From launching a start-up, entering new markets, developing a new product or pursuing a business acquisition, attracting investors takes more than a strong idea. Investors want to see a compelling opportunity supported by solid financials and a realistic growth plan. One of the most effective ways to communicate all of this is with a digital […]
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Don’t let taxes surprise you: Could your Social Security check come with a tax bill?
When introduced last year, the new tax deduction for taxpayers 65 and older was often described as “no tax on Social Security.” In actuality, this up-to-$6,000-per-individual deduction, also known as the “senior” deduction, is generally available whether or not someone receives Social Security benefits. But other limits do apply, such as an income-based phaseout. Of […]
Which legal structure is right for your business?
Before launching, start-ups must decide what type of legal entity best fits their business activities. The type of entity you select affects how the business is taxed and who may be held personally liable for its debts and obligations, among other things. Two popular options — assuming you’re going into business with one or more […]
Succession planning: The need for bench strength
Leadership transitions are inevitable for every business. Whether a key employee retires, pursues a new opportunity, or is unexpectedly unable to continue in their role, it is crucial for the business to maintain continuity. One of the most effective ways to prepare is by building “bench strength” – which occurs by developing a pipeline of […]
Home sales and capital gains taxes: what to know
For many homeowners, rising property values have made selling a home more profitable than ever. However, a large gain can also have tax implications. Depending on factors such as the amount of your gain, how long you’ve owned and lived in the home, and your income level, you may owe capital gains tax and, in […]
Business or hobby? Why it matters for your taxes
Many people today earn extra income through side activities such as selling handmade products online, freelancing, or performing music on the weekends. While this additional income must generally be reported on your tax return, whether you can deduct the related expenses depends on how the IRS classifies your activity – as a business or a […]
Bookkeeping Backlog? Here’s How to Catch Up
When you’re running a business, urgent tasks often crowd out routine bookkeeping. Invoices, receipts, reconciliations and reports can pile up quickly. Before long, it may feel overwhelming to know where to start. The good news is that falling behind on your books doesn’t mean your financial records are beyond repair. With a focused plan, a […]
Lost Your Job? Don’t Miss These Tax Considerations
Losing a job can be stressful, and your first priority is likely replacing income and figuring out your next move. But while you’re focused on what comes next, it’s also important not to overlook the tax issues that can come with a layoff or termination. If you’ve recently lost your job, here are several tax-related […]
Selling Real Estate? A 1031 Exchange Could Help Defer the Tax Hit
Thinking about selling appreciated commercial real estate? Whether you’re a real estate developer or a small business owner, a Section 1031 like-kind exchange may be a valuable tax-deferral strategy. Instead of selling one property and immediately recognizing the gain, you may be able to exchange it for another qualifying property and defer some or all […]
IRS Notice Awareness and Guidance
The IRS has recently increased the volume of notice letters being issued to taxpayers. While some notices may be generated in error, others may be legitimate and require timely action. If you receive any notice or correspondence from the IRS, please forward a copy to your Rudler Tax Advisor. Our team can review the notice, […]