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March 26, 2024
Estate Planning? Don’t Forget the Generation-Skipping Transfer (GST) Tax

Would you like to include grandchildren, great grandchildren, or nonrelatives who are significantly younger than you in your estate plan? If so, you’ve got more to consider than gift and estate taxes. The generation-skipping transfer (GST) tax may also apply. GST Tax Basics One of the harshest taxes in the Internal Revenue Code, the GST […]

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March 22, 2024
Stressed About Long-Term Care Expenses? Here’s What You Should Consider

Most people will need some form of long-term care (LTC) at some point in their lives, whether it’s a nursing home or assisted living facility stay.  But the cost of unanticipated long-term care is steep. LTC expenses generally aren’t covered by traditional health insurance policies like Social Security or Medicare. A preemptive funding plan can […]

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March 21, 2024
Can the Research Credit Help Your Small Business Save On Payroll Taxes?

Often called the R&D credit, the research and development credit for increasing research activities offers a valuable tax break to many eligible small businesses. Could yours be one of them?  In addition to the tax credit itself, the R&D credit offers two additional features of note for small businesses:  This second feature, in particular, has […]

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March 18, 2024
How Do Cash Accounting and Accrual Accounting Differ?

Financial statements play a key role in maintaining the financial health of your business. Not only do year-end and interim statements help you make more informed business decisions, but they’re also often non-negotiable when working with investors, franchisors, and lenders. So, which accounting method should you use to maintain these all-important financial records—cash or accrual? […]

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March 15, 2024
Choosing the Best Accounting Method for Business Tax Purposes

Businesses categorized as “small businesses” under the tax code are often eligible to use accrual or cash accounting for tax purposes. Certain businesses may be eligible to take a hybrid approach, as well.  Prior to the implementation of the Tax Cuts and Jobs Act (TCJA), the criteria for defining a small business based on gross […]

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March 1, 2024
What’s the Difference Between Filing Jointly or Separately as a Married Couple?

You know that you must choose a filing status when you file your tax return, but do you know what your choice really means? Picking the right filing status matters because the status you select will influence your tax rates, eligibility for certain tax breaks, standard deduction, and correct tax calculation. And there are plenty […]

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February 28, 2024
Is Qualified Small Business Corporation Status Right for You?

For many business owners, opting for a Qualified Small Business Corporation (QSBC) status is a tax-wise choice. Potential to pay 0% federal income tax on QSBC stock sale gains For the most part, typical C corporations and QSBCs are treated the same when it comes to tax and legal purposes, but there is a key […]

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February 28, 2024
Starting a Business as a Sole Proprietor? Here’s How It Could Impact Your Taxes

It’s not uncommon for entrepreneurs to launch small businesses as sole proprietors. However, it’s crucial to understand the potential tax impacts first. Here are 9 things to consider.  1. The pass-through deduction may apply If your business generates qualified business income, you could be eligible to claim the 20% pass-through deduction. (Of course, limitations may […]

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February 28, 2024
Can Too Much Cash Be Bad For Business?

Today’s marketplace can feel uncertain, so it’s no surprise that many businesses are stashing operating cash in their bank accounts. However, without imminent plans to deploy these reserves, do these excessive “rainy day funds” really offer efficient use of capital? If you want to estimate reasonable cash reserves while maximizing your company’s return on long-term […]

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