Scott Henvey

2 min read

How inflation will affect your 2024 and 2025 tax bills

Scott Henvey: Dec 2, 2024 12:59:11 PM

Inflation can have a significant impact on federal tax breaks. While recent inflation has come down since its peak in 2022, some tax amounts will...

2 min read

When can you deduct business meals and entertainment?

Scott Henvey: Dec 2, 2024 12:54:22 PM

You’re not alone if you’re confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in...

2 min read

Get tax breaks for energy-saving purchases this year because they may disappear

Scott Henvey: Dec 2, 2024 12:45:26 PM

The Inflation Reduction Act (IRA), enacted in 2022, created several tax credits aimed at promoting clean energy. You may want to take advantage of...

3 min read

From flights to meals: A guide to business travel tax deductions

Scott Henvey: Nov 11, 2024 11:11:09 AM

As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel...

2 min read

How can you build a golden nest egg if you’re self-employed?

Scott Henvey: Nov 11, 2024 11:04:53 AM

If you own a small business with no employees (other than your spouse) and want to set up a retirement plan, consider a solo 401(k) plan. This is...

2 min read

Employers: In 2025, the Social Security wage base is going up

Scott Henvey: Nov 11, 2024 10:57:07 AM

As we approach 2025, changes are coming to the Social Security wage base. The Social Security Administration recently announced that the wage base...

2 min read

Unlock your child’s potential by investing in a 529 plan

Scott Henvey: Nov 8, 2024 10:10:15 AM

If you have a child or grandchild planning to attend college, you’ve probably heard about qualified tuition programs, also known as 529 plans. These...

1 min read

Can homeowners deduct seller-paid points as the real estate market improves?

Scott Henvey: Nov 8, 2024 10:04:18 AM

The recent drop in interest rates has created a buzz in the real estate market. Potential homebuyers may now have an opportunity to attain their...

1 min read

2024 Q4 tax calendar: Key deadlines for businesses and other employers

Scott Henvey: Oct 8, 2024 2:18:58 PM

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2024. Keep in mind that this...

2 min read

Help ensure your partnership or LLC complies with tax law

Scott Henvey: Oct 8, 2024 2:13:11 PM

When drafting partnership and LLC operating agreements, various tax issues must be addressed. This is also true of multi-member LLCs that are treated...

2 min read

It’s time for your small business to think about year-end tax planning

Scott Henvey: Oct 8, 2024 2:01:35 PM

With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. The...

2 min read

6 key elements of a business budget

Scott Henvey: Sep 5, 2024 12:14:14 PM

2 min read

Are you liable for two additional taxes on your income?

Scott Henvey: Sep 5, 2024 11:52:47 AM

Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and...