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Behind the New IRS Taxpayer Bill of Rights

  • 8 July 2014
  • Author: Cari Holbrook
  • Number of views: 1909
  • 0 Comments
Behind the New IRS Taxpayer Bill of Rights

The tax man cometh...to take a stand for taxpayer rights? Last month, the IRS announced a revised Taxpayer Bill of Rights in an attempt to correct a huge misperception: Forbes reports less than half of all taxpayers believe that they have any rights before the IRS; only 11 percent who know we have rights, know exactly what those rights are.

Tax-Saving Ways to Splurge On Employees

  • 24 June 2014
  • Author: Cari Holbrook
  • Number of views: 2051
  • 0 Comments
Tax-Saving Ways to Splurge On Employees

It’s often hard to compete with big business on salary and employee benefits when it comes to attracting great employees. But make no mistake: The quality of life one can receive working at a family-owned business is a bankable benefit. In fact, think creatively and you may come up with some unique “perks” that also happen to come with great tax savings to you or your employees. Here are some examples:

Golden Handcuffs, Part 2: Do Passive Heirs Deserve a Cut of a New-But-Related Business?

  • 10 June 2014
  • Author: Cari Holbrook
  • Number of views: 1558
  • 0 Comments
Golden Handcuffs, Part 2:  Do Passive Heirs Deserve a Cut of a New-But-Related Business?

Welcome to Part 2 of our blog series on “Golden Handcuffs: Passing Down the Business to Heirs.” Over the next few months, we’ll discuss ways to pass down your family business to your heirs. Some heirs may be active in the business, others may be passive; this scenario holds many challenges. In this post, we look at ways you can answer the question:  Do Passive Heirs Deserve a Cut of a New-But-Related Business?

Golden Handcuffs, Part 1: Should an Active Heir Receive a Bigger Piece of the Pie?

  • 27 May 2014
  • Author: Cari Holbrook
  • Number of views: 2236
  • 0 Comments
Golden Handcuffs, Part 1:  Should an Active Heir Receive a Bigger Piece of the Pie?
Welcome to Part 1 of our blog series on “Golden Handcuffs: Passing Down the Business to Heirs.” Over the next few months, we’ll discuss ways to pass down your family business to your heirs. Some heirs may be active in the business, others may be passive; this scenario holds many challenges.

Ripe for Retirement: How Will You Know?

  • 13 May 2014
  • Author: Cari Holbrook
  • Number of views: 2132
  • 0 Comments
Ripe for Retirement:  How Will You Know?

Most small business owners retire at around 73 years of age, according to the U.S. Small Business Administration. From a financial perspective, what is your best retirement age? And can you beat these odds and retire younger? The answer differs for every business owner. Here, we take a look at three factors that can help you determine when your nest egg is ready to be tapped.

How Safe Is Your Business Credit Card Information?

  • 22 April 2014
  • Author: Cari Holbrook
  • Number of views: 2529
  • 0 Comments
How Safe Is Your Business Credit Card Information?

It seems every day there’s news of a data breach or fraud case affecting the sensitive credit card information of consumers and small businesses. There’s no doubt protecting your customers’ data is a big concern, but so is protecting your own. Even these seemingly small details can make a big difference when it comes to asset protection. Below are two considerations that may prevent your company credit card information from landing in the wrong hands, threatening your credit and financial security for years to come.

Don't Be a Victim of Tax Scams

  • 8 April 2014
  • Author: Cari Holbrook
  • Number of views: 2244
  • 0 Comments
Don't Be a Victim of Tax Scams

Tax scams have already cost taxpayers more than $1 million this year. A recently reported phishing scam involves emails falsely labeled from the Taxpayer Advocate Service (TAS). The email usually begin with the following: “Your reported 2013 income is flagged for review due to a document processing error…” and leads to contact information for a bogus “advocate” assigned to your case. You can learn more at the TAS official site: www.irs.gov/advocate

Tax Return Lost in the Mail? Court Says: You're Liable

  • 11 March 2014
  • Author: Cari Holbrook
  • Number of views: 2927
  • 0 Comments
Tax Return Lost in the Mail?  Court Says:  You're Liable

The deadlines for corporate and partnership taxes are fast approaching. Will you file on time? Be prepared to prove it. The federal government outlines four delivery methods that can officially prove your return was filed on time, even if the IRS claims it was never received. However, forget to keep a receipt or proper documentation and you’re likely out of luck in the eyes of the law.

How Much Is Your Business Really Worth?

  • 25 February 2014
  • Author: Cari Holbrook
  • Number of views: 2401
  • 0 Comments
How Much Is Your Business Really Worth?

While it may seem like it now, you won’t be running your business for all eternity. At some point, you’ll likely retire from or sell your company. To that end, you’ll need an exit strategy. When clients come to us without clear exit strategies, we often find that the hardest component for them to master is valuing what their businesses are really worth. Too often, the true value of the business is grossly miscalculated, considered too late, or both.

The Social Security Tax Trap

  • 11 February 2014
  • Author: Cari Holbrook
  • Number of views: 2398
  • 0 Comments
The Social Security Tax Trap

Taxes are behind one of the oldest business-owner curses: The more you pay yourself, the more it could cost you in the long run. A huge culprit in this scenario is the Social Security tax. Most often, what you put into Social Security is nowhere near what you get out of it in benefits. And once you reach a certain salary level, it can become a real sticking point. Balancing the wages you deserve with an income that is tax-effective is the key.

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