Have you recently inherited assets, or are planning your estate, and are wondering about the tax implications? You may be in a much better position “tax-wise” than you think. How do the rules work? Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis […]

If you own an unincorporated small business, tax day always stings a little more because of the self-employment (SE) tax. Designating your business as an S-Corp can help ease this burden. Here are the things you need to know. For 2023, the SE tax is imposed at the painfully high rate of 15.3% on the […]

It’s not only bigger companies that offer 401(k) plans. As a successful business owner with no employees you too can set up a 401(k) retirement plan. Two ways to contribute With a solo 401(k), the self-employed can make large annual deductible contributions to a qualified (that is, tax-advantaged) retirement account. However, this prime nest-egg-building opportunity […]

It’s unfortunate but according to the IRS, “thousands of people have lost millions of dollars and personal information to tax scams.” These scams can come in a variety of ways: email, mail, calls or text messages, and while individuals and businesses can be targets, the most common target for these criminals is the elderly. Important: […]

One of the big things that came out of the COVID-19 pandemic is a lot of new business were started and that number is still slightly increasing according to the U.S. Census Bureau. If you’re one of the entrepreneurs, you may not know that many of the expenses incurred by start-ups can’t be currently deducted […]

It is estimated that 91% of business with 10 or more employees use customer relationship management (CRM) software. CRM software allows management to gather, track, manage and analyze customer-related data. Building relationships To connect with customers and prospects in today’s data-driven environment, companies need more than just names and email addresses. CRM software provides the […]

Audits are expected to be on the rise in coming months because the Biden administration has made it a priority to go after high-income taxpayers who don’t pay what they legally owe. In any event, the IRS will examine thousands of returns this year. With proper planning, you may fare well even if you’re one […]

If you are the owner of a business with employees, you could be at risk for The Trust Fund Recovery Penalty (TFRP. This penalty applies to Social Security and income taxes that are withheld by a business from its employees’ wages. The TFRP applies to a broad range of actions and people involved in a […]

It’s hiring time for many business types this summer. With legions of working-age kids and college students out of school, and some spouses of business owners looking for part-time or seasonal work, companies may have a much deeper hiring pool to dive into this time of year. There are some tax saving opportunities to look […]

Saving enough for retirement may be difficult if only one spouse in a married couple is earning compensation. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a “spousal” IRA. The exception for a “spousal” IRA is available for a couple that files a joint tax […]