Imagine you own one or more vacant lots that have substantially appreciated in value, and you’re ready to sell. Alternatively, you have a parcel of appreciated land and want to subdivide, develop, and then sell off for a big profit. Either way, you’ll incur a tax bill. For purposes of these examples, let’s assume that […]

Following a downturn in 2023, merger and acquisition activity are bouncing back in 2024. If you’re buying a business, you want the best after tax results. You can potentially structure the purchase in two ways: Buy the assets of the business, or Buy the seller’s entity ownership interest if the target business is operated as […]

Cyberattacks are on the rise as technology has a become an integral part to every business. Protecting against cyberattacks are no longer a matter of if it will happen, but when will it happen. What is your business doing to protect itself when it does? A 2023 study by U.K.-based software and hardware company Sophos […]

If you plan on making a donation to charity the IRS may need certain requirements to be met in order to deduct the donation on your tax return. How can you protect your deduction? First, be aware that in order to deduct charitable donations, you must itemize deductions. Due to today’s relatively high standard deduction […]

If you have a closely held C Corporation and are in need of capital then it is important to note that including debt in the corporation’s capital structure can have advantages when it comes time to pay taxes. Tax rate considerations Let’s review some basics. The top individual federal income tax rate is currently 37%. […]

Despite carefully running your business, you will most likely run into customer disputes at one time or another. You can protect your business’s reputation and even strengthen its brand by creating and maintaining an effective customer dispute resolution process that includes eight key features. Some of the complaints may be people looking to negotiate a […]

Taking a hobby and turning it into a regular business is a dream for many. You probably won’t have any tax headaches if your new business is profitable over a certain period of time. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return?

Are you aware of the financial and legal impacts of adding a new partner to a partnership? Although adding a new partner may appear to be simple, it’s important to plan the new person’s entry properly to avoid various tax problems. Here are two issues to consider: Here’s an example to illustrate: You and your […]

If your company operates in the business-to-business (B2B) marketplace, you may have experienced some challenges with collections. There’s no easy solution, of course. But you can “grease the wheels,” so to speak, by strategically devising and continuously improving a methodical collections process. Every company, whether buyer or seller, is trying to manage cash flow. That […]

Vacation homes in high-value areas could be worth much more than owners originally paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home. Scenario 1: You’ve never used the home as your primary residence In this case, […]