According to multiple reports, over a million Americans currently reside in nursing homes. If your parent is about to move into one, taxes might not be at the forefront of your mind. Although this may be the case, it is crucial to be aware of the tax implications and how you may benefit from them.

In some cases, you may have a piece of land that has increased in value and is now ready to sell. When the land is sold at a profit, you might encounter a significant tax liability. In this scenario, the tax rules generally treat you as a real estate dealer. That means your entire profit […]

Is the term “sales pipeline” a new term for you? Simply defined, it identifies and quantifies the prospective deals in progress at various stages of the sales process. Properly managing your pipeline can help your business avoid losses and meet or even exceed its revenue goals. 6 commonly held stages Many people confuse the sales […]

Catch up contributions are extra retirement contributions for those age 50 and older, intended for making up on those missed investment opportunities during working years. The deal with IRAs Eligible taxpayers can make extra catch-up contributions of up to $1,000 annually to a traditional or Roth IRA. If you’ll be 50 or older as of […]

From time to time, corporate officers or shareholders spend their personal money on business expenses. These costs may end up being nondeductible both by an officer and the corporation unless the correct steps are taken. This issue is more likely to happen with a financially troubled corporation. What can’t you deduct? In general, you can’t […]

Does your business struggle with billing and/or credit and collections? This is a vital process in any business and even a slight improvement can help save your company valuable time and money. Once a business is up and running, one fundamental aspect of operations that’s easy to take for granted is billing. Often, a system […]

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: […]