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For Small Businesses: If Co-Owners, You Probably Need a Buy-Sell Agreement

July 16, 2024

For most business co-owners, the value of their business shares comprises a big percentage of their estates. Having a buy-sell agreement protects co-owners and their heirs and helps avoid hassles with the IRS.

Tax Advice: On Charitable Donations & Taxable IRA Withdrawals

July 16, 2024

Here’s a strategy for older taxpayers who are charitably minded and also must take required minimum distributions from their traditional IRAs.

For Small Businesses: On Borrowing From Your Corp

July 16, 2024

Closely held corporation owners: If you need money for personal expenses like a new car or home improvements, consider borrowing from the business. But follow these tips to avoid adverse tax consequences.

Tax Advice: As Tax Provisions Are Scheduled to Expire...

June 30, 2024

What’s on the tax horizon as many Tax Cuts and Jobs Act provisions get closer to their scheduled expiration date? Here are four possible scenarios.

For Small Businesses: 2024 Q3 Tax Calendar

June 25, 2024

Summer is here and tax deadlines are probably the last thing on your mind. But there are some important third-quarter deadlines that businesses can’t afford to forget about.

Tax Advice: Social Security Update - How High Can It Go?

June 18, 2024

The Social Security tax paid by many individuals will continue to go up in future years. Here’s a look at how the tax affects employees, self-employed individuals and employers.

For Small Businesses: Hiring Your Child This Summer Might Be Smart

June 18, 2024

Hiring your child at your business this summer? It can be a tax-smart idea. Here are the benefits.

Tax Advice: If Caring for an Elderly Relative

June 17, 2024

If you’re caring for an elderly relative, you may be entitled to some tax breaks. Here are four of them.

For Small Businesses: Should You Convert From a C to an S Corp?

June 17, 2024

There are several factors to consider when converting from a C corporation to an S corporation. Here are four of the tax issues you may face.

Tax Advice: When Selling Appreciated Vacant Land

June 17, 2024

If you’re fortunate enough to own vacant land that has appreciated greatly, you may want to sell it. But how much will you pay in tax and is there any way to reduce the tax bill? Here’s a strategy to consider.

Tax Advice: The Consequences of Selling Mutual Funds

June 12, 2024

Investing in mutual funds is popular, but selling shares may result in complicated tax matters. Here are the rules.

For Small Businesses: Figuring Corporate Estimated Tax

June 12, 2024

An important deadline for quarterly federal estimated tax payments is coming up on June 17. Here are the methods for computing payments for corporations.

For Small Businesses: Tax Tips When Buying the Assets of a Business

May 27, 2024

When buying a business, you may not focus on taxes. But the way the transaction is structured can lead to better or worse tax results after the acquisition.

Block letters spelling "DEBT" leaning against a ruler, next to the words "C corporation"

For Small Businesses: Tax Advantages of Debt in a C Corp

May 17, 2024

There are potential federal income tax advantages when you include debt in the capital structure of a C corporation. Here’s a rundown.

Tax Advice: Pay Attention to the Rules When Hobby Turns to Business

May 13, 2024

There are a number of different hobbies that some taxpayers turn into businesses. Here’s how they can protect tax breaks on their tax returns.

For Small Businesses: On Growing With a New Partner

May 13, 2024

If you’re adding a new partner to your partnership, you may think the tough part is over once you find the right person. But there could be complex tax issues to consider.

Tax Advice: When You Sell an Appreciated Vacation Home

May 2, 2024

If you own a vacation home, perhaps you’re ready to sell it. What are the tax implications? Here are the rules if you sell at a profit.

For Small Businesses: When Partners Pay Expenses Related to the Business

May 2, 2024

If you’re a partner in a partnership business, can you deduct expenses you incur on your personal tax return? Here are the rules.

Tax Advice: Keep These 3 Issues in Mind After Filing Your Return

April 28, 2024

Once your 2023 tax return has been filed, you can breathe a sigh of relief. But there still may be some tax issues to consider. Here are three of them.

For Small Businesses: The Key to Less Painful IRS Audits

April 28, 2024

A meticulous approach to maintaining business records can help protect your tax deductions and make an IRS audit much less difficult. Here’s a recent court case illustrating some of the issues involved.

For Small Businesses: Consider a Contrary Approach with Income and Deductions

April 28, 2024

Businesses: Do you expect federal income tax rates to go up, go down or stay the same in the future? If you think your rates could go up, here are some considerations.

Tax Advice: The Pros and Cons of Turning Your Home Into a Rental

April 28, 2024

Home selling (and buying) season is heating up. At the same time, rents are high in many parts of the country. What are the tax implications if you buy another home but decide to keep your current home and rent it out?

For Small Businesses: Don't Have a Tax-Favored Retirement Plan? Set One Up Now

April 28, 2024

If you’re a business owner without a retirement plan, establishing one is simpler than you may think. And there still may be time to set one up for LAST year, depending on your situation.

Tax Advice: After Filing Your Return, 3 Things to Remember

April 24, 2024

Once your 2023 tax return has been filed, you can breathe a sigh of relief. But there still may be some tax issues to consider. Here are three of them.

Tax Advice: File for an Extension if You're Not Ready for 4/15 Deadline

April 6, 2024

The April 15 tax deadline is approaching, but what if you’re not ready to file? There are some simple steps you can take to avoid steep penalties.

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