The Tax Benefits of Putting Your Kids on Your Payroll
The family that works together, saves money together What are your kids doing this summer? While they may just plan on relaxing or having fun with school out, it might be good for them – and you – if you put them to work. Not a lot of business owners know this, but they can…
Read MoreTax Strategies You Can Grow Into Based On Your Long-Term Goals, Part One
Employee Stock Ownership Plans (ESOPs) can offer lucrative tax benefits for your business – as well as contribute to a smart exit strategy Watching your business grow is rewarding, but it can also be daunting when higher revenue leads to a bigger tax bite from Uncle Sam. Understanding how taxes impact your business and your…
Read MoreSurprising Tax Deductions: Understanding the “Augusta Rule”
Why you may not have to pay taxes on rental income In the mid-70s, Section 280A of the U.S. tax code was enacted. Among other things, this allowed people to rent their homes for a certain amount of time and not have to pay taxes on this income. Since Congress was spurred on in part…
Read MoreThe Elements of Realizing Your Company’s Vision
Successful organizations have a vision and the explicitly-defined goals and processes to achieve it Growth by chance is a possibility, but do you want to bet on it? Growth through purposeful planning is a smarter choice, and there’s an approach that offers actionable steps which create a roadmap to business success. The most successful organizations…
Read MoreExplaining Tax Reform: The Section 199A Business Deduction
The new law creates the most significant tax break for small business owners in decades The Tax Cuts and Jobs Act is the nation’s first major tax overhaul in 30 years – and introduces a completely new concept to the Internal Revenue Code. For the first time, IRC Section 199A allows individual taxpayers (other than corporations)…
Read MoreTax Reform Alert: New Tax Law Sticks it to Certain Service Trade or Businesses
The 20 percent tax deduction under new 2018 tax code Section 199A is a very nice tax break for business owners, except for owners with high income who also fall into the out-of-favor group. In general, the out-of-favor group includes lawyers, doctors, accountants, tax professionals, consultants, athletes, authors, security traders, actors, singers, musicians, entertainers, and…
Read MoreTax Reform Alert: Should Your Sole Proprietorship be an S-Corporation?
Tax reform created a new 20% tax deduction for select pass-through entities.
Read MoreTax Reform Alert: Entertainment Deductions That Were Eliminated & Survived
As you likely know, you may no longer deduct directly related or associated business entertainment effective January 1, 2018.
Read MoreTax Reform: How The New Tax Law Will Impact Businesses
It is no overstatement to say that this mammoth tax bill will have a significant impact on virtually every business.
Read MoreTax Reform: How The New Tax Law Will Impact Individuals
After months of intense negotiations, the President signed the “Tax Cuts And Jobs Act Of 2017” (the “New Law”) on December 22, 2017.
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