Richard Gilmartin Manhattan CPA

Why CFOs should spearhead digital transformation

Why CFOs should spearhead digital transformation The chief financial officer must play a crucial role in determining the strategy and tactics to automate and standardize key processes throughout the organization.

Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. We can help maximize the tax breaks you’re entitled to so you can keep more of your hard-earned money. Contact us for more info.

Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations. The net operating loss (NOL) deduction addresses the tax inequities that can exist between businesses with stable income and those with fluctuating income. It essentially lets the latter average out their income and losses over the years and pay tax accordingly. The tax rules regarding business losses are complex, especially when accounting for how NOLs can interact with other potential tax breaks. We can help you chart the best course forward.

If you’re buying or replacing a vehicle that you’ll use in your business, be aware that a heavy SUV may provide a more generous tax break this year than you’d get with a business car. New and used heavy SUVs, pickups and vans acquired and put in service in 2023 are eligible for 80% first-year bonus depreciation. However, you must use the vehicle more than 50% for business. If your business use is 51% or more, you can deduct that percentage of the cost in the first year the vehicle is placed in service. This tax break is available only if the manufacturer’s gross vehicle weight rating is above 6,000 pounds. Contact us to help evaluate if this is the right move for your business.