The changes in technology are evolving rapidly and has made it troublesome for business owners to adapt to these changes. In order to stay competitive, you must be willing to expend your financial resources. Strange as it may sound, technology upgrades demand a bit of soul searching. That is, before spending the money, you need […]

Most married couples want to know the best option when choosing between filing joint or separate. The answer depends on which status results in the lowest tax. But you need to acknowledge that, if you and your spouse file a joint return, each of you is “jointly and severally” liable for the tax on your […]

Are you planning to withdraw cash from your closely held corporation and don’t want to incur any additional costs? The easiest route most corporations take is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits.” It’s also not […]

M&A opportunities arise when a business adversely affected by economic circumstances decides that getting acquired by another company is the optimal — or only — way to remain viable. If you get the chance to acquire a distressed business, you might indeed be able to expand your company’s operational scope and grow its bottom line. […]

You may have recently begun receiving letters from the charities you donated to last year. Now you’re thinking, what do I do with this letter? What if I haven’t received such a letter, can I still claim a deduction for the gift on my 2021 income tax return? It depends. The requirements To prove a […]

So you’ve started your own business, or are planning to, and operate as a sole proprietor. You’ve got the business plan down, but what about taxes? Here are some important issues to consider regarding taxes: 1. You report income and expenses on Schedule C of Form 1040. The net income is taxable to you regardless […]

Are you an ALE (applicable large employer)? An ALE is a company with 50 or more full-time employees or full-time equivalents on average during the previous year. Since the Affordable Care Act was signed in 2010, ALEs carry added responsibilities under the law. What must be done First and foremost, ALEs are subject to Internal […]

While the rules for Traditional and Roth IRAs have changed many times, what hasn’t changed is the fact that they can help you save for retirement with potential tax benefits. Below is an overview of what you should know when thinking about opening an IRA or when making any contributions or distributions. Traditional IRAs You […]

As a business owner, you know you have to keep records of your income and expenses, but how much detail is the real question. Especially in regards to expenses as you want to be able to claim them as tax deductions. If you are ever audited by the IRS you want to make sure you […]

The most basic reports for a business, but also the most informative are your financial statements. Knowing how to read your financials and what they are telling you is key. Your financial statements can be a great resource to assist you in making optimal business decisions. Assuming you follow U.S. Generally Accepted Accounting Principles (GAAP) […]