Are you planning to sell assets at a loss to offset gains that have been realized during 2020? It’s important to be aware of the “wash sale” rule.   IRS may disallow the loss Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within […]

The abrupt onset of the COVID-19 pandemic followed by sweeping changes to the economy have forced companies to change the size of their workforces, restructure work environments and revise sales models — just to name a few challenges. And what this has all meant for employees is the dreaded word, change. Even before this year’s […]

If you are one of the countless employees that takes advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). Don’t miss out on using funds you saved. As the year ends remember you must incur qualifying expenses by the last day of the […]

If you believe your business will incur losses in its early years S corporations can provide tax advantages over C corporations. Shareholders in a C corporation generally get no tax benefit from such losses. Conversely, as an S corporation shareholder, you can deduct your percentage share of these losses on your personal tax return to […]

Most businesses have either completed their 2021 budgets or are in the process. As you put the finishing touches on your budgets, be sure to cover some of the finer points in the process. This means not creating a budget just to do it, instead create it as a useful plan that can be understood […]

Although planning is important when trying to build your nest egg in your traditional IRA, its even more critical to plan when you are taking withdrawals from the account. There are three major areas that will impact the amount of taxes you will have to pay on your withdrawal. Early distributions. What if you need […]

As a small business owner, you are aware of the increasing cost of employee health care benefits. As a result, your business may want to provide an employer sponsored Health Savings Account (HSA) to employees or maybe you already have an HSA. The IRS recently came out with inflation-adjusted amounts for 2021 so now might […]

Due to the current COVID-19 pandemic, online retail sales have been soaring. Why? Effective virtual marketing efforts by retailers in combination with the public’s avoidance to go out and shop in person. One such effort that can benefit most any type of business is email marketing. Although social media marketing tends to get the lion’s […]

In the past, it was a popular investment tool to purchase Series EE bonds. The purpose for their purchase varied between gifts for young children’s future education to a secure way to not lose any basis in your investment. And now if the bonds have reached final maturity, what do you need to do in […]

Owners of closely held companies are always looking for the lowest tax costs possible when it comes to withdrawing money from their businesses. Here are five strategies to consider. The easiest way, distribute cash as a dividend. The downside is that a dividend distribution is not tax efficient since you are taxed to the extent […]