When you first think of the word leakage, your first thought is usually something negative. This is indeed true when talking about retirement planning as well. In this context, leakage refers to early, pre-retirement withdrawals from an account. Now, as a business owner who sponsors a qualified retirement plan, you might say, “Well, that’s my […]

Do you make substantial gifts for the year to anyone such as children, grandchildren, or other heirs. It is important that you determine whether or not a gift tax return needs to be filed. In some cases, even if you do not have to file a gift tax return it might be beneficial to do […]

Does your spouse travel with you when you go on a business trip? Can your spouse’s expenses be deducted? If you own a business and your spouse likes to join you on your business trips, this is a question that you might be wondering. The rules for deducting a spouse’s travel costs are very restrictive.

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 […]