If you own a growing, unincorporated small business, high self-employment (SE) tax bills might already be on your radar. The SE tax covers your contributions to Social Security and Medicare as a self-employed individual. SE tax basics The 15.3% SE tax rate applies to the first $168,600 of your 2024 net self-employment income. This rate […]

Patents, trademarks, copyrights and goodwill, are vital intangible assets in modern businesses. While their tax treatment can be complex, businesses need to have an understanding of the issues involved.  Here are answers to some common questions about these assets. What are intangible assets? The term “intangibles” covers a wide range of items and determining whether […]

The clock is ticking on the federal gift and estate tax exemption ($13.61 million for 2024). Unless Congress steps in, the amount will drop to an inflation-adjusted $5 million in 2026. Now’s the time to make impactful gifts to loved ones and shrink your taxable estate before the window closes.  Certain hard-to-value gifts, like interests […]

Choosing the right business structure is a pivotal decision, and a C corporation is one option that comes with its own set of advantages and disadvantages. This structure can have a notable impact on how your business operates and its financial health.  Let’s break down the key benefits and drawbacks of operating as a C […]

Confused about the federal tax treatment of business-related meal and entertainment expenses? You’re not alone, especially since the rules have changed over the last few years. Let’s break down what you can deduct now. Current law The Tax Cuts and Jobs Act put an end to deductions for most business-related entertainment expenses. That means you […]

Are you the owner of a closely held or family owned business? Make sure a buy-sell agreement is part of your estate plan. It outlines the process for transferring ownership in the event of a “triggering event,” such as death, disability, divorce, termination of employment or withdrawal from the business. A buy-sell agreement ensures an […]

Employing household help—whether a nanny, housekeeper or gardener—can make your life easier, but it also comes with tax responsibilities, often referred to as the “nanny tax.” If your worker qualifies as an employee rather than an independent contractor, you could be responsible for federal income tax, Social Security, Medicare (FICA), federal unemployment (FUTA) and potentially […]

If you’re planning for your child or grandchild’s college education, a 529 plan might be your answer. These tax-advantaged plans, named for the Internal Revenue Code section that provides for them, help you prepay for higher education costs, setting them up for success.  There are two types of qualified tuition programs: What are the tax […]

As a business owner, travel is part of the job—meeting clients, attending conferences, and checking on vendors. Knowing which travel expenses are tax-deductible can boost your bottom line. Manage your travel costs wisely so you can help stay compliant and maximize tax savings. What qualifies as business travel? When you’re away from your “tax home”, […]