tax
For most small business owners, strong revenue growth is something to celebrate. But a profitable year can also significantly increase your income tax liability. If your business is on track…
IRS audit rates remain relatively low, but that’s little consolation if the IRS selects your return for an examination. Although most taxpayers will never face an audit, business owners often…
A tax-efficient way to transfer wealth As year-end approaches, you may be thinking about ways to align your estate planning goals with potential tax savings through the gift tax annual…
The federal gift and estate tax exemption remains at a historically high level ($15 million for 2026), meaning many families won’t be subject to these taxes. As a result, there’s…
With year-end planning underway, catch-up contributions for individuals age 50 and older who participate in employer-sponsored retirement plans can be an effective way to boost savings and potentially reduce 2026…
If your business is considering replacing or upgrading its vehicles, doing so before year end may help you take advantage of currently available tax benefits. In some cases, you may…
If your small business accepts, uses or invests in Bitcoin, Ethereum or other forms of cryptocurrency, accurate reporting and detailed records are critical for federal tax purposes. The IRS continues…
If you own a closely held C corporation, you might be looking for ways to withdraw cash from your business. Paying yourself a dividend can be a straightforward option, but…
To attract and retain skilled workers, your small business needs to offer more than competitive pay. Your benefits package matters, too — and benefits with favorable tax treatment can be…
Many small businesses start out as sole proprietorships. This structure is simple and inexpensive to establish and maintain, and it gives the owner direct access to profits without having to…
Businesses in economically distressed communities often have difficulty obtaining capital for expansion, equipment, facilities and other investments. The New Markets Tax Credit (NMTC) encourages private investment in these underserved areas…
Tax-efficient wealth transfer using FLPs A family limited partnership (FLP) can be an effective estate and income tax-planning tool when properly structured. By forming an FLP to hold a family…
For families focused on long-term wealth preservation, dynasty trusts can be a powerful planning tool. When properly structured, these trusts can protect wealth and help reduce exposure to federal gift,…
Becoming a new parent is life-changing in many ways, and your tax situation is no exception. While sleepless nights and new routines often take center stage, there are tax breaks…
It’s common for related companies (e.g., brother-sister or parent-subsidiary) to lend money to one another, particularly when one needs financial support. To ensure the transaction is treated as a loan…