August 6, 2020
Food and financial insecurity have increased during the coronavirus (COVID-19) pandemic. If your business is donating to charity to help ease the pain, you may be eligible for enhanced charitable donation deductions.
August 6, 2020
Asset protection isn’t about evading legitimate debts, hiding assets or defrauding creditors. Rather, it’s about preserving your wealth for future generations in the face of creditors’ claims or frivolous lawsuits.
July 30, 2020
Scholarships are generally tax-free but there are times when academic awards result in taxable income.
July 30, 2020
Partnerships and partners are taxed differently than corporations. In some cases, partners may be taxed on more partnership income than was distributed to them from their partnerships. Here’s why.
July 23, 2020
Properly structured and funded, a charitable remainder trust (CRT) can provide substantial benefits. However, careful planning and solid investment guidance is necessary to ensure that your CRT meets your needs.
July 23, 2020
Is your business ready to reopen or expand its operations under local COVID-19-related guidelines? You’ll face difficult decisions but may also encounter practical opportunities.
July 16, 2020
A tax form that used to be filed back in the 1980s is coming back for 2020. Here’s what businesses need to know.
July 16, 2020
A big tax bill or a large refund may mean you don’t have the correct amount of tax withheld from your paycheck. Here’s how to avoid this next year.
July 14, 2020
In the midst of the COVID-19 crisis, some entrepreneurs are kicking off new businesses. Here’s how start-up expenses must be handled on a federal tax return.
July 14, 2020
Once your 2019 tax return has been filed, there still may be some issues to consider. We’re often asked about refund status, record retention and amended tax returns. Here are some answers.
July 2, 2020
Have you considered how your business should measure employee productivity during the pandemic? It’s a tricky question that warrants a thoughtful approach.
July 2, 2020
Millions of people have already received their Economic Impact Payments, which are being sent by the government to help mitigate the effects of COVID-19. In some cases, the payments should be returned.
June 24, 2020
If you need money due to COVID-19, you may be able to take a tax-free “coronavirus-related distribution” from a retirement plan. The IRS has released guidance explaining who qualifies for one of these distributions.
June 24, 2020
A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.
June 18, 2020
If you receive the diagnosis of a life-threatening disease, there are several steps you can take to quickly shore up your estate plan and provide financial peace of mind for your family.
June 18, 2020
Has your business applied for a PPP loan or already acquired funds from this program? If so, the recently passed PPP Flexibility Act has made important changes to the rules.
June 4, 2020
President Trump has proposed increasing the amount that can be deducted for business meal and entertainment expenses. While it’s unclear if a law could pass that would enhance tax breaks, it’s a good time to review the current rules.
June 4, 2020
If you’re married and you don’t work outside the home, you still may be able to contribute to an IRA. Here are the rules for spousal IRAs.
May 29, 2020
If you get a PPP loan and use the proceeds on certain expenses, the loan amount will be forgiven. Can you then deduct the expenses on your tax return? The IRS answers that question in new guidance.
May 29, 2020
Estate tax law changes are on the horizon. Is your estate plan flexible enough to roll with the changes while still achieving your estate planning goals? A power of appointment may be the answer.
May 22, 2020
We are collecting information about the Paycheck Protection Program in order to determine how we can best assist each of our clients with navigating the program and obtaining maximum loan forgiveness.
May 18, 2020
Over the weekend, the Small Business Administration (SBA) finally published the long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application.
May 14, 2020
Bankruptcy has become a possibility for many small businesses. The newly created Subchapter V of the U.S. bankruptcy code may offer a ray of hope for some companies.
May 14, 2020
Do you want to save for retirement on a tax-advantaged basis? It’s not too late to make 2019 IRA contributions (if you’re eligible) just because it’s 2020. And this year, the IRS extended the deadline three months due to COVID-19. Here are the rules and who can make contributions.
May 8, 2020
COVID-19 has forced many business owners to re-evaluate the size of their workforces. The choice between layoffs and furloughs brings up a variety of compliance issues.
May 7, 2020
Consider turning a stock market downturn into a tax-saving opportunity by converting a traditional IRA into a Roth IRA.
April 8, 2020
During the COVID-19 crisis, many people and charitable organizations need cash. The new CARES Act may provide some solutions.
April 8, 2020
Retaining employees and maintaining payroll has become difficult for many small businesses across the country. The SBA’s Payroll Protection Program offers relief for some.
April 2, 2020
You’ve probably heard about the cash payments the government is sending out due to the coronavirus (COVID-19) pandemic. Do you qualify?
April 2, 2020
Are you searching for answers on how to guide your business through this difficult time of coronavirus (COVID-19) challenges? Your financial statements can help.
March 26, 2020
Taxes! Deadlines! And more
You bought life insurance to protect your family or other beneficiaries. Here’s how to avoid having the benefits be subject to federal estate tax.
Saving money for retirement is important to a business owner’s financial security. If you haven’t set up a retirement plan for yourself and your employees for 2019, you may still be able to do so, and reduce your tax liability for last year.
March 12, 2020
Payable-on-death (POD) accounts can be a blessing or a curse to your beneficiaries. Coordinating PODs with your estate plan is critical.
March 12, 2020
When it comes to executive compensation, C corporation owners need to keep it “reasonable.” Here’s why.
March 10, 2020
Life comes at you fast, and so can business ownership changes. If your company has multiple owners, be sure to establish a buy-sell agreement and revisit it regularly.
March 10, 2020
Today, it’s not unusual for a household to include children and even grandchildren from prior marriages. These various blended family arrangements require specific estate planning strategies.
February 27, 2020
The child tax credit is more valuable than it was a few years ago. In addition, more taxpayers are able to benefit from it. Here are the rules
February 27, 2020
The health and well-being of your 401(k) plan calls for regular attention and care. Here are some important issues to examine.
February 25, 2020
Should you become incapacitated, a durable power of attorney authorizes your agent to manage your financial affairs. But without proper safeguards in place, it’s at risk for abuse.
February 25, 2020
If you conduct your business as an S corporation, you’ll be subject to income tax, but not self-employment tax, on your share of the S corporation’s income. Could this be the entity for you?
February 13, 2020
There are many ways to conduct a business for tax purposes, including as an S corporation or a partnership. But many new ventures start out as sole proprietorships. Here are nine tax rules and considerations involved in operating as that entity.
February 13, 2020
There are many complex facets involved in selling mutual fund shares. Here’s a rundown.
January 28, 2020
LINKEDIN/FACEBOOK LINK POST (TO USE WITH A LINK TO THE FULL ARTICLE):
Business owners: Sometimes it may seem that no matter how hard you work, escalating expenses always get the better of you. Fight back with cost management.
December 19, 2019
There may be ways your small business can save on 2019 taxes. Here are a few … but you must act before New Year’s Day.
December 19, 2019
These days, many people have side “gigs” to earn extra money. Find out more about the tax consequences of taking on these jobs.
December 12, 2019
Making direct medical or tuition payments can be a powerful technique for transferring wealth gift-tax-free while also reducing the size of your estate. Find out why.
December 12, 2019
That mobile device in virtually every employee’s hand can be both a blessing and a curse. Think carefully about your company’s policy on it.
December 5, 2019
Are you giving holiday gifts to employees or customers? Or is your business throwing a holiday party? Make sure you understand the tax implications.
December 5, 2019
Before you know it, 2020 will be here. You may still have time to reduce your federal tax liability by taking these steps.
November 21, 2019
If you own Series EE bonds, check the issue dates on your bonds. If they’re no longer earning interest, you probably want to redeem them. Read this article to learn more on that and how the interest on the bonds is taxed.
November 21, 2019
Do you want to provide extra money to a disabled family member but you don’t want them to lose eligibility for government benefits to which they’re entitled? Consider a tax-advantaged ABLE account.
November 14, 2019
Has your small business paid independent contractors, vendors or others at least $600 for services during 2019? Here are the reporting requirements you may face.
November 14, 2019
Have you been contributing enough in 2019 to your employer’s 401(k) plan or Roth 401(k)? Here are the contribution limits for this year and the just-announced limit for 2020.
November 7, 2019
Did you know you could be personally liable for a harsh penalty if payroll taxes withheld from your employees aren’t paid over to the federal government? Learn more about whom the IRS can go after at your business.
November 7, 2019
It’s important to address the 3.8% net investment income tax (NIIT) in your estate plan, because it can erode your earnings from interest, dividends, capital gains and other investments, leaving less for your heirs. The NIIT applies to individuals with modified adjusted gross income (MAGI) over $200,000. The tax is equal to 3.8% of 1) your net investment income or 2) the amount by which your MAGI exceeds the threshold, whichever is less. You can reduce or eliminate the NIIT by lowering your MAGI, lowering your net investment income, or both. Contact us for additional details.
October 31, 2019
These are several factors to consider when a business converts from C corporation to S corporation status. Here is what you should understand.
October 31, 2019
Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70-1/2 or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity. A popular way to transfer IRA assets to charity is through a tax provision that allows IRA owners who are 70-1/2 or older to give up to $100,000 per year of their IRA distributions to charity. These distributions are called qualified charitable distributions, or QCDs. The money given to charity counts toward the donor’s required minimum distributions (RMDs) but doesn’t increase the donor’s adjusted gross income or generate a tax bill.
October 24, 2019
Did you know that business owners aren’t always eligible to participate in the Health Reimbursement Arrangements available to their own employees? Read up on the fine print here.
October 24, 2019
Have you cashed in some investment gains in 2019? You may be looking for unrealized losses in your portfolio so you can sell those investments to offset your gains before year end. This can reduce your tax liability. But don’t run afoul of this rule.
October 17, 2019
No one wants to contemplate their own mortality, but taking the time now to create an estate plan can greatly benefit your family after your death.
October 17, 2019
Health Savings Accounts offer a flexible, tax-advantaged option for providing health care coverage. Employers and employees can benefit. Here’s a look at what an HSA could mean for your business.
October 10, 2019
Have you received a text, letter, email or phone call purporting to be from the IRS? Don’t become the victim of a scam. Here’s what you should look out for.
October 10, 2019
Nearly every business has a website and the IRS hasn’t yet released official guidance on the tax treatment of website development costs. However, you can apply existing guidance on other costs. Here’s the story.
October 3, 2019
With the annual federal gift tax exclusion, you can transfer substantial amounts free of gift taxes to your children and others. Here are the basic rules.
October 3, 2019
As a business owner, are you worried about being audited by the IRS? Here’s what you need to know to be prepared for an audit and respond effectively
September 19, 2019
Business customers may appreciate your allowing them to buy on credit. But you won’t appreciate being left holding the bag if they can’t keep up with their payments. Here are a few ways to manage the risk.
September 19, 2019
Do your trusts contain Crummey withdrawal powers? They should if you intend for contributions to qualify for the annual gift tax exclusion.
September 12, 2019
Getting a divorce can be a painful process. You don’t want to make it worse by making decisions that will cost you more in taxes. Here are four issues to consider if you’re in the process of getting a divorce.
September 12, 2019
Retirement planning can be puzzling enough, but business owners need to create a succession plan, too. Some ideas on getting the two to fit.
September 5, 2019
There are many retirement plan options for small business owners and their employees. Here’s a quick rundown of three of them.
September 5, 2019
The third estimated tax payment deadline is coming up. Here are the details of when it is and whether you’re required to make a payment.
August 29, 2019
Not just for college anymore: 529 plans can also help achieve estate planning and other goals.
August 29, 2019
For many business owners, a company car is a sign they’ve achieved success. Here are the basic tax breaks and tax implications involved in this fringe benefit.
August 22, 2019
In a nutshell, a will is a legal document that arranges for the distribution of your property after you die and allows you to designate a guardian for minor children. However, the devil is in the details.
August 22, 2019
Is your small business accepting or using bitcoin or other virtual currencies yet? Familiarize yourself with the tax consequences, because the IRS is targeting users who fail to report and pay tax on transactions.
August 14, 2019
If you’re married and file a joint return, what happens if your spouse doesn’t disclose all of his or her income or otherwise doesn’t pay the correct tax owed? You’re generally liable for the full amount but there may be “innocent spouse” relief.
August 14, 2019
If the names and Social Security numbers on your employees’ W-2 forms don’t match the government’s records, you may receive a “no-match letter.” Here’s what these letters mean and how to proceed.
August 8, 2019
Tick tock, tick tock … if too many moments of your day are spent managing your company’s finances instead of strategically running the business, a CFO or controller might be a good hire.
August 8, 2019
A crucial component of your estate plan should be the power of attorney (POA). This is a document under which you, as “principal,” authorize a representative to be your “agent” or “attorney-in-fact,” to act on your behalf. Typically, separate POAs are executed for health care and finances. Generally, POAs come in two forms: nonspringing, or “durable” (that is, effective immediately), and springing; that is, effective on the occurrence of specified conditions. Typically, springing powers take effect when the principal becomes mentally incapacitated, comatose, or otherwise unable to act for himself or herself. Contact us with further questions.
August 1, 2019
If you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may provide a valuable tax break.
August 1, 2019
If your child or grandchild has unearned income from dividends, interest and capital gains, beware of the “kiddie tax.” Your family may be hit even harder by the tax under current law.
July 25, 2019
Before conducting an audit, IRS examiners do their homework by reviewing “Audit Technique Guides.” Business owners and executives can easily read the same guides.
July 25, 2019
In 2019, if you pay a household worker cash wages of $2,100, you must withhold and pay Social Security and Medicare taxes. Learn about this and other tax obligations for household workers.
July 18, 2019
It’s been said that timing is everything. With the reduction of individual income tax rates under the Tax Cuts and Jobs Act, now may be the right time to convert a traditional IRA to a Roth IRA.
July 18, 2019
The Section 179 deduction has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of depreciating them over time. For 2019, the maximum deduction is $1.02 million, subject to a phaseout rule if more than $2.55 million of eligible property is placed in service during the tax year. Even better, the Sec. 179 deduction isn’t the only avenue for immediate tax write-offs for assets such as machinery and equipment. Under the 100% bonus depreciation tax break, the entire cost of eligible assets placed in service in 2019 can be written off this year. Contact us to learn how your business can maximize the deductions.
July 11, 2019
Business owners have been engaging in bartering transactions for hundreds of years. But if your company trades goods or services today, be aware there are tax consequences.
July 11, 2019
When planning your estate, you’re likely to focus on major assets, such as real estate, investments and retirement plans. But it’s also important to “sweat the small stuff” (your tangible personal property). Examples include jewelry, antiques and photographs. Your heirs may squabble over these items, which can lead to emotionally charged disputes and even litigation. Spelling out every gift of personal property in your will or trust can be cumbersome. Instead, consider drafting a personal property memorandum to provide instructions on the distribution of tangible personal property not listed in your will or trust.
June 27, 2019
The pause that refreshes — and informs. That’s what midyear can be if you pick the right key performance indicators and crunch the numbers accurately.
June 27, 2019
A divorce is a life event which calls for an estate plan review and possible revisions. If alimony payments are part of a divorce agreement, be aware that the Tax Cuts and Jobs Act has changed alimony rules.
June 20, 2019
What factors should figure into your decision on who should own your life insurance policy?
June 20, 2019
An IRS audit may be nothing to lose sleep over. In many cases, the IRS closes an audit after receiving requested documentation. Here are the latest audit statistics, as well as some tips on how to survive an IRS examination.
June 13, 2019
A tax deduction isn’t the only reason for donating a vehicle to charity. But if you’re counting on one, make sure you understand the rules. You may wind up with a small deduction or none at all.
June 13, 2019
If payroll taxes withheld from employees’ paychecks aren’t remitted to the federal government, a severe tax penalty can be personally imposed on “responsible” individuals.
June 7, 2019
Your succession plan should incorporate various strategies to accomplish your retirement and estate planning goals. One to consider: separating business interests from real estate holdings related to the company.
June 7, 2019
Many people dream of retiring to another state to take advantage of warm weather or to be close to loved ones. Before you call the moving truck, consider the impact of state and local taxes.
May 23, 2019
Are you a business owner with teenage or college-age children who constantly need money? Make them earn the money by hiring them. You can save taxes and reap other benefits.
May 23, 2019
If you were shocked by a bigger tax bill in 2019, you might not be having the right amount of tax withheld from your paycheck. We’ll tell you how to avoid this next year.
May 16, 2019
A Roth 401(k) can be a valuable retirement savings option to add to your company’s benefits package. But make sure employees use it.
May 16, 2019
Are you selling your principal residence? You may be able to exclude up to $250,000 ($500,000 for married joint filers) of gain. Here are the tax rules for home sales.
May 9, 2019
Does your company typically buy equipment or lease it? This is a critical decision for every business owner, and it calls for regular re-evaluation.
May 9, 2019
In most cases, refunds are routinely sent to taxpayers within a few weeks. However, there may be delays, or, in worst-case scenarios, refunds may be applied to debts owed to the federal or state governments.
May 2, 2019
Sure, a life insurance policy offers peace of mind that loved ones will be taken care of after your death. But did you know it can also offer estate planning benefits?
May 2, 2019
Employer-provided health care plans are ever-evolving. Many businesses are now adding features designed to inspire employees to live more long-term healthful lifestyles.
April 25, 2019
Starting a new business can be a hectic, exciting and expensive time. Be aware that not all start-up expenses can be deducted on your tax return right away. Some may have to be amortized over time.
April 25, 2019
Just because your tax return has been filed doesn’t mean you don’t still have questions. We’re often asked about refund status, record retention and amended tax returns. Here are some answers.
April 18, 2019
The treatment of food, beverage and entertainment expenses became more complicated after the Tax Cuts and Jobs Act. Here’s how to get the biggest tax-saving bang for your business meal bucks.
April 18, 2019
Don’t miss a valuable opportunity to make direct payments of your grandchild’s tuition. This strategy can reduce potential gift and estate tax exposure.
April 16, 2019
Along with a will, a living trust typically acts as a cornerstone of an estate plan. To ensure you reap all of its benefits, it must be properly funded (at its inception and thereafter).
April 5, 2019
Buying or selling a business may be the most important transaction you ever make. So it’s important to seek professional tax advice as you negotiate. After a deal is done, it may be too late to get the best tax results.
April 5, 2019
Have you made your 2018 IRA contributions? It’s not too late just because it’s 2019. But you must act fast.
March 30, 2019
Hey, what’s the score? We mean your business credit score. It can either help or hinder you as you apply for loans or shop for the things you need to keep your company competitive.
March 30, 2019
Are you still working after age 70½ and don’t want to take required minimum distributions from your 401(k) account? You might not have to. Here are the details.
March 23, 2019
If you wish to put your family on a better path to understanding the decisions you made in your estate plan, provide them a “road map.”
March 14, 2019
With the new year comes the need for small-business owners to begin thinking about filing their 2018 income tax returns. The TCJA could significantly alter your tax liability compared to previous years. So refresh yourself on its major provisions.
March 14, 2019
When you think of April 15, you probably think of the income tax return deadline. But it’s also the gift tax return deadline. Find out if you must (or should) file a 2018 gift tax return this April.
March 7, 2019
When deciding whether to lease or buy equipment or other fixed assets, there are a multitude of factors to consider, including tax implications.
March 7, 2019
Approximately 85 million U.S. families own a pet, according to a 2017-2018 National Pet Owners survey. If your family owns a pet, consider including a pet trust in your estate plan.
February 28, 2019
If charitable giving is part of your estate plan and you made donations in 2018, you’re likely expecting a tax deduction. Not so fast. You must make sure you’ve properly substantiated each contribution.
February 28, 2019
No one should take his or her 401(k) plan for granted. And yet, it happens. Help your employees maintain their awareness of this important benefit.
February 21, 2019
Lower tax rates might help reduce your 2018 tax bill, but new limits on many deductions could offset the benefits of lower rates. For example, five itemized deductions have shrunk or disappeared.
February 21, 2019
LLC members may be subject to back taxes and penalties if they underpay self-employment tax. Find out if you could be at risk.
February 14, 2019
Changes to the medical expense deduction and the tax treatment of alimony go into effect in 2019. Find out the details.
February 14, 2019
Is your company generating financial statements with all the information necessary to tell how you’re doing? Here’s what they should contain.
February 14, 2019
Most C corporations are seeing a significant tax cut under the Tax Cuts and Jobs Act. But there are still certain tax vulnerabilities for these entities that haven’t changed much.
February 14, 2019
A new year means new estate planning amounts for exemptions, exclusions and deductions. Here are the key 2019 numbers that may affect your estate plan.
January 30, 2019
Can the investment interest expense deduction save you tax on your 2018 return? You generally must pass three hurdles to benefit.
January 30, 2019
Is there an aspect to running your business that’s unduly distracting or time-consuming? Outsourcing might be the solution. We’ve got four ideas for you.
January 24, 2019
Do you know what the Section 179 expensing limit is for 2019? Or how much you can allow your employees to contribute to their 401(k) plans this year? Find out these amounts and other annual inflation adjustments affecting businesses.
January 24, 2019
Don’t take the substantiation requirements for charitable donation deductions lightly. If you made a gift last year and haven’t received a written acknowledgment from the charity, read this before claiming a deduction on your 2018 income tax return.
January 18, 2019
Obtaining a death certificate and determining whether an estate tax return needs to be filed will be the last things on your mind if your spouse dies unexpectedly. But these and other steps must be taken.
January 18, 2019
Businesses generally can determine their vehicle expense deductions either by calculating the actual expenses or using the IRS’s standard mileage rate, which has increased for 2019. Here’s what you need to know.
January 10, 2019
Is an estate plan necessary for your college-aged child? The answer is “absolutely yes.” Learn the essential documents he or she should have.
January 10, 2019
If you’re like many business owners, you pay out annual bonuses to attract, retain and motivate employees. Depending on the circumstances, paying bonuses in early 2019 might reduce your 2018 tax liability.
December 28, 2018
Your exit strategy may not be the first thing that comes to mind when thinking about tax planning for your business. But it should be a key element. Find out why.
December 20, 2018
Is your business taking every possible step to reduce its 2018 income tax liability? There’s still time to act.
December 20, 2018
What life events might require you to update or modify your estate plan? And what type of revisions might be needed? Find out.
December 13, 2018
2019 will be here soon. Have you taken care of everything you need to do by Dec. 31 to minimize your 2018 taxes, make the most of tax-advantaged savings opportunities and avoid unnecessary penalties?
December 13, 2018
A lot has changed for businesses when it comes to filing their 2018 income tax returns. But one thing that hasn’t changed is the multitude of tax-related deadlines businesses face in the first quarter of the year.
December 6, 2018
If you’re among the families with less exposure to estate tax liability post-TCJA, it’s time to adjust your estate planning strategy to concentrate on reducing income taxes. If state income taxes are a concern, one tool to consider is an incomplete nongrantor trust.
December 6, 2018
Family businesses often depend on their founder to maintain the company’s success. But eventually that owner will have to depart the business. Depending on the circumstances, the family itself may be thrown into chaos. A solid succession plan can help prevent this.
November 29, 2018
If you’re thinking about giving holiday gifts to employees or customers or throwing a holiday party, be sure to consider the tax consequences, both for you and for the recipients of your generosity.
November 29, 2018
Setting up a trust as your IRA beneficiary is complicated, and one misstep can erase the IRA’s estate planning benefits. However, there are advantages to this strategy in certain circumstances.
November 21, 2018
The income reduction from making catch-up contributions to your retirement plan might be especially beneficial in 2018 if you had significant itemized deductions in the past that now will be reduced or eliminated by the TCJA. Here’s what you need to know.
November 21, 2018
Usually, if a business’s receivables exceed its payables, the cash method of accounting will allow more income to be deferred for federal tax purposes than will the accrual method. Is your business eligible for the cash method?
November 15, 2018
Setting up a retirement plan provides small business owners with many tax and nontax benefits. But time is running out to set one up for 2018. Find out more.
November 15, 2018
Investment decisions shouldn’t be driven by tax considerations alone, but taxes are still an important factor to consider, especially when it comes to mutual funds in taxable accounts. Consider these year-end tips.
November 8, 2018
Investing in business assets is a traditional and powerful year-end tax planning strategy, and it might make even more sense in 2018. Here’s why.
November 8, 2018
Your digital assets are accumulating as you embrace technology by banking online, posting photos on social media, etc. It’s time to address these assets in your estate plan. Here’s how.
November 2, 2018
For certain charitably inclined taxpayers, donating appreciated stock to charity can be an excellent year-end tax planning strategy. This may be especially true if the stock is highly appreciated and you’d like to sell it but are worried about the tax liability.
November 2, 2018
Audit Techniques Guides (ATGs) were created to enhance IRS examiner proficiency, but they also can help small businesses ensure they aren’t engaging in practices that could raise red flags with the IRS.
October 25, 2018
The tax treatment of fringe benefits varies. Many types are tax-free to employees, but the TCJA has changed the tax treatment of some benefits. Here’s what small businesses need to know.
October 25, 2018
Is your business struggling with high insurance costs? Although safety is undoubtedly important, employee wellness is an often-overlooked factor in expensive policies and rising premiums. Details here.
October 18, 2018
When it comes to funding education expenses with a 529 plan, both prepaid tuition plans and savings plans offer attractive benefits. Which one is right for you?
October 18, 2018
There’s no master list of deductible business expenses in the Internal Revenue Code. The deductibility of certain expenses is obvious, while in other cases it’s unclear. And the TCJA affects many business deductions. Learn more.
October 11, 2018
For owners of family businesses, an FLP can be an effective succession and estate planning tool, offering valuable tax benefits. But it isn’t risk free.
October 11, 2018
With the gift and estate tax exemption now at a record high this year of $11.18 million, is making gifts still a smart estate planning strategy? In many cases, the answer is “yes.”
October 4, 2018
Changes under the TCJA make travel expense reimbursements even more attractive to employees. But your business must follow IRS rules so you and your employees can enjoy valuable tax benefits.
October 4, 2018
With the TCJA’s near doubling of the standard deduction, making a direct charitable IRA rollover can be particularly powerful for taxpayers old enough to be eligible.
September 27, 2018
For 2018, taxpayers can itemize medical expenses that total only 7.5% of AGI.
September 27, 2018
Business tax identity theft occurs when a criminal uses the identifying information of a business to obtain tax benefits or to enable individual tax identity theft schemes. And the IRS has seen a sharp increase. Here are some red flags and prevention tips to help protect your business.
September 20, 2018
Every business owner knows the kingly importance of cash. Maintaining a ready reserve of dollars can enable you to better compete and grow your business. But a reserve can also be too big. Let’s discuss how to find and maintain the right balance.
September 20, 2018
Donating artwork is a great way to share enjoyment of the work with others. But to maximize the tax benefit, too, you must plan your gift carefully and follow all the rules.
September 17, 2018
Estate planning is important for everyone, but even more so for unmarried couples. State intestacy laws don’t protect the relationships of these folks. Learn more about what steps unmarried couples can take to ensure their estates are settled as they wish.
September 17, 2018
Adding a second location is a major event in any company’s history. But rushing into this accomplishment could leave you vulnerable to financial misfortune or even ruin. Let’s slow down and discuss.
August 24, 2018
Business meal, vehicle and travel expense deductions can be a hot button for the IRS. Is your business properly documenting them?
August 24, 2018
If a primary goal of your estate plan is to leave as much of your wealth as possible to your family, it’s critical that you address how to pay for long-term care (LTC) should you need it. One option is a tax-qualified LTC insurance policy.
August 15, 2018
They say the devil is in the details. This certainly holds true for strategic planning, where setting vague or impossible goals can be a company’s undoing. Maybe it’s time to get SMART.
August 15, 2018
For some people, considering funeral and burial wishes is an upsetting part of estate planning. However, it’s important to communicate them clearly. Learn why.
August 9, 2018
The alternative minimum tax (AMT) has long been a worry to many individual taxpayers. Learn how TCJA changes might affect your AMT risk, and see our AMT planning tips.
August 9, 2018
The TCJA has narrowed the scope of who can claim the home office deduction. But certain business owners and self-employed taxpayers may still be eligible.
July 20, 2018
The TCJA’s new deduction for owners of pass-through entities can be 20% of qualified business income. But a wage-based limit applies if an owner’s taxable income exceeds certain levels. Find out how the limit works.
July 20, 2018
Midyear tax planning is important, especially this year. Here are three strategies to consider.
July 11, 2018
In late June, the U.S. Supreme Court expanded the ability of states to collect sales tax from out-of-state online retailers. If your business makes online sales to out-of-state customers, here’s what you need to know.
July 11, 2018
Your estate plan may need a tax update in light of the Tax Cuts and Jobs Act, even if your estate is well under the new $11.18 million estate tax exemption.
July 6, 2018
If you invest in certain green equipment at home, you can save green in the form of tax credits (not to mention the savings on energy costs going forward). Learn what qualifies and how much you can save
July 6, 2018
As every business owner knows, maintaining just the right amount of inventory is no easy task. Here’s how to manage it effectively.
June 28, 2018
When ready to offer a 401(k) plan, business owners shouldn’t assume they’re limited to a “traditional” plan. There are other types of 401(k)s that may better suit your company.
June 28, 2018
“HSA,” “FSA” and “HRA” may seem like groups of letters you might spot floating in your alphabet soup. But they actually are three kinds of accounts that offer tax-advantaged funding of health care expenses. Here’s a quick comparison.
June 22, 2018
It's midyear - pull over and check your progress toward financial goals.
June 19, 2018
The old saying goes, “Nothing is certain except death and taxes.” Sometimes a premature death can actually increase taxes. How? It harms the effectiveness of certain estate planning techniques. A self-canceling installment note (SCIN) can be a solution.
June 19, 2018
If your business sponsors a 401(k) plan for its employees, it’s important to keep up with tax developments related to such plans. For example, the Tax Cuts and Jobs Act and the Bipartisan Budget Act both included 401(k) plan changes you need to know about.
June 7, 2018
Trying to decide where to retire? To avoid unpleasant tax surprises, it’s critical to consider state and local income, property, sales and estate taxes.
June 7, 2018
Today’s technology takes care of itself, right? Not exactly. Today’s business owners need to be vigilantly curious about whether their IT strategies are working and what could use an upgrade.
May 31, 2018
Business owners with children who are students in their teens or early 20s can save taxes by hiring them for the summer. Learn more.
May 31, 2018
Unless your company has an accountable plan, reimbursements to employees for business-related expenses are subject to income and payroll tax withholding.
May 15, 2018
The TCJA preserves the home sale gain exclusion, so if you’re selling your principal residence, you may be able to exclude up to $250,000 ($500,000 for joint filers) of gain. Learn more about the tax treatment of home sales.
May 15, 2018
If you go on a business trip within the United States and tack on some vacation days, you might be able to deduct some of your expenses. Here’s what you need to know.
May 10, 2018
Post-TCJA withholding tables could put you at risk of significantly underwithholding your federal income taxes and being hit with an unexpectedly high tax bill when you file your 2018 tax return next year. Here’s what to do to avoid this outcome.
May 10, 2018
High business expenses can creep up from many directions. That’s why every company needs multiple eyes keeping watch, from management to employees to outside advisors. A cost control program can help.
May 3, 2018
The adage “don’t look a gift horse in the mouth” is often applied to inheritances. But for certain types of assets, a thorough inspection may reveal an unexpected tax bite. Learn about the tax impact of inheriting IRD property.
May 3, 2018
For small businesses and their owners, the key to maximizing 2018 tax savings from the Tax Cuts and Jobs Act is to be familiar with the act’s significant provisions and begin tax planning now.
April 26, 2018
Business net operating losses can provide valuable tax benefits. The rules, however, have always been complicated, and the TCJA has complicated them further.
April 26, 2018
By aligning your beneficiaries’ interests, a TRU can relieve tension among your loved ones and allow your trustee to concentrate on developing the most effective investment strategy.
April 19, 2018
If you’re married and have children from a previous marriage plus children or stepchildren from your current marriage, you have a blended family. Under these circumstances, estate planning can get tricky. Here are some planning techniques.
April 19, 2018
Last December’s tax reform law reduces or eliminates tax breaks in 4 employee benefit areas of note. But on the plus side, it creates a tax credit for providing paid family and medical leave. The changes will affect businesses as well as employees.
April 13, 2018
Putting a “for sale” sign out in front of your company is a major undertaking. So, if your succession plan involves selling the business, be sure you’re ready for the many details involved.
April 6, 2018
Have you made your 2017 IRA contributions? Just because we’re in 2018 doesn’t mean it’s too late. But you need to act soon.
March 29, 2018
Under the new tax law you can’t deduct hobby expenses.
March 22, 2018
There had been some concern that tax reform would include the elimination of tax-deferred like-kind exchanges. The good news is that the TCJA still generally allows them for real estate. But there are limits you need to be aware of.
March 22, 2018
Should you become incapacitated, a financial power of attorney authorizes your representative to manage your financial affairs. But without proper safeguards in place, it’s at risk for abuse.
March 15, 2018
If your business made building or equipment repairs last year, the cost might be fully deductible on your 2017 tax return. But it might not be…
March 15, 2018
December’s Tax Cuts and Jobs Act preserves the charitable deduction. But you still might find that you don’t enjoy the same tax benefits from charitable giving in 2018 as you do on your 2017 return.
March 8, 2018
According to the Pew Research Center, a little more than one in eight Americans are concurrently raising a child and caring for a parent. What are the estate planning ramifications for the "sandwich generation?"
March 8, 2018
There may be a great way to boost profitability bubbling in the mind of one of your employees. But you’ll never know it’s there without an effective process for discovering your staff members’ bottom-line-building ideas
March 1, 2018
Did you make donations last year as part of your estate plan? If you fail to properly adhere to IRS rules when claiming them on your 2017 return, the IRS could deny your charitable deductions.
March 1, 2018
Sec. 179 expensing allows eligible taxpayers to deduct the entire cost of qualifying business property in Year 1, subject to various limitations. Here’s what you need to know.
February 26, 2018
If you moved in 2017, you might be able to deduct some of your moving expenses on your 2017 tax return. Unfortunately, if you move in 2018, it’s a different story.
February 26, 2018
For businesses, using social media can be like walking on eggshells. You want to get noticed, but you don’t want to embarrass yourself. Fine-tuning your objectives can help you find the right balance.
February 15, 2018
It’s not too late for business owners to set up a retirement plan for 2017 and save tax when they file their 2017 return. How? With a Simplified Employee Pension (SEP).
February 15, 2018
The recently passed Bipartisan Budget Act of 2018 included an extension of the tuition and fees deduction. But that may not be the best higher-education break to claim on your 2017 return.
February 13, 2018
The IRS has updated its 2018 withholding tables. Is your employer withholding enough in taxes?
February 8, 2018
Bonus depreciation is available for qualified property such as office furniture and equipment. 2017 may be an especially good year to take bonus depreciation on your tax return. Here’s why.
February 8, 2018
If estate taxes aren’t a concern, life insurance still has a place in your estate plan.
February 2, 2018
Can the sales tax deduction reduce your 2017 tax bill? Maybe. 2018 savings is more uncertain.
February 2, 2018
Precious few businesses could last long if their operations were shut down by a fire, flood or some other unforeseen disaster. Measure your level of risk carefully and consider business interruption insurance.
January 26, 2018
Entertaining clients, providing meals to employees and offering attractive transportation fringe benefits are important to success for many businesses. Unfortunately, the new tax law curtails deductions for these expenses.
January 26, 2018
You might be able to deduct home office expenses for 2017 but not 2018. Here’s why.
January 19, 2018
Big data is, in fact, a big deal … for companies large and small.
January 19, 2018
Higher federal estate tax exemption should prompt a closer look at impact of state death taxes.
January 11, 2018
With a couple of exceptions, the Tax Cuts and Jobs Act reduces individual tax rates. What will your 2018 rate be?
January 11, 2018
Business owners spend a lot of time putting out fires. Unfortunately, many spend so much time dousing the flames of operational crises that they neglect strategic planning. This can be a dangerous oversight.
January 4, 2018
The Tax Cuts and Jobs Act will have a big impact on most individual taxpayers.
January 4, 2018
Which changes in the Tax Cuts and Jobs Act will affect your business?
December 21, 2017
The wrong trustee for your living trust can lead to unintended results after death. To ensure that trust assets will be managed effectively and distributed per your wishes, carefully consider your trustee choice.
December 21, 2017
A business can provide a family with wealth and a sense of pride for decades. But transitioning leadership from one generation to the next is difficult. Take a thoughtful approach to picking your replacement.
December 14, 2017
The charitable donation deduction hasn’t been proposed for elimination or reduction under tax reform, but there still are reasons to maximize charitable giving this year. Just be sure to follow the rules.
December 14, 2017
After the bottles have been popped and confetti swept from the floor, business owners will face a new year of challenges. Start thinking now about how to strengthen your company’s bottom line.
December 7, 2017
Consider these tried-and-true year-end tax planning tips that may be extra powerful in 2017.
December 7, 2017
Be prepared for the tax-related deadlines your business will face in Q1 of 2018.
November 30, 2017
Busted your business budget this year? Don’t panic … plan!
November 22, 2017
Keep possible tax law changes in mind as you consider buying business assets before year end.
November 16, 2017
Helping employees fund health care expenses can be as simple as three letters: F-S-A.
November 16, 2017
Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. Should you prepay property tax on your home to accelerate your deduction into 2017?
November 3, 2017
Explain your intentions to heirs using plain language in a letter of instructions. Though it has no legal authority behind it, the letter can ease loved ones through a difficult time after your death.
November 3, 2017
A variety of risks may one day threaten your business. An enterprise risk management program can be the fortress that helps you ward them off.
October 26, 2017
Contributions to qualified retirement plans generally are tax deductible or pretax. If you’re self-employed, you can boost your tax-advantaged saving by setting up a retirement plan for 2017.
October 26, 2017
The appraised value of any given company is no simple thing. As you develop a fully formed succession plan, be sure you clearly see the whole picture when it comes to valuation.
October 19, 2017
Many business owners are so focused on their business that they neglect retirement planning. If you’re among them, setting up a cash balance plan for your business can turbocharge your retirement savings.
October 19, 2017
If you want to make annual exclusion gifts to loved ones but retain some control over when they use the gifted assets, consider a Crummey trust.
October 12, 2017
Your decision on who should own your life insurance policy at your death depends in part on whether you want to replace income, provide liquidity or transfer wealth to loved ones.
October 12, 2017
They say nature has a tendency to fall into disorder. The same holds true for business data. Here are four ways to keep your digital house in order and get the most from your company’s information.
October 6, 2017
They say you’ve got to spend money to make money. But are you spending too much? Or charging too little? Electrify your company’s profitability with a strong link between costs and pricing.
October 6, 2017
Accelerating deductible expenses into the current year is one way to reduce your tax bill. Tax reform may make “bunching” medical expenses into 2017 an especially valuable acceleration strategy.
September 28, 2017
While no one wants to lose money, realizing a capital loss on an investment can provide tax savings. Don’t let the wash sale rule wash out the tax benefits.
September 28, 2017
Business owners need to be aware of the Q4 2017 tax filing deadlines coming up.
September 21, 2017
For businesses with a lot of employees who travel for work, managing the substantiation and reimbursement of these expenses can be an administrative nightmare. Per diem rates simplify the process while preserving tax benefits.
September 21, 2017
Have you been contributing enough to your 401(k) plan in 2017?
September 14, 2017
The customer may always be right, but the customer isn’t always profitable. There’s only one way to find out for sure...
September 14, 2017
Sec. 529 plans can help you build a large college nest egg via tax-deferred compounding.
September 7, 2017
Acquiring another business? All too often, as parties talk sales price and deal structure, many tax issues fall by the wayside. Be sure to include tax planning in your deal negotiations.
September 7, 2017
Estate tax relief for owners of family businesses is available. Find out if you qualify.
August 31, 2017
You shouldn’t run your business without proper insurance coverage. But savvy owners can identify ways to lower premiums. Here are some ideas to consider.
August 31, 2017
Summer has flown by and now it’s time for students and their teachers to head back to class. Teachers who buy supplies for their classrooms may be eligible for a tax break. Learn more.
August 24, 2017
Two crucial components of an estate plan are powers of attorney for property and for health care. A nonspringing power of attorney is generally preferable to a springing one. Learn why it matters.
August 24, 2017
What can go wrong when a business owner must (or decides to) leave the company? Plenty! Here’s how a buy-sell agreement can help keep the peace.
August 17, 2017
When Congress comes back from its August recess, it’s expected to start addressing tax reform. An estate tax repeal is one reform that’s been proposed, but a repeal may not affect you. Here’s why.
August 17, 2017
A profitable new sales opportunity may be right around the corner. But how do you know when to make the turn? By tracking lost sales. We have some great ideas for doing so.
August 10, 2017
LLC and LLP owners: Learn what you need to do to be able to deduct current business losses.
August 10, 2017
College tuition, mortgage insurance premiums, mortgage debt forgiveness: These might all save you tax on your 2017 return . . . if Congress extends expired breaks for them.
August 3, 2017
Trusts are a common estate planning tool because of the many benefits they can provide. But sometimes trust income can trigger high tax rates. Here’s why, plus three ways to soften the blow.
August 3, 2017
If your business is paying high unemployment taxes, here’s how to reduce your tax bill.
July 27, 2017
Tax planning is not just a year-end activity. Boost the power of your individual tax planning by implementing these three strategies now.
July 27, 2017
Do you know how to turn an IRA from a retirement tool into an estate planning tool? The answer is to “stretch” it. Doing so is surprisingly simple.
July 20, 2017
Many businesses operate as C corporations so they can buy and hold real estate just as they do equipment, inventory and other assets. But this can be a costly tax mistake.
July 20, 2017
Are you happy with your company’s approach to compensation? More important, are your employees? It may be time for an adjustment to ensure you’re providing equitable compensation.
July 13, 2017
Is your business applying the proper tax treatment to the employee benefits you provide?
July 13, 2017
Taxes may not be top of mind during the summer, but a little effort now can pay off later!
June 30, 2017
Don’t bequeath specific assets to specific heirs. Here’s why, and what to do instead.
June 30, 2017
Seasonal businesses must strike while the iron is hot. Here’s how to keep cash flow strong.
June 15, 2017
If you want to minimize taxes on your sales of investments, the details matter.
June 15, 2017
Treating transfers of money between a closely held business and its owners as loans can provide tax advantages. But it’s critical to establish that the transaction is truly a loan.
June 8, 2017
Provide yourself peace of mind by taking steps now to protect retirement savings from creditors. Qualified employer plans and traditional and Roth IRAs can be at risk to potential creditors’ claims.
June 8, 2017
Want to ensure your company’s future success? Mentor the person taking over for you.
June 1, 2017
Before donating a vehicle, find out the charity’s intent. How the charity will use the vehicle can have a significant impact on your charitable deduction.
June 1, 2017
Making a key employee a partner can be good for your business, but watch out for tax traps.
May 25, 2017
Concerned about being audited by the IRS? Here’s what business owners need to know.
May 25, 2017
Could you benefit from opening the “back door” to a Roth IRA?
May 16, 2017
Own a business? Have children who are teenagers, college students or new grads? If you hire them this summer, not only can they benefit but you can enjoy tax savings, too.
May 10, 2017
Beware: Operating across state lines means possibly being subject to taxation in that state.
May 3, 2017
A buy-sell agreement is critical to most closely held businesses with multiple owners. But a C corporation’s buy-sell agreement could produce adverse tax consequences if not structured properly.
April 26, 2017
All it takes is one employee mistake or bad hire to expose your business’s data to hackers.
April 20, 2017
Bartering businesses can’t cut Uncle Sam out of the deal. Here are the tax consequences.
April 13, 2017
Don’t let your company retreat waste time and money. Plan carefully for optimal results.
April 6, 2017
Not sure about your company’s next big strategic move? Ask your managers!
March 30, 2017
Business owners: Expect the best, but be prepared for the worst with key person insurance.
March 23, 2017
Beware: You can lose tax benefits if the IRS views your business as a hobby.
March 16, 2017
Thinking of selling business property? Consider a “like-kind” exchange instead.
March 9, 2017
A strong benefits package is essential to every employer. Does yours include an employee assistance program (EAP)? An EAP can enable you to help employees struggling with certain personal issues.
March 2, 2017
One bad investment can crush a business. Consider factoring discounted cash flow metrics into your investment decisions. They can help estimate the financial impact of a strategic move.
February 23, 2017
Is managing paid time off dragging down your company’s productivity? PTO banks can help.
February 17, 2017
Business owners can reduce their 2016 tax bills by setting up a SEP retirement plan now.
February 9, 2017
Need a fresh perspective on strategic planning? Insights from managers and employees are important. But sometimes business owners need external ideas from an advisory board. Let’s talk about yours.
February 2, 2017
At the beginning of the year, many people decide they’re going to get in the best shape of their lives. Similarly, many business owners declare that they intend to cut costs and operate at peak efficiency going forward.
January 26, 2017
Many depreciation-related breaks are available to help businesses offset the costs of investing in the business. If you bought equipment or other assets in 2016, 50% bonus depreciation might save you tax.
January 19, 2017
Today’s employers must offer competitive benefits. But if you maintain a retirement plan, you’ve got to know who’s considered a plan fiduciary in order to effectively manage risk
January 11, 2017
The more you know, the better your business can perform. A competitive intelligence policy can support the effective, but ethical, gathering of information on your competitors and industry.
January 4, 2017
It’s not unusual for a business to re-evaluate its vendors on occasion. So how is your retirement plan provider doing? Here are some good questions to ask and important cost issues to consider.
December 28, 2016
Start making next year’s budget a reality now! Here are three good places to begin.
December 21, 2016
Thrilling tales of assets, liabilities and equity! Time to start reading your balance sheet.
December 14, 2016
Family business owners: Your company is your financial legacy. Here’s how to protect it.
December 7, 2016
An annual bonus plan can be a great way to attract, retain and motivate employees. It can provide tax benefits, too: Your business might be able to take a 2016 deduction for bonuses paid in 2017.
November 30, 2016
What’s the President-elect’s tax plan for businesses? Generally it would reduce tax rates for both corporations and flow-through entities to 15% but eliminate many credits and deductions. Learn more.
November 16, 2016
Business owners: Don’t have a tax-advantaged retirement plan? Consider setting one up.
November 8, 2016
Have a business vehicle you want to replace? Here’s why you should sell it, not trade it in.
November 1, 2016
Enhanced tax breaks are available for certain business real estate investments. Here’s more.
October 25, 2016
Self-employed? You may owe double the employment tax you’d owe as an employee. Here’s how to meet your employment tax obligations and perhaps even save tax.
October 19, 2016
The timing of your business’s income and deductible expenses can have a big impact on your tax liability. Here’s how to determine the right timing strategies for you this year.
October 11, 2016
Slow-paying customers can turn your cash flow to sludge and put your company’s very existence at risk. Always be on the lookout for ways to fine-tune your collection process.
October 4, 2016
As a business owner, you’ve got to think about how to preserve your wealth for heirs. One idea to consider: Give away company stock to keep its future appreciation out of your taxable estate.
September 22, 2016
Business tax identity theft can result in big financial losses and reputational damage. Here’s a rundown of the issue and some red flags to look out for.
September 15, 2016
You need to keep detailed, accurate records to protect your business tax deductions. Here are two court cases where taxpayers learned that lesson the hard way.
September 12, 2016
Looking for a retirement plan for your small business that’s easy to set up and maintain? Consider a SIMPLE IRA. Here are the details.
September 1, 2016
There might be ways to combine domestic business trips with vacation days and still be able to write off some of the expenses. Here are the rules.
Food and financial insecurity have increased during the coronavirus (COVID-19) pandemic. If your business is donating to charity to help ease the pain, you may be eligible for enhanced charitable donation deductions.
Asset protection isn’t about evading legitimate debts, hiding assets or defrauding creditors. Rather, it’s about preserving your wealth for future generations in the face of creditors’ claims or frivolous lawsuits.
Scholarships are generally tax-free but there are times when academic awards result in taxable income.
