Unlocking the potential benefits of ESOPs
Wed, Jan 1, 2025

Business owners and executives often wish their employees worked as if they owned part of the company. An employee stock ownership plan (ESOP) can make that a reality while offering tax breaks and a smoother path for succession planning. This article discusses how ESOPs work and their tax impact.

Prepare for resilience with a business continuity plan
Wed, Jan 1, 2025

Although most natural and manmade disasters are unavoidable, companies should take steps to protect their employees, minimize data loss and recover costs. A business continuity plan can reduce financial losses and facilitate a faster recovery, whether the disaster is a fire, earthquake, power outage or even a flu epidemic. This article summarizes the elements of a good continuity plan — including IT access and appropriate insurance coverage.

Answers to five key tax questions about 2025 taxes
Wed, Jan 1, 2025

Early in the new year, most taxpayers are more concerned with their 2024 tax bills than how they’ll handle 2025 tax issues. However, as taxpayers contemplate and prepare for their annual tax filing, it’s a good idea to become familiar with the tax changes to come.

Married filing separately: When it makes financial sense
Wed, Jan 1, 2025

For most married couples, filing joint returns results in the lowest tax bill, especially if one spouse earns much more than the other. However, in some situations it may be advantageous to file separately. Keep in mind that there are various factors to consider, such as the fact that each spouse reports only his or her own income, exemptions, credits and deductions, and some credits aren’t available when married filing separately.

Tax Calendar
Wed, Jan 1, 2025

This calendar notes important tax deadlines for the first quarter of 2025.

A valuation may lead to a better business future
Mon, Dec 2, 2024

Valuations aren’t just useful for business owners seeking to retire or to sell their companies. A good way to view a valuation is as a checkup that can assist you in planning for a better future for the business. This article looks at the many benefits of business valuations.

Unlocking tax savings: The benefits of a cost segregation study
Mon, Dec 2, 2024

A cost segregation study is a strategic tax planning tool that allows a business property owner to accelerate depreciation deductions. That, in turn, will enable the owner to reduce taxable income and increase cash flow. Take a look at the powerful tax benefits of this tool.

Feeling charitable? Be sure you can substantiate your gifts
Mon, Dec 2, 2024

As the end of the year approaches, many people’s thoughts turn to charity. To avoid losing valuable charitable deductions, it’s important to become familiar with substantiation requirements. This brief article details what kind of “proof” is needed, depending on the donation details.

Not every disaster allows for a casualty loss tax deduction
Mon, Dec 2, 2024

Every year, many Americans become victims of natural disasters, such as hurricanes, fires, floods and more. Unexpected disasters may cause damage to homes and personal property. This article defines a personal casualty loss and briefly outlines the rules for making a personal casualty loss claim on a taxpayer’s federal income tax return.

Year-end tax planning strategies for businesses
Fri, Nov 1, 2024

As 2024 is nearing its end, now is a good time for businesses to consider year-end moves that can help reduce their tax bills. This article explores several year-end tax planning strategies for businesses to consider. A brief sidebar answers the question of whether companies can write off bad business debts.

Year-end tax planning moves for individuals
Fri, Nov 1, 2024

It’s almost holiday season, so taxes probably aren’t top of mind for taxpayers. But along with the festivities, it’s also a good time to consider tax strategies that may reduce this year’s tax bill — and possibly future years’ tax bills as well. Here are three tax planning moves that might trim the fat off a 2024 tax bill.

Want to find out what IRS auditors know about your industry?
Fri, Nov 1, 2024

To prepare for a business audit, an IRS examiner generally researches the specific industry and issues on the taxpayer’s return. Examiners may use IRS Audit Techniques Guides (ATGs) to do so. A little-known secret is that these guides are available to the public on the IRS website. In other words, a business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations.

Seniors: A taxwise alternative to selling your appreciated home
Fri, Nov 1, 2024

In recent years, the residential real estate market has surged in many areas. That means there are more seniors with highly appreciated homes than ever before. Here’s one tax-saving strategy to consider for seniors who may be wondering whether they should sell or stay in their home — and may be concerned about the tax bill.