4 ways corporate business owners can help ensure their compensation is “reasonable”
If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Therefore, if funds are paid as dividends, they’re taxed […]
Succession Planning: Decide the Future of Your Business
When deciding the future of your business, succession planning is a critical task. Business owners take their companies through many phases with intricate decision-making that can affect future generations.Planning for how and when those decisions will be made is essential if you want to ensure the long-term success of your enterprise. Succession planning should not […]
Strengthen strategic planning with competitive intelligence
Business owners and their leadership teams are rightly urged to engage in regular strategic planning to move their companies, thoughtfully and consciously, in a positive direction. However, no matter how sound a set of strategic objectives might be, it’s always important to bear in mind that your competitors have plans of their own. That’s why […]
Take advantage of the rehabilitation tax credit when altering or adding to business space
If your business occupies substantial space and needs to increase or move from that space in the future, you should keep the rehabilitation tax credit in mind. This is especially true if you favor historic buildings. The credit is equal to 20% of the qualified rehabilitation expenditures (QREs) for a qualified rehabilitated building that’s also […]
There’s a favorable “stepped-up basis” if you inherit property
A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? This is an important area and is too often overlooked when families start to put their affairs in order. Under the fair market […]
The 4 Best Tax Planning Strategies
Tax time can be stressful. After all, no one likes the thought of owing money to the government when it comes to doing their taxes. But with some planning and know-how, you’re sure to get past tax season with flying colors and put more money in your pocket too.Knowing some of the best tax planning […]
5 valuation terms that every business owner should know
As a business owner, you’ll likely need to have your company appraised at some point. An appraisal is essential in the event of a business sale, merger or acquisition. It’s also important when creating or updating a buy-sell agreement or doing estate planning. You can even use a business valuation to help kickstart or support […]
Paperwork you can toss after filing your tax return
Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to produce those records if the IRS audits your return or seeks to assess tax. It’s a good idea to keep the actual returns indefinitely. But […]
Retirement saving options for your small business: Keep it simple
If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of options to consider. Let’s take a look at a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended […]
The 3 Best Tax Preparation Strategies
Tax season can be intimidating, especially if you need clarification on the best strategies to get your taxes done and save as much money as possible. But don’t worry; there are plenty of ways to maximize your income for this upcoming tax season. In this blog post, we’ll discuss the top tax preparation tips to […]
