If you believe your business will incur losses in its early years S corporations can provide tax advantages over C corporations. Shareholders in a C corporation generally get no tax benefit from such losses. Conversely, as an S corporation shareholder, you can deduct your percentage share of these losses on your personal tax return to […]

Most businesses have either completed their 2021 budgets or are in the process. As you put the finishing touches on your budgets, be sure to cover some of the finer points in the process. This means not creating a budget just to do it, instead create it as a useful plan that can be understood […]

Although planning is important when trying to build your nest egg in your traditional IRA, its even more critical to plan when you are taking withdrawals from the account. There are three major areas that will impact the amount of taxes you will have to pay on your withdrawal. Early distributions. What if you need […]

As a small business owner, you are aware of the increasing cost of employee health care benefits. As a result, your business may want to provide an employer sponsored Health Savings Account (HSA) to employees or maybe you already have an HSA. The IRS recently came out with inflation-adjusted amounts for 2021 so now might […]

Due to the current COVID-19 pandemic, online retail sales have been soaring. Why? Effective virtual marketing efforts by retailers in combination with the public’s avoidance to go out and shop in person. One such effort that can benefit most any type of business is email marketing. Although social media marketing tends to get the lion’s […]

In the past, it was a popular investment tool to purchase Series EE bonds. The purpose for their purchase varied between gifts for young children’s future education to a secure way to not lose any basis in your investment. And now if the bonds have reached final maturity, what do you need to do in […]

Owners of closely held companies are always looking for the lowest tax costs possible when it comes to withdrawing money from their businesses. Here are five strategies to consider. The easiest way, distribute cash as a dividend. The downside is that a dividend distribution is not tax efficient since you are taxed to the extent […]

The age of technology brought with it the age of cybercriminals. If a hacker were to gain access to the sensitive data about your business, customers or employees, the damage to your reputation and profitability could be severe. A common way this happens is called “phishing”. You’re probably aware of the specific danger of phishing. […]

Once you receive disability benefits you may or may not have to pay taxes on the income. The tax treatment depends on who paid for the benefits you are receiving. If the income is paid directly to you by your employer, it’s taxable to you like an ordinary salary. (Taxable benefits are also subject to […]

While we always hope that your business is successful and able to continue for many years, we understand that businesses do close for many different reasons. Unfortunately many businesses are closing recently due to the COVID-19 pandemic. If you’re closing your business, due to COVID-19 or other reasons, there are various tax obligations that come […]