The deductibility of meal expenses for employers and business entities is a nuanced area of tax law that requires careful consideration of various rules and exceptions. This article explores the intricacies of meal expense deductions, focusing on when the 50% deductibility rule applies, exceptions to this rule, and strategies for planning around these limitations. The .....
You’ve hit your 40s or 50s, and suddenly, retirement doesn’t feel like a distant mirage. The countdown is on. But here’s the good news: You’re in a prime position to play catch-up and fortify your future, using smart tax strategies to stretch your dollars further. Think of it as turning your financial cruise control into .....
The dreaded moment arrives: you check your mail, and there it is—a letter from the IRS. Your heart sinks. What could it be? A mistake? A penalty? A request for missing information? If this sounds familiar, you’re not alone. During filing season, the IRS sends out millions of notices, often leaving taxpayers confused, stressed, and .....
Parents have special tax situations and benefits. Tax breaks for parenting expenses can result in a lower tax bill and a higher refund. Here are some key things parents need to know. To begin with, for parents to take advantage of most of the child-related tax benefits, the child must have a Social Security Number .....
As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2025 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on Jan. 1, 2025, the standard mileage rates for the use of a car (or a van, pickup .....
By Randy Gieseking, President of Safety Management Group Over three decades in the field, it has become evident that safety extends beyond compliance; it involves addressing the real challenges faced daily by workers, owners, and contractors on the ground. Recently, a senior safety advisor observed that a worker appeared to be struggling. After initiating a conversation, .....
By Jay Langston and James Hamilton For many general contractors, taking on work in a new state or region can offer transformative opportunities for building a thriving business and a respected reputation. But managing projects is challenging enough – even if the jobsite is down the street and all members of the project team are familiar .....
A construction business whose structures collapse is doomed to failure. This is why blueprints are drawn and foundations must be solid. A construction business that fails to keep its books is equally at risk of failure. If a construction business fails to track income and expenses, materials can’t be ordered, paid for, and their delivery .....
by Steve W. Smith In recent years, the U.S. construction sector has been caught in a perfect storm: a dwindling pool of skilled laborers just as demand for their expertise skyrockets. According to data from the Associated Builders and Contractors (ABC), the industry is grappling with a deficit of 501,000 workers to satisfy existing demand. What’s .....
Nathan Wechsler & Company is excited to announce the addition of Matthew J. Sawyer as a Senior Manager. He performs work for a diverse range of clients, focusing on auditing, accounting, consulting and special projects. “We are pleased to welcome Matthew Sawyer to our team,” said Kelli D’Amore, Managing Director of Nathan Wechsler & Company. .....