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Financial Benchmarking for Success

Financial Benchmarking for Success

A comprehensive benchmarking study can provide a healthy view of your business. By comparing your business’s financial performance to competitors — or even itself over time — benchmarking can help identify trends, value drivers, and potential risks. A comprehensive...

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Optimizing Business Losses

Optimizing Business Losses

Whether you are operating a new company that has not yet earned a profit or a mature business that has been squeezed by today’s volatile economy, business losses can happen. While no one likes to lose money, the federal tax code helps soften the blow by allowing...

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Taking Stock of Your Inventory Accounting Method

Taking Stock of Your Inventory Accounting Method

How inventory is accounted for can have a significant impact on your tax bill if your business involves the production, purchase, or sale of products. In some cases — particularly during periods of high inflation and stable inventory levels — adopting the last-in,...

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IRS Releases Standard Mileage Rates for 2023

IRS Releases Standard Mileage Rates for 2023

Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business purposes for 2023. However, the standard mileage rates for medical and moving expense...

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