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Business Energy Credit for Alternative Energy

April 28, 2021

If you are interested in alternative energy technologies to help manage your business energy costs, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property.

Reasonable Compensation for a Corporate Business Owner

April 21, 2021

Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends.

Retirement Plan Savings Options for Small Businesses

April 12, 2021

If you want to set up a retirement plan for yourself and your employees, but want to avoid the financial commitment and administrative burdens involved in providing a traditional pension plan, you do have options.

Business Owners: Hire Your Child and Save Some Tax Dollars

April 5, 2021

As a business owner, you can save family income and payroll taxes by putting your child on the payroll.

Financial Danger Signs for Nonprofits

April 2, 2021

Many not-for-profits are just starting to emerge from one of the most challenging environments in recent memory due to the COVID-19 pandemic. Even if your organization is in good shape, don’t get too comfortable.

The Importance of Benchmarking for Nonprofits

March 10, 2021

Benchmarking is widely used by for-profit companies but sometimes is overlooked by charities and other nonprofits. A not-for-profit organization should be committed to benchmarking because it offers many benefits, including long-term sustainability.

Tax Considerations for New Small Businesses

March 10, 2021

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors.

Olsen Thielen Celebrates 100 Years

March 9, 2021

Nearly 100 years ago, Olsen Thielen was founded on the belief that personal attention, trust, and quality service were the key elements to helping our clients succeed, and that commitment remains. commitment to their clients and their community.

Time to Rebuild Your Nonprofit’s Operating Reserves?

March 4, 2021

Events of the past year may have put a dent in many not-for-profit organizations' reserves. You possibly could have tapped into your reserve fund to buy personal protective equipment or maybe to pay salaries when your budget no longer proved adequate.

Work Opportunity Tax Credit Extended Through 2025

March 2, 2021

A recent law extended the Work Opportunity Tax Credit (WOTC) for businesses who hire individuals from one or more targeted groups. The credit is generally limited to eligible employees who began work for the employer before January 1, 2026.

How Your Nonprofit Can Recover From Fraud

February 24, 2021

Fraud and embezzlement schemes cost not-for-profit organizations more than just money. The hit to a group’s reputation may scare off donors, grantmakers, and other supporters.

Home Office Deduction Rules

February 22, 2021

During the past year, many more people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income.

Gig Economy Income Must be Reported

February 18, 2021

In 2020, many people joined the gig economy to help make ends meet during the pandemic. Whether it’s a side business or a primary source of income, all taxpayers need to understand how their gig work affects their taxes.

Nonprofits and Social Media Influencers – How to Work Together

February 18, 2021

With the competition for donation dollars fierce right now, many not-for-profits are turning to influencers — from Hollywood celebrities to politicians to blog stars — to raise awareness of their organizations and causes.

Tax Implications of Buying or Selling a Business

February 16, 2021

If you are considering buying or selling another business, it’s important to understand the tax implications.