Aldridge Borden and Co., Author at Aldridge Borden and Company

Keep thieves from stealing from your nonprofit youth sports league

By far the most important step youth leagues can take to prevent fraud is to segregate duties. This means that no single individual receives, records and deposits funds coming in, pays bills and reconciles bank statements.

ALABAMA FOOD TAX CUTS

June 16, 2023
Aldridge Borden and Co.
Advice, Business, Business accounting, Consulting, Taxes

In early June, Governor Kay Ivey signed a bill that will lower the state food tax rate from 4% to 3% on September 1, 2023. In 2024 the tax will be lowered to 2%, but it is contingent on the projections for the Education Trust Fund raising by 3.5% for 2025.

4 TAX CHALLENGES YOU MAY ENCOUNTER IF YOU’RE RETIRING SOON

June 12, 2023
Aldridge Borden and Co.
Advice, Business, Business accounting, Consulting, Taxes

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. Here’s a brief rundown of four tax and financial issues you may contend with when you retire:

How to Battle Back Against “Brandjacking”

June 9, 2023
Aldridge Borden and Co.
Branding, Business, Consulting, Cryptocurrency, Marketing, OneSource Solution, Social Media, Technology, Website

As individuals, we’re warned repeatedly about the dangers of online identity theft. Well, as a business owner, you’re in double jeopardy because a hacker might not only steal your personal identity, but also — or alternatively — hijack your company’s brand.

living trust & estate planning written on a sheet of paper

Benefits of a Living Trust for your Estate

If you have significant assets, you should consider establishing a living trust to avoid probate. Probate is a court-supervised legal process intended to make sure a deceased person’s assets are properly distributed. However, going through probate typically means red tape, legal fees and your financial affairs becoming public information. You can avoid this with a living trust.

Joyful remote worker sitting at her laptop

Hiring Independent Contractors and the Tax Implications

Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake.

Young white girl with sandy blonde hair tied back. She is wearing a gray shirt with a khaki apron. Her arms are crossed and she has a smile on her face. The background is white with some bright yellow objects and it resembles a grocery store or restaurant.

Offering summer job opportunities? Double-check child labor laws.

Is your business planning to hire teenagers for summer jobs? If so, be sure everyone on staff is familiar with the child-labor provisions of the Fair Labor Standards Act.

The IRS has just announced 2024 amounts for Health Savings Accounts

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs).

Nonprofits Tax Burdens & Types Explained – What You Need to Know

Estimated Reading Time: < 5 Minutes If you’re about to embark on a nonprofit mission to save even one square foot of your world, congratulations! Nonprofit organizations really can make a difference, and deciding to be a part of that…

Protect Your Small Business from Internal Financial Fraud

October 20, 2020
Aldridge Borden and Co.
Business, Business accounting, OneSource Solution

It’s a small business owner’s worst nightmare: internal financial fraud. If you’re running a small business, you want to be able to trust your employees implicitly. After all, they are partners in your success. But every now and then, as…