Five Issues to Consider When Making Charitable Donations

Do you plan on making contributions to charity this year? If you’re in a giving mood, you may be rewarded with sizeable charitable deductions on your tax return. But the tax law is fraught with numerous twists and turns, so you must be careful to navigate the rules.

Read more
Joseph Heneghan No Comments

Is Your Family Medical Leave Policy Up-to-Date?

The Administrator of the Department of Labor’s Wage and Hour Division (WHD) periodically responds to new Family Medical leave Act (FMLA) compliance questions from employers and employees. Notable ones are posted for the benefit of people facing similar situations. Here’s a sampling.

A recent case deals with whether an employee’s time away from work to attend regular meetings at her children’s school qualifies as FMLA-sanctioned leave. The meetings were with school officials to discuss the special needs of the children and appropriate “individualized education plans.” 

Read more