Posts tagged with "IRS"



Estate Planning · May 20, 2022
Key Milestones For Planning Your Retirement
The road to retirement is a long one, and as with any journey, it helps to have a few key milestones along the way to help gauge your progress. So, when preparing for your senior years, it’s not enough to simply hope for the best. You should treat retirement planning as if your life depended on it—because it does. Without an effective plan, you risk a future of poverty, penny-pinching, dependence, and even early death due to unhappiness. The stakes could hardly be higher.
Business · March 22, 2022
6 Ways You Can Still Save On Your Company’s Tax Bill For 2021
In light of the pandemic, the rules and programs governing income taxes for businesses have changed multiple times over the last two years, which has caused confusion and headaches for more than a few business owners. And while many of the pandemic-inspired programs and tax breaks have already ended or will end soon, a few of these programs still stand to impact your taxes in 2021.
Business · December 07, 2021
Now Is Your Last Chance To Save On Your 2021 Taxes
When you realize that your biggest personal and business expense is taxes, it can come as quite a shock. Seeing so much of your money wind up in the government's hands can feel like a shakedown. So, it's crucial to strategize to reduce your taxes. Some people resist enforcing creative tax strategies because they're worried it will get them in trouble with the IRS. However, as long as you do things properly, there's nothing illegal about strategizing to pay the least amount of taxes possible.
Business · November 23, 2021
Before You Sell Your Business (Or Any Other Appreciated Asset), Read This!
Although paying taxes is a largely unavoidable part of running a business, you might be pleasantly surprised to learn that there is one common type of tax you can often avoid paying. Capital gains tax is one of the few taxes you can avoid paying, but only if you plan ahead and plan wisely. Since we're only a few weeks away from the end of the year, it might seem like it's too late to save on capital gains taxes in 2021, but you may still have time if you act immediately.
Business · September 21, 2021
The Big-Time Benefits Of Hiring Your Kids
One of the biggest benefits of running a family business is being able to employ your minor children. By hiring your kids, you have the opportunity to teach them the value of hard work, give them experience managing money, and support them to save for their future. Plus, employing your minor children also comes with some substantial tax-saving benefits. And with the passage of the Tax Cuts and Jobs Act (TCJA) in 2017, those benefits are now better than ever.
Business · September 14, 2021
Business Owners Beware: New Wave of Phishing Scams Target Employee Payroll
This latest phishing scam is just one of numerous threats that your company faces when it comes to digital security. In addition to scams involving stolen funds, your business is also susceptible to data breaches, hacking, network failures, and other malicious actions targeting your sensitive client and business data. So, it's best to stay in strict compliance with an ever-evolving set of federal and state laws governing data privacy to avoid any risk that may affect your business.
Business · August 17, 2021
Misclassifying Employees As Independent Contractors Can Cost You Big Time
As more and more businesses take advantage of the benefits of using independent contractors (ICs) in lieu of full-time employees, the line between worker classification can get easily blurred. Though independent contractors can give your company an edge in today's "gig economy", but misclassifying your workers can cause you big-time in penalties, including fines, back taxes, and unpaid benefits.
Business · July 06, 2021
How To Maximize Your Startup Cost Deductions
Coming up with a solid concept for a new business and working to get your operation off the ground can be an expensive undertaking. But the good news is that you can write off several expenses involved with the startup process. However, the rules for deducting startup expenses are different from those for writing off general business expenses incurred by an existing company. Here are some of the basic rules for writing off startup expenses that will benefit your business.
Business · June 01, 2021
New Rules For Deducting Meal And Entertainment Expenses
Taking your clients out to dinner or to a sporting event can be a great way to get to know the people with whom you are doing business and help you develop a closer relationship. Plus, it can be a legitimate business expense (with some exceptions) that you can deduct from your company’s income taxes. The rules for deducting meal and entertainment expenses from your taxes have changed quite a bit over the last few years, and these changes can be pretty confusing.
Estate Planning · May 21, 2021
Almost Three Years After Her Death, Aretha Franklin’s Poor Estate Planning Continues To Haunt Her Family—Part 2
Planning for your potential incapacity and eventual death, regardless of your financial status, is something that you should take care of immediately, especially when you have children. While Aretha lived a relatively long life, you'll never know when tragedy may strike, and through diligent estate planning, you can save your family from the needless disputes, expense, and embarrassing public exposure the late singer's loved ones are currently enduring.

Show more