If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax situation.
Tax season is here, and if you’re preparing to file your 2024 return, you’ll want to be aware of recent tax law changes that could impact how much you owe or how much you get back in refunds. From adjustments in tax brackets to changes in deductions and credits, here’s a breakdown of key updates to consider when filing this year.
As a management member or board director of a nonprofit organization, you play a crucial role in overseeing its financial health and ensuring its sustainability. Understanding financial statements can seem daunting, but with the right approach, you can leverage them to make informed decisions and drive your mission forward. Here are some key tips and tricks for effectively reading, understanding, and analyzing financial statements.
As tax season approaches, many small business owners are leaving money on the table by overlooking valuable deductions. Staying informed about tax law changes and exploring lesser-known breaks can significantly reduce your taxable income. Here are some often-overlooked deductions to help you keep more of your hard-earned money:
Sale and leaseback transactions are a strategic financial tool businesses use to unlock cash flow while retaining operational control of critical assets. In such an arrangement, a seller transfers ownership of an asset to a buyer and immediately leases it back. This type of transaction can provide significant benefits to both parties: the seller-lessee gains liquidity and operational flexibility, while the buyer-lessor secures a steady income stream and potential tax advantages. However, determining whether a transaction qualifies as a sale and leaseback under Generally Accepted Accounting Principles (GAAP) involves navigating a complex set of criteria.