Navigating the difficulties of succession planning for family businesses

Every established company will encounter challenges when confronting the thorny issue of succession planning. Family-owned businesses, however, often face particularly complex issues. After all, their owners may have to consider both family members who work for the company and those who do not. If yours is a family business, you may run into some confounding […]

Remember to empty out your flexible spending account (FSA)

If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important date coming up. In many cases you have to use the money in the account by year-end or you’ll lose it (unless your employer has a grace period). As the end […]

Crucial 2024 Adjusted Tax Figures Considering Inflation for Individuals

Navigating the tax landscape requires a keen understanding of the 2024 inflation-adjusted figures, especially for individuals. The standard deduction, a fundamental element for those who don’t itemize, sees notable increases. Additional allowances apply for older taxpayers and the visually impaired. Furthermore, this article delves into key thresholds for ordinary income, short-term capital gains, long-term capital […]

Crucial 2024 Tax Guidelines for Small Businesses and Their Owners, Accounting for Inflation

Navigating the intricacies of taxation is a critical aspect for small business owners, especially those operating as sole proprietorships or pass-through entities like LLCs, partnerships, or S corporations. The net ordinary income generated by these businesses flows through to the individual owner’s personal Form 1040, subjecting them to the federal income tax rates. As we […]

Your business might have a more straightforward route to generating financial statements

Accurate financial statements are essential for all businesses. Publicly held companies must not only release them but also subject them to independent CPA audits, offering the highest level of assurance to external stakeholders regarding the absence of significant errors. Privately held companies, especially smaller businesses, can find relief in the fact that the costly and […]

Eleven instances where the 10% penalty tax on early withdrawals from an IRA does not apply

In the event of a significant cash shortage, an option you may consider is making an early withdrawal from your traditional IRA—this refers to a withdrawal made before reaching the age of 59½. Traditional IRAs encompass accounts such as simplified employee pension (SEP-IRA) and SIMPLE-IRA for this purpose. The following will help you gain insight […]