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New Legislation On Alabama Overtime Pay Exemption

On June 8, 2023, Governor Kay Ivey passed legislation exempting overtime wages earned by full-time hourly employees from Alabama gross income and consequently from Alabama state income tax.

Aldridge, Borden & Company Announces Employee Promotions

Aldridge, Borden & Company is pleased to announce several promotions for our employees.

Aldridge, Borden & Company Names New Partner

Aldridge, Borden & Company is pleased to announce the promotion of Principal Joe Mills, CPA, to Partner

Aldridge, Borden & Company Names New Partner

Aldridge, Borden & Company is pleased to announce the promotion of Principal Amanda Hines, CPA, to Partner.

POCKET A TAX BREAK FOR MAKING ENERGY-EFFICIENT HOME IMPROVEMENTS

If you make eligible energy-efficient improvements to your home on or after January 1, 2023, you may qualify for a tax credit up to $3,200. You can claim the credit for improvements made through 2032.

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Cloud accounting: is it right for your small business or not-for-profit?

Until now, your small business has gotten by with delinquent financial data, weak internal controls,…

The Benefits of Effective Marketing in Not-For-Profit Organizations

In this blog, we explain the value effective marketing can bring to a not-for-profit organization.

Consider the Finer Points of Roth 401(K) Contributions

Many people are familiar with Roth IRAs. These popular retirement accounts feature tax-free withdrawals as long as certain conditions are met. But did you know that employers can offer designated Roth contributions as part of the 401(k) plans they sponsor for employees?

What You Need to Know About the 1099-K Updates

As Congress has lowered the threshold for receiving a Form 1099-K, more individuals will receive this form for the 2023 tax year. Understanding how to report your 1099-K income correctly is crucial to remain compliant with tax regulations. Whether you sell goods or services, it's essential to determine if you have made a gain on the sales and report accordingly on your tax return.

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

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

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”

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.

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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.

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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.

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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).

USE THE TAX CODE TO MAKE BUSINESS LOSS LESS PAINFUL

The tax rules regarding business losses are complex, especially when accounting for how NOLs can interact with other potential tax breaks. Read this article to learn more.

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Strengthen Strategic Planning with Competitive Intelligence

Business owners: Strategic planning is undeniably important, but you may be missing a savvy move if you aren’t using competitive intelligence to refine your game plan.

R.E.A.A.C.T. – Montgomery’s fight back to property fraud

Safeguarding your assets and controlling risks are essential to your family and business success. We…

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Converting Your Home into a Rental?

In some cases, homeowners decide to move to new residences, but keep their present homes…

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Retirement Saving Options for Your Small Business: Keep it Simple

If you’re a small business owner, you may be reluctant to set up a retirement plan because of the administrative burdens. Here are two options to consider that have far fewer requirements than traditional qualified retirement plans.

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Two Important Tax Deadlines: They Don’t Include Filing a Tax Return

Of course, the deadline to file your 2022 tax return is in April. But here are a couple important tax deadlines in April for certain taxpayers.

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2023 Q2 Tax Calendar: Key Deadlines for Businesses and Employers

Does this year’s April 18 filing deadline apply to your business? What additional tax deadlines are there for businesses and employers during the second quarter of 2023?

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2022 Gift Tax Return Deadline is Coming Soon

The income tax return deadline is April 18 this year. But it’s also the deadline for filing a gift tax return if you made large gifts last year. Find out if you’re required to file a 2022 gift tax return and why you may want to file one anyway.

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TIPS AND RESOURCES | TAXCADDY FAQ's Filing your income tax return can be a time-consuming…

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…

Gift Tax & The Holiday Season – Limits, Exceptions, & More

Estimated Reading Time: < 4 minutes A gift—no matter how large or small—can have a…

Employee Retention Tax Credit 101 – Are you Eligible?

Estimated Reading Time: < 4 minutes As an employer, your payroll costs make up a…

Child Tax Credit 101 – What You Need to Know

Thanks to the American Rescue Plan Act of 2021, the child tax credit has been…

Top Tips for Lowering or Limiting Your Property Taxes

The joys of commercial or residential property ownership cannot be overstated. From a financial standpoint,…

Leaving the Most for Loved Ones – Estate Planning Tips

Considering a future for our families beyond our own lifespans can lead to some of…

Save the Most Now For Later – Maximizing your 401(k)

Few financial topics are discussed as endlessly as retirement savings—and for good reason. Getting it…

How Much is a Business Worth? – Top Valuation Factors

Every business starts out as someone’s dream. But while dreams may be priceless, businesses require…

Top 5 Accounting Tips for New Startups

The idea has been building for years, and now you’re finally making it happen. Your…

Top 5 Signs Your Business is Financially Healthy

Financial health and physical health share a lot in common. Both can seem fine one…

From Groceries to Garments – What CPAs Do for Retail

Retail Business Accounting Your retail business is a complex entity offering a myriad of products…

Don’t Wait to Apply for PPP Loan Forgiveness

The SBA is currently accepting second draw PPP loan applications from participating lenders during a…

The CARES Act

Watch to review a brief overview of the income tax provisions of the CARES Act…

Tax Depreciation 101

I am going to be discussing the basics of tax depreciation, and what can be…

IRAs and the Related CARES and SECURE Act Provisions

In this video we will talk about Traditional Individual Retirement Arrangements, or IRAs and the…

Estate and Gift Tax Changes

A lot of times when people hear the words estate and gift, they assume the…

Annual Renewal REQUIRED of Alabama Tax Licenses

Beginning Sunday, November 1, 2020, taxpayers will be required to renew the State of Alabama…

Protect Your Small Business from Internal Financial Fraud

It’s a small business owner’s worst nightmare: internal financial fraud. If you’re running a small…

Accounting Software for Restaurant Owners

Aldridge Borden and Co. Has the Recipe for Restaurant Accounting Success

If you’re a restaurant owner, you know that success requires maintaining a delicate balance between…

Business Tax Strategies Made Easy at Aldridge, Borden & Company

If you own a small business, you know how confusing, complicated, and scary it can…

Onesource - by Aldridge Borden & Company

Three reasons the OneSource solution keeps you IN your biz and OUT of accounting

If you’re a small business owner, you are clearly a subject matter expert in your…

arm your business with strong accounting and financial strategies

The difference between business accounting and finance and when to outsource

As a business owner, you want to understand how your business’s financial performance positions your…

ANSWERS TO YOUR QUESTIONS ABOUT 2020 INDIVIDUAL TAX LIMITS

Right now, you may be more concerned about your 2019 tax bill than you are…

CFO to Chair Audit Committee of the Board for River Region United Way

We would like to honor and congratulate our very own CFO, Ashley Lough, on her…

Business Entity Selection After the TCJA: Post-Death Considerations

By Rhonda L. Sibley, CPA, AEP The law known as the Tax Cuts and Jobs…

IRA Charitable Donations are an Alternative to Taxable Required Distributions

Are you charitably minded and have a significant amount of money in an IRA? If…