Are you aware of the business credits available?
Tue, Sep 3, 2024

It’s a challenging time to grow a business. So, any help a business owner can get in the form of tax credits, tax exemptions and other incentives can make a big difference. Unfortunately, these incentives often go unclaimed. This article explains two types of tax incentives: statutory and discretionary. A brief sidebar explores the availability of states’ sales tax exemptions.

Business succession and estate planning should be inseparable
Tue, Sep 3, 2024

A business owner’s most valuable asset is likely to be his or her company. Thus, addressing it in an estate plan is critical in case, for example, the owner dies unexpectedly or becomes disabled. This article explains that an estate plan can help provide a smooth transition of the business to the owner’s children or other family members.

Home sale: Failure to plan may raise your tax bill
Tue, Sep 3, 2024

Roughly two-thirds of Americans say they pay too much in federal taxes, according to a recent poll. When it comes to selling a home, however, a homeowner may be able to lower their federal tax bill with proactive planning.  Here’s an example of how a homeowner selling a personal residence can make the most of applicable tax law.

Medicare premiums may lead to tax savings
Tue, Sep 3, 2024

Do you pay premiums for Medicare health insurance? You may be able to combine them with other qualifying health care expenses and claim them as an itemized deduction for medical expenses on your tax return. This includes amounts for “Medigap” insurance and Medicare Advantage plans, which cover some costs that Medicare Parts A and B don’t cover.

Which business entity should you choose?
Thu, Aug 1, 2024

Anyone who is starting a new business or considering changing their business entity needs to determine what will work best for them. Should they operate as a C corporation or as a pass-through entity such as a sole proprietorship, partnership, limited liability company (LLC) or S corporation? There are many issues to consider.

Keep control over inventory at your business
Thu, Aug 1, 2024

Inventory is expensive, so it needs to be as lean as possible without compromising revenue and customer service. This article provides some suggestions to help businesses trim the fat from inventory and some useful inventory ratios for benchmarking and evaluating their mix of products.

A tax break for educators
Thu, Aug 1, 2024

Teachers who are getting their classrooms ready for a new school year often pay for some of their classroom supplies out-of-pocket. They may be able to get some of that cost back by taking advantage of a special tax break for educators. This deduction improved after the Tax Cuts and Jobs Act became effective in 2018. Here’s how eligible teachers and other educators can benefit.

Using an IRA withdrawal for a qualified home purchase
Thu, Aug 1, 2024

Taxpayers hoping to purchase a home may find themselves short of cash for a down payment or related costs. That’s where withdrawing from an IRA could come in handy. But for taxpayers who are below age 59½, the IRS considers that to be an “early withdrawal,” which is generally subject to a 10% tax penalty. However, exceptions apply, including one for certain home purchases. Here are the details.