If you’re thinking about selling stock shares at a loss to offset gains that you’ve realized during 2022, it’s important to watch out for the “wash sale” rule. The loss could be disallowed Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within the […]

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction is: Available to owners of sole proprietorships, single member limited liability companies (LLCs), partnerships, and S corporations, as well […]

Family-owned businesses face distinctive challenges when it comes to succession planning. Early planning is important to distinguish ownership succession and management succession. When a nonfamily business is sold to a third party, ownership and management succession typically happen simultaneously. However, in the context of a family business, there may be reasons to separate the two. […]

The rules surrounding required minimum distributions (RMDs) are complicated. You can’t keep your funds in a traditional IRA forever. It’s best to be prepared for the age 72 withdrawal date. Here are some answers to frequently asked questions. What if I want to take out money before retirement? If you want to take money out […]

The form of business you choose when launching a new business venture is important. Here are some of the major advantages and disadvantages of doing business as a C Corporation. A C corporation allows the business to be treated and taxed as a separate entity from you as the principal owner. A properly structured corporation […]

With unemployment in October at 3.7%, your business may be having trouble recruiting new employees. This is a competitive market for current employees so retention becomes important too. Stock options are often a tool used to create a more attractive offer to possible candidates and help retain those key employees The finer points of ISOs […]

If you are looking to reduce your tax liability for the year, here are some ways to reduce it. Even though your investments may not have done well in 2022 there are still opportunities to reduce your tax from your actual or paper losses. Tax rates on sales Individuals are subject to tax at a […]

There are complex rules that need to be followed when recording intangible assets for tax purposes. What makes intangibles so complicated? IRS regulations require the capitalization of costs to: Acquire or create an intangible asset, Create or enhance a separate, distinct intangible asset, Create or enhance a “future benefit” identified in IRS guidance as capitalizable, […]

Many small businesses will get to a point where a company retirement plan becomes almost a necessity to attract and retain talent. If you don’t have a retirement plan and see one in your immediate future, you’ll want to carefully select the one that will work best for your company and its employees. Here are […]

Most people love to give back and love it even more during the holidays. Whether you are donating to your favorite charities or if you want to give assets or cash to loved ones before year end, here are the basic tax rules you need to know. Donating to charity In 2022, in order to […]