It’s not uncommon for employees to grumble about having to attend too many meetings. Sometimes they have a fair complaint; an excessive number of meetings can become a problem at some companies. However, there’s one kind of meeting that business owners and their leadership teams should never take lightly: strategic planning. That doesn’t mean you […]

If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses in your account. However, nothing is decided tax-wise until year end when the final results of your trades will reveal your 2023 tax situation. Here’s what you need to know to avoid tax surprises. Tax-favored retirement accounts […]

Do you operate a profitable unincorporated small business with your spouse? If so, you may face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment. Otherwise, you must file an annual partnership return, on Form […]

When many business owners see the term “financial reporting,” they immediately think of year-end. While properly prepared financial statements generated at least once a year are necessary, more frequent reporting could provide additional insights into the business. Below we will discuss the benefits of interim financial reporting and how it could assist your business. Spot […]

With the start of school and cooler weather rolling in, we are reminded that the holidays are just around the corner. Cash or stock may be a great gift for your loved ones. The annual exclusion, when properly used, can reduce the size of your taxable estate without triggering any estate or gift tax. The […]

The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, due to inflation adjustments these amounts change every year. The high inflation affected the 2023 adjustments. These adjustments include section 179 deductions, heavy SUVS, first-year bonus depreciation, and more. Here are the changes that you need to know. Section 179 deductions […]

As summer transitions into fall, it’s a prudent time for business owners and their leadership teams to assess the effectiveness of their marketing strategy for the year. How well is your strategy performing? There’s still time to make necessary tweaks to meet your sales targets. What success looks like The simple question you might ask […]

In recent years, numerous homeowners nationwide have witnessed a surge in the value of their properties. If you are contemplating the sale of your home in 2023 or have already done so, it’s essential to be mindful of potential tax implications. There is a possibility that you may be subject to capital gains tax and […]

When facing a divorce, the inherent stress is well-known. However, for business owners, the inclusion of tax considerations can further complicate matters. Your ownership stake in the business is often a substantial personal asset, and it’s common for marital property to encompass some or all of it. Transferring property tax-free In general, you can divide […]

If you are thinking about retiring soon then it might be time to think about the future of your company. The future does not refer to how well it will perform going forward, but who will be taking over once you step down. Succession planning is an important task for every business owner. And it’s […]