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.
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.
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.
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.
