Articles by

Olsen Thielen

Product Profitability for Manufacturers

March 6, 2025

For manufacturers, knowing product profitability for individual items is essential for strategic decision-making and long-term success. While total revenue can provide a sense of overall product performance, profitability analysis can deliver a clearer picture of which products contribute the most (and the least) to your bottom line.

Manufacturers: Avoid Overpaying State Sales Taxes

February 28, 2025

Manufacturers often can benefit from state sales tax exemptions. However, available exemptions sometimes vary significantly by state, so manufacturers need to stay on top of available exemptions to avoid overpaying state sales taxes.

Home Office Tax Deductions

February 26, 2025

As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS rules to ensure compliance and avoid potential IRS audit risks.

Tipped Employees and Tax Compliance

February 25, 2025

You may have heard about proposals to end taxes on tips. If you’re a business with tipped employees, you are required to adhere to a number of regulations and laws.

Increased Business Tax Limits for 2025

February 4, 2025

For 2025, inflation-adjusted changes were made to certain business tax limits. Here’s how much employees can contribute to their 401(k)s and FSAs this year, as well as other important business tax amounts.

Casino Nights Aren’t All Fun and Games for Nonprofits

February 4, 2025

Gaming fundraisers are popular with nonprofits and their supporters. But before you plan your event, make sure you know the IRS rules regarding reporting gambling activities and paying any tax due.

Cost Allocation for Nonprofits

January 31, 2025

Nonprofits often struggle with properly handling the cost allocation of program expenses. Yet the process is critical because your supporters want to know how you use financial resources.

Managing Payroll Taxes

January 30, 2025

Navigating the complexities of payroll taxes is a daunting task for small business owners. Learn how you can streamline your payroll processes by developing strategies to ensure compliance, avoid penalties and maintain employee trust so you can continue to focus on growing your enterprise.

W-2 and 1099-NEC Deadlines

January 27, 2025

The deadline is almost here for businesses to submit certain information returns to the government and furnish them to workers. By Jan. 31, 2025, employers must file Forms W-2 that show the wages paid and taxes withheld for 2024 for each employee.

Tax Treatment of Intangible Assets

January 22, 2025

Properly managing the tax treatment of intangible assets is vital for businesses to maximize tax benefits and ensure compliance with tax regulations.

Self-Employment Tax Refresher

January 20, 2025

You’re probably familiar with the self-employment tax if you own a business. Here’s a refresher on how it works, how it will increase and whether there’s anything you can do to reduce it.

2025 Standard Mileage Rate

January 20, 2025

The standard mileage rate is adjusted annually and calculated based on driving costs, including the price of gas. The IRS announced that the 2025 cents-per-mile rate for the business use of a car, van, pickup or panel truck is 70 cents.

Golden Nest Egg for the Self-Employed

January 17, 2025

A solo 401(k) plan is a powerful retirement savings tool if you run a one-person small business. Here’s how you can help save for a golden nest egg and reap tax advantages.

Decoding Income Definitions: AGI, MAGI, and Taxable Income

January 16, 2025

Navigating the U.S. tax system can be complex, particularly when understanding income definitions like Adjusted Gross Income (AGI), Modified Adjusted Gross Income (MAGI), and Taxable Income. These definitions impact your tax liability and eligibility for various deductions and credits.

Business Continuity Plan for Manufacturers

January 15, 2025

A business continuity plan is a must for manufacturing companies. Your plan should outline the immediate steps to be taken in the event of a crisis and be flexible enough to allow your company to adapt to unanticipated scenarios.