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Come tax time, owner-employees face a variety of distinctive tax planning challenges, depending on whether their business is structured as a partnership, limited liability company (LLC) or corporation. Whether you’re thinking about your 2016 filing or planning for 2017, it’s...
If your business involves the production, purchase or sale of merchandise, your inventory accounting method can significantly affect your tax liability. In some cases, using the last-in, first-out inventory accounting method, rather than first-in, first-out, can reduce taxable income, giving...
Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2017. The only limit that has increased from the 2016 level is for contributions to defined contribution plans, which has...
If you own intellectual property (IP), such as a patent or copyright, you need to know how to account for it in your estate plan. These intangible assets can be highly valuable, and you’ll want them to be handled...
In popular culture, the word “spinoff” usually refers to a television show whose main characters originated from an already established show. But the word applies to the business world, too. Here it describes a division or subsidiary of a company...
Business owners get to make executive decisions. It’s one of the perks of the job. But acting unilaterally when buying business software can be a risky move. Because new technology affects the entire team, the entire team (or at...
When a company reissues or revises its financial statements, some people automatically assume that management is cooking the books. But there can be legitimate reasons for restatements, beyond management incompetence and fraud. So, before leaping to conclusions, it’s important to...
Many businesses find themselves short-staffed from Thanksgiving through December 31 as employees take time off to spend with family and friends. But if you limit how many vacation days employees can roll over to the new year, you might...
A tried-and-true estate planning strategy is to make tax-free gifts to loved ones during life, because it reduces potential estate tax at death. There are many ways to make tax-free gifts, but one of the simplest is to take...
