Polk & Associates

06/15/2026

Small business owners: If you think your income is too high for you to qualify to make Roth IRA contributions, think again. Many self-employed individuals are eligible for contributions without realizing it. https://wp.me/p77IVw-33f

06/12/2026

Although inflation is rising, businesses can manage higher prices and even thrive by lowering costs and enhancing cash flow. We suggest several ideas for fighting the effects of inflation.

For the 12 months ending in April 2026, the U.S. inflation rate was 3.8%. Rising inflation can make managing a business challenging, yet you can still thrive by making prudent cost cuts and acting …

06/10/2026

Thinking about donating a painting, sculpture or other work of art to charity? Read this first to help ensure your tax deduction will be what you expect.

If you donate artwork to charity, the deduction you can claim depends on several factors, including the type of organization receiving the piece and how it will be used. Your deduction will general…

06/08/2026

Certain small businesses may qualify for various federal tax breaks. But different tax provisions use different size tests. Read on to learn more about big tax breaks for small businesses that meet one such test.

Certain “small businesses” may qualify for several valuable tax breaks. But different tax provisions use different size tests. For instance, a gross receipts test is used to determine eligibility f…

06/05/2026

A change in state residency has tax implications beyond income taxes. Find out what tax factors to look at before relocating.

If you’re thinking about relocating, don’t choose a new state based only on climate, cost of living or proximity to family. Also review the tax implications. For example, some states don’t have a p…

06/03/2026

How can you make the best insurance decisions for your business? Obviously, you don’t want to overpay for unnecessary coverage. But you also don’t want to skimp where risk is high. Start by reviewing common policies.

Is your business paying for insurance coverage you don’t need — or missing protection where risk may be significant? You may have many options to choose from, depending on your organization’s opera…

05/29/2026

Keeping your withholding aligned with your expected tax liability can help you enjoy better cash flow during the year and avoid unwelcome surprises at filing time. Learn how to fine-tune it.

Many taxpayers discover at filing time that their tax payments during the year didn’t align with their actual liability — either too much or too little was withheld from their paychecks. Keeping wi…

05/27/2026

Does your business own commercial real property? A closer look at your building costs could change how quickly you can deduct those expenses. A cost segregation study can uncover tax savings hidden in plain sight.

Does your business own commercial real property? A closer look at your building costs could change how quickly you can deduct those expenses. Business buildings generally have a 39-year depreciatio…

05/22/2026

Strategic alliances aren’t just about expanding market reach, achieving operational synergies or improving profitability. They can also help your business “audition” for a future merger. Here’s how.

Joint ventures and other strategic alliances can help your business expand its market reach, achieve operational synergies and improve profitability. A well-structured arrangement may also give you…

05/20/2026

Rebalancing your investment portfolio periodically is necessary to maintain your desired asset allocation, which can help manage risk and achieve your goals. Here are some tips for tax-smart rebalancing.

Large stock market gains in recent years, coupled with volatility in 2026, may have left you with a portfolio that’s out of balance with your desired asset allocation. If you haven’t rebalanced rec…