Author name: Elizabeth Stroup

How to Avoid Burnout in Top-Performing Employees 

Leadership for Small Business Owners /

Every business owner looks for high-performing employees.  They’re easy to spot.  They solve problems, handle pressure, improve customer relationships.  They’re the people you depend on most.  Unfortunately, many businesses unintentionally punish strong performance.  They give their best employees more work, more responsibility, and higher expectations without creating enough support.  This inevitably leads to burnout if the cycle isn’t interrupted.  Burnout isn’t driven by employee weakness […]

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The Luxury Auto Tax Trap for Regular Business Vehicles 

Tax Strategy for Small Business /

Many business owners are surprised to learn that a basic SUV, sedan, or crossover can run into the same depreciation limits as a luxury car.  Even though “luxury auto depreciation limits,” sounds like it would apply only to high-end cars like BMWs, Mercedes, or Range Rovers.  That is not really the case.  These limits can apply to a perfectly

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Real Estate: Business or Investment? 

Tax Strategy for Small Business /

Real estate activities fall into several different tax categories.  It could be classified as a business or an investment, and that difference can change your tax bill.  Rental Properties  Rental real estate is sometimes treated like a business and sometimes treated like an investment activity, depending on what aspect of the tax law you want to dive

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How Should a Taxpayer Handle Owning a House Occupied by a Relative? 

Tax Strategy for Small Business /

When a taxpayer owns a house where a relative resides, they navigate tax considerations related to rent, expense reimbursement, and impact on deductions. Let’s explore three common approaches based on the document provided and relevant IRS guidelines.  1. Charging Rent at Fair Market Value  Charging fair market rent ensures the property is treated as a rental for tax purposes. This

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How to Train and Manage Your New Employee for Real Productivity 

Leadership for Small Business Owners /

You’ve worked hard to bring in a good new employee.  You interviewed, agonized, made the offer—and now they’re in the seat. But the reality is, they still have a lot to learn.  Now your job is to give that new employee the best possible chance to succeed.  Because what happens next will determine whether they become an asset—or a drain

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Does Money Left in the Business Bank Account Impact Taxes? It’s Complicated 

Tax Strategy for Small Business /

Many business owners believe that leaving money in the business checking account can delay or even eliminate taxes on that income. At first glance, that feels logical. If you do not take the money out, it seems like it should not count as income.  Unfortunately, that is not how the tax rules work.  This misunderstanding is extremely common and often

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Surprise! You Just Started a Business 

Tax Strategy for Small Business /

When does side income become a business?  Many people are surprised to learn they already have a business for tax purposes — even if they never formed an LLC or thought of themselves as “business owners.” The IRS uses a very broad definition of a business for tax purposes. Understanding whether what you’re doing counts as a business can dramatically affect your taxes. It determines whether you can

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The Business Owner’s Guide to Dealing with Inflation 

Business Growth and Strategy /

Many business owners would just look at inflation in terms of the standard published rate, such as the CPI (Consumer Price Index), and feel on top of things if they do an equal or greater price increase this year. But this article is going to show you how inflation specifically impacts your business and help you understand what actions

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S Corporation Election: Tax Savings with Strings Attached 

Tax Strategy for Small Business /

Electing S corporation status can feel like a smart tax move, and in many cases, it is. You may reduce self-employment taxes and keep more of what you earn. Those savings come with real responsibilities though: running payroll, filing Form 1120-S, tracking shareholder basis, and following strict IRS rules. Before you file Form 2553, make sure

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