The type of business you run (sole proprietorship, partnership, limited liability company or LLC, C corporation, or S corporation) can greatly impact your tax bill. Choosing the right one is important from the get-go, but you can switch from one entity to the other if it makes sense to maximize your tax benefits. For instance, […]

Can you believe the third quarter is already here? We’ve compiled a list of key tax-related deadlines that might affect your business and employees to give you a leg up as we head into Q3. Keep in mind that this list isn’t all-inclusive and there could be other deadlines that apply to you.  July 15 […]

School’s out, and that can mean opportunities for your business. If you have a child interested in your work, consider hiring them for the summer.  Not only does it give your son or daughter a great experience, but you can both reap the tax benefits too!  Benefits for Your Child Depending on your business structure, […]

While it’s common for businesses to be most concerned with the volume of sales, this is not necessarily the only, nor most reliable, way to raise profits. In fact, the cost of making a sale can sometimes lead to lower than expected net profits.  Business owners must consider their overall expenses, including cost per acquisition, […]

A great option for homebuyers can be to live in their new home and then turn their old house into a rental. As of March 2024, the Zumper National Rent Report found that average monthly rents for one- and two-bedroom apartments rose from $1,487 to $1,847. Of course, this varies depending on the part of […]

Does your business have a retirement plan? If not, it might be the right time to get one. Right now, retirement plan rules allow for significant tax-deductible contributions. If you’re self-employed and set up a SEP-IRA, for example, you could contribute up to 20% of your self-employment earnings with a maximum contribution of $69,000. (That’s […]

Businesses typically want to delay the recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to? There are two main reasons why you might take this unusual approach:  Suppose you believe your business income could be […]

Whether you’re making your first estate plan or need to update an existing one, it helps to speak the language. While most people are familiar with common terms like “trust” or “will,” the meanings of other estate planning terms may feel less clear.  Keep this glossary of key terms handy to help you navigate the […]

The 2023 federal tax filing deadline has come and gone. (Unless, of course, you filed for an extension until October 15.) Whether you’ve already filed or you’re still working on your return, you might have some questions once it’s been filed. Let’s take a look at three of the most common ones. 1. When can […]