Unlike the lock to a physical door, which generally protects property for a long time, a business’s cybersecurity measures need to be regularly updated and reinforced. Most cyberattacks fall into two categories: ransomware and social engineering. In a ransomware attack, hackers infiltrate a company’s computer network, encrypt or freeze critical data, and hold that data…
Edmond Tax Blog
2022 – 11/09 – How should your marketing strategy change next year?
The U.S. economy has changed significantly this year. Your marketing strategy for 2023 should promote a business that’s nimbly adjusted to the playing field and can still offer customers great value. A good place to start is with your audience. Consider each prospect, customer or targeted group as an investment. Estimate your net profit after…
2022 – 11/16 – Like every business, a start-up needs a sensible budget
Per the U.S. Census Bureau, more than 430,000 new business applications for tax identification numbers were submitted in October 2022. One thing that every new company needs, along with a business plan, is a sensible budget. For the first year of operation, entrepreneurs can create one by forecasting the monthly numbers that will likely be…
Can you deduct the costs of a self-managed portfolio?
Do you have significant investment-related expenses, including payment for financial service subscriptions, home office maintenance and clerical support? Under current tax law — specifically the 2017 Tax Cuts and Jobs Act — these expenses aren’t deductible through 2025 if they’re considered investment expenses to produce income. But they are deductible if they’re considered trade or…
How start-up costs of a new business affect your tax return
Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. The latest data available from the U.S. Census Bureau shows that for the period of June 2020 through June 2021, business applications were up 18.6%. The Bureau measures this by the number of businesses applying for…
Hiring your minor children for summer jobs
If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income, and Realize payroll tax…
