tax
It should surprise no one that we all need an estate plan. A well-crafted plan helps ensure, among other things, that your family will be taken care of per your…
Most long-time construction business owners reach a point when they start thinking about not only their own retirements but also their families’ financial security. Whether you’re at that point or…
If you operate a business or are starting a new one, you must keep records of your income and expenses. Specifically, you should carefully record your expenses to claim all…
Tax returns are due but once a year. However, paying taxes — through withholding from your wages, estimated tax payments, or both — is a year-round activity. That’s why reviewing…
Under the Internal Revenue Code, “qualified sponsorship payments” to not-for-profits aren’t subject to unrelated business income tax (UBIT). Qualified payments refer to money, property transfers or the performance of services…
Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships, and even legal consequences. Below are six quick tips to help…
Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions…
Your business can set up an educational assistance plan that can give each eligible employee up to $5,250 in annual federal-income-tax-free and federal-payroll-tax-free benefits. These tax-favored plans are called Section 127…
Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment and administrative burdens involved. There are a couple of…
With summer fast approaching, you might be considering hiring young people at your small business. If your children are also looking to earn some extra money, why not put them…
When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to retire,…
Choose the right ownership structure when buying a vacation home If you’re considering buying a vacation home, it’s critical to choose the right ownership structure. Your choices include a corporation,…
When making transfers of business interests or other assets to family members, there’s a three-year period where the IRS can challenge their values for gift tax purposes. During that time,…
Under the right circumstances, qualified small business stock (QSBS) offers tax savings for business owners. Essentially, QSBS allows them (and their heirs) to sell their stock free of capital gains…
Most people spend decades planning for retirement. They diligently set aside a portion of their hard-earned wealth in IRAs, qualified retirement plans, investments and other savings vehicles. While a solid…