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Small business owners still have time to reduce their federal income tax bills for this tax year. Here are five tax-smart moves to consider between now and year end. The good news is it appears there won't be any significant unfavorable federal tax changes that will take effect next year, which simplifies year-end tax planning for 2023.

Due to today's relatively high standard deduction amounts, fewer taxpayers are itemizing deductions on their federal returns than they did before the Tax Cuts and Jobs Act became effective in 2018. However, if your total itemizable expenses are close to the standard deduction, it's usually advantageous to itemize, if possible. Here are some last-minute ideas that could allow you to itemize for 2023.

Have you made moves to lower your federal income tax obligation for 2023? Fortunately, there's still time — and this year, tax planning may be simpler, because Congress isn't expected to pass any additional tax-related legislation that will affect your 2023 or 2024 tax situation. Here are seven ideas for you to consider before year end.

Management interviews provide important fact-finding opportunities when valuing a business. Beware: In litigation, skipping this step may compromise a valuator’s credibility and the quality of his or her opinion.

For businesses contemplating bankruptcy, a valuation can help management decide how to proceed. But these business valuations differ from those of healthy companies.

How much control does a business owner have? How readily can the business interest be converted to cash? These questions need to be addressed to determine the appropriate level of value in a business valuation.

What’s the average cost of a data breach? As average losses continue to rise, it’s important for companies to understand the scope of auditors’ responsibilities related to cybersecurity.

When drafting or updating a buy-sell agreement, it’s important to cover all the value-related bases. Missteps can prove costly, as a recent case demonstrates.

Transaction databases: Handle this information with care when valuing a business.

Thinking about using an ESOP as an exit strategy? Business valuations are critical to avoid missteps with the IRS and U.S. Department of Labor.

Lost profits vs. lost business value: What’s right for your case?

Has your manufacturing company considered the benefits of rolling forecasts?