McSwain & Company, PS
Defining Net Revenue Retention (NRR)
March 1, 2025 · Blog, General Business News, Uncategorized
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These articles provide general information on tax, accounting, and financial topics for small businesses and individuals. They are educational in nature and are not specific legal, accounting, financial, tax, or other professional advice, and should not be relied upon as such. This content was prepared by Service2Client and may have been reviewed or edited by the website owner for accuracy and compliance. Look for a trust mark below for verification details. No representation is made that any approach described will achieve a particular result, and no regulatory or professional body has reviewed or endorsed this content. Because each situation is different, readers should consult a qualified professional about their specific circumstances before acting. Images accompanying these articles are protected by copyright and may not be copied or reused.
March 1, 2025
Published by Service2Client on March 1, 2025
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The subscription economy, according to Forbes, is expected to reach $1.5 trillion in revenue for businesses. With the potential likely realized this year, it's vital to understand how it is tracked – and more importantly, how…
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March 1, 2025
Published by Service2Client on March 1, 2025
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đź–¨ Print⏱ 5 min readIdentity theft is when someone steals your personal information and then uses it to commit fraud. They may access your Social Security or Medicare number, employee ID, utility, credit card or bank account numbers. Once the scammer has this information, he can conduct all kinds of crimes, such as withdraw assets from your accounts, open and close accounts in your name, take out loans or new lines of credit in your name, and even impersonate you if they get arrested – leaving you with a criminal record you may not even know about. How Do Scammers Steal Your Identity? Whereas scammers used to rummage through trash cans; today they can hack into your emails, social media, […]
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March 1, 2025
Published by Service2Client on March 1, 2025
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đź–¨ Print⏱ 3 min readPromoting Resilient Supply Chains Act of 2025 (S 257) – Introduced by Sen. Maria Cantwell (D-WA) on Jan. 2, this bill is designed to promote resilient critical supply chains by identifying, preparing for, and responding to supply chain shocks to critical industries. The ultimate goal of the legislation is to encourage the growth and competitiveness of production and manufacturing in the United States using emerging technologies. The bipartisan legislation is currently under consideration in the Senate. To prohibit individuals convicted of defrauding the Government from receiving any assistance from the Small Business Administration, and for other purposes (HR 825) – This bipartisan legislation would prohibit a small business with a high-level associate convicted of any crime […]
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February 1, 2025
Published by Service2Client on February 1, 2025
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Return on Ad Spend (ROAS) is one way to help advertising and marketing professionals and investors analyze how well promotions do (or don't) produce sales. It helps advertisers develop data based on their campaigns' revenue…
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February 1, 2025
Published by Service2Client on February 1, 2025
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Keeping tabs on what you spend isn’t hard. It just has to become a habit. But here’s the good news: Studies show that it only takes an average of 66 days to form a habit. A little over two months. With these easy ways to…
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February 1, 2025
Published by Service2Client on February 1, 2025
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đź–¨ Print⏱ 4 min read As 2025 unfolds, U.S. tax policy is poised for significant shifts, particularly with a new Republican administration under President Donald Trump. The year ahead will likely see a range of tax reforms, largely driven by the GOP’s objectives and campaign promises. In this article, we’ll explore the major tax policy trends, legislative developments, and administration changes that may shape U.S. tax law in 2025. The Impact of Supreme Court Decisions 2024 also saw two major Supreme Court decisions with significant tax implications. In the Moore case, the Court ruled narrowly on the issue of wealth taxation, leaving open the possibility of revisiting the question in the future. While wealth tax proposals had gained some traction […]
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February 1, 2025
Published by Service2Client on February 1, 2025
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đź–¨ Print⏱ 3 min readLaken Riley Act (S 5) – A holdover from the last congressional session, this bill was re-introduced by Sen. Katie Britt (R-AL) on Jan. 6. It is similar to a 1996 law, the Illegal Immigration Reform and Immigrant Responsibility Act, that deports illegal immigrants who are found guilty of serious crimes. This new bill enables the government to detain and deport illegals who are arrested for serious crimes or misdemeanors (such as shoplifting), but they do not have to be charged or found guilty. The legislation passed in the Senate on Jan. 20 and the House on Jan. 22, and it is expected to be the first bill signed by the Trump administration. Federal Disaster Assistance […]
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February 1, 2025
Published by Service2Client on February 1, 2025
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🖨 Print⏱ 4 min readWith a Roth IRA, the owner can make limited contributions each year. In 2025, the limit is $7,000; $8,000 if age 50 or older. Only people who earn less than $150,000 (single filers) or under $236,000 (married filing jointly) can make a full Roth IRA contribution. While contributions do not qualify for a tax deduction, earnings are not taxable once the account has been open for five years. Contributions, which were previously taxed as income, can be withdrawn at any time. Once you open and contribute to a Roth IRA, the five-year countdown begins before you can take any earnings out tax-free. However, the holding period is actually measured from Jan. 1 of the year you […]
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February 1, 2025
Published by Service2Client on February 1, 2025
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🖨 Print⏱ 4 min readThe rise of artificial intelligence (AI) is continuously transforming how businesses operate, offering opportunities for efficiency, innovation, and growth. However, in an increasingly competitive landscape, businesses seek solutions tailored to their specific industries. To meet this demand for more tailored tools, vertical AI agents are emerging as key to staying ahead in the age of specialization. What are Vertical AI Agents? Vertical AI agents are designed to solve specific problems within industries in areas such as finance, retail, and healthcare. This differs from horizontal AI, which provides general capabilities across various sectors. Horizontal AI cross-functional applications such as marketing automation are applicable across different sectors. These horizontal AI solutions were witnessed in the early days of […]
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January 1, 2025
Published by Service2Client on January 1, 2025
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🖨 Print⏱ 4 min readThe Salt Typhoon cyberattack is among recent cyberattacks that reaffirm the urgent need for robust data security measures. This attack targeted major telecommunications providers, compromising critical infrastructure and potentially exposing vast amounts of sensitive data. With cyberthreats becoming more sophisticated, businesses and individuals must prioritize data security to maintain trust and compliance. The Role of Apps in Managing and Protecting Client Data Businesses need apps because they make the work easier and more organized. Apps help teams communicate better, manage tasks, and share information quickly, no matter where people are. The apps also simplify handling customer needs, improving service, and tracking business performance. Generally, apps save time while helping businesses work smarter and stay competitive. One […]
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January 1, 2025
Published by Service2Client on January 1, 2025
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đź–¨ Print⏱ 4 min readWhether you file your income tax return early or at the last minute, there are ways to simplify the process and reduce what you owe – or even increase your refund – before the deadline. Filing Simplification Tip Once you receive your W-2 and/or 1099 tax forms, see what income tax bracket you fall under to determine whether you should itemize expenses or take the standard deduction. Thinking about this step first can save you a lot of time. If you don’t come near the standard deduction amount, you will not be itemizing expenses. And if you are not itemizing expenses, you won’t have to gather all the receipts (e.g., mortgage interest, property tax, state and […]
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January 1, 2025
Published by Service2Client on January 1, 2025
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Here we are in yet another new year. The obligations and celebrations are over. Chances are, you’ve spent a fair amount over the holidays and might need a plan to help kickstart 2025 with some actionable financial…
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January 1, 2025
Published by Service2Client on January 1, 2025
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đź–¨ Print⏱ 4 min read The word “innocent” in innocent spouse relief can be misleading. It doesn’t imply you’re perfect or blameless – it’s more about whether you knew or should have known about the tax issue. The IRS defines “innocence” in a specific way, and it hinges on the concept of reasonable ignorance. In short, the issue isn’t one of morality; it’s about whether you could have reasonably been unaware of a tax problem. Innocent spouse relief allows you to avoid being held responsible for tax debts, penalties, and interest stemming from a joint tax filing. In the case that a spouse (or ex-spouse) made an error that led to a tax issue, regardless of intention, you may not […]
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January 1, 2025
Published by Service2Client on January 1, 2025
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đź–¨ Print⏱ 4 min readImproving Federal Building Security Act of 2024 (S 3613) – The Federal Protective Service (FPS) contracts security guards to control access to government facilities and screen visitors to detect prohibited items, such as pepper spray and batons. Earlier this year, FPS investigators conducted a covert test at certain federal buildings in which the guards failed to detect prohibited items about 50 percent of the time. In response, Congress passed this bill requiring Facility Security Committees to respond to security recommendations issued by the FPS. It also mandates that the Homeland Security Department submit an unredacted report to Congress regarding FPS surveillance technology recommendations as well as summarize the FPS recommendations that buildings accepted or rejected. However, no […]
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January 1, 2025
Published by Service2Client on January 1, 2025
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The CAC Payback Period looks at how a business needs to recover its investment in attracting new customers. It is especially crucial for companies that are in industries with large marketing and…
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December 1, 2024
Published by Service2Client on December 1, 2024
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đź–¨ Print⏱ 4 min readThe holiday season is when most people go on shopping sprees and travel. This season also witnesses a surge in online activities in today’s digital world. Unfortunately, cybercriminals take advantage of this period to launch attacks. Therefore, cybersecurity should be the top priority for a business gearing up for peak sales or a shopper looking for the best deal. Understanding Holiday Cyber Threats Businesses and consumers face unique challenges during the holiday season. For businesses, the increase in traffic and online transactions can overwhelm systems. This may make them vulnerable to attacks. Cybercriminals may use tactics such as ransomware, phishing scams and fraudulent transactions during the busy season. Consumers, on the other hand, get lured by […]
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December 1, 2024
Published by Service2Client on December 1, 2024
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Yep, it’s the end of another year! Chances are, you didn’t keep every resolution you made last year; for example, those goals about working out. (No shame here; we all do this!) However, the good…
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December 1, 2024
Published by Service2Client on December 1, 2024
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đź–¨ Print⏱ 5 min readStep 7: Find Your Raison d’Etre What do you consider to be your purpose in this world? Few people think about their life that way. In Japan, they call it your ikigai. In France, they refer to your raison d’etre. For Americans, that roughly translates to your purpose in life or your reason for being. It’s easy to consider your family or even your career as your reason to live. But true embracement of the ikigai concept is more of a lifestyle, not a specific person, place or thing. Your purpose may not even be something you’ve pursued in your adult life. Many of us follow the socially expected path: higher education, a good job, a […]
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December 1, 2024
Published by Service2Client on December 1, 2024
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đź–¨ Print⏱ 4 min read Personal Income Tax Planning Strategies for Year-End 2024 As 2024 draws to a close, it’s the perfect time to review your personal income tax situation and implement strategies to minimize your tax liability for the year. Proactive year-end tax planning can lead to significant savings, as well as ensure that you take full advantage of tax credits, deductions and other opportunities available to you. 1. Maximize Contributions to Retirement Accounts One of the most effective ways to reduce your taxable income is by contributing to tax-advantaged retirement accounts. In 2024, you may contribute up to $23,000 to a 401(k) or similar employer-sponsored plan, with an additional $7,500 catch-up contribution if you’re over age 50. These […]
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December 1, 2024
Published by Service2Client on December 1, 2024
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đź–¨ Print⏱ 3 min readAll bills not enacted by the end of the 118th congressional session on Jan. 3, 2025, will expire. Social Security Fairness Act of 2023 (HR 82) – This bill, with 330 bipartisan sponsors and a similar bill in the Senate, was introduced by Rep. Garret Graves (R-LA) on Jan. 9, 2023. It passed in the House on Nov. 12 of this year and is likely to pass in the Senate before the year’s end. The purpose of the bill is to eliminate the government pension offset that reduces Social Security benefits for individuals who receive other benefits, such as a pension from a state or local government. In the private sector, this would have a similar effect to withholding Social […]
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