tax
It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture or law firm.…
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Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why…
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If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example,…
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If you operate a business or are starting one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the…
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When the Inflation Reduction Act (IRA) became law in late 2022, you might have assumed that the tax breaks it contained wouldn’t affect your tax-exempt organization. That’s not the case.…
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Short-term rentals may offer tax-free income Opportunities to earn tax-free income are few and far between, but one often overlooked strategy allows you to do just that by renting out…
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If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new —…
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Investor Warren Buffett once said that the ideal inheritance is “enough money so that they feel they could do anything, but not so much that they could do nothing.” Indeed,…
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If you’re planning improvements that will boost your home’s energy efficiency, be sure to consider tax incentives that may offset some of the cost. The Inflation Reduction Act (IRA), signed…
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During the COVID-19 pandemic, business travel nearly came to a halt. Today, it’s on the rebound, as “Zoom-fatigued” executives craving face-to-face interaction hit the road again. With more people getting…
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