When Business Matters Are Settled in Family Court
There are business disputes, and then there are family business disputes. This one-word difference can lead to a world of legal complications. Conflicts in a family business can instantly turn a business court case into a family court case. Take the classic case of divorce. Sometimes the divorcing spouses run the business together, or one […]
Partnerships Are a Tricky Business
Small business ownership can be daunting when you’re alone at the top. That’s why many entrepreneurs consider forming their businesses as equal partnerships between two or more owners. However, these business structures can be uniquely affected by relationships, taxes, and other factors. An equal partnership can be a great idea until it isn’t. Perhaps the […]
When Did Your Employees Last Update Withholding?
Did you or your employees receive a surprising tax bill last year? The new W-4 that was released in December 2019 could be the cause. Additional factors this year could exacerbate the problem. Only about 1 in 4 American taxpayers updated their withholding when the IRS released the new W-4 in 2019. Going back another […]
Sharing the Love with DAFS
Donor-Advised Funds (DAFs) have catapulted in popularity. If you’re still unsure what they are but give generously to charitable organizations, it’s time to understand their immense tax-saving potential. The National Philanthropic Trust reported an increase across the board for DAF activity in 2021. Grants from DAFs to qualified charities increased 27% compared to 2019, and […]
It’s Time to Tell the IRS About Your Crypto
Cryptocurrency went from being largely unregulated and untaxed to being one of the most closely watched taxable activities practically overnight. Have you dabbled in it? By now, 16% of Americans have invested in, traded, or used cryptocurrency. It was huge in 2021—and even with its volatility, if you held investments in it, you likely made […]
New Rules of Construction Accounting
If you’re a reputable construction contractor, there’s no doubt you’re precise with measurements, equipment, project timelines and other aspects of the business. But bookkeeping? Accounting? Tax strategies? Those areas aren’t likely in your wheelhouse…. Click To View
Supply Chain Hiccups & Your Tax Bill
How about that supply chain? With continued hiccups, businesses that are otherwise rebounding quite well are finding themselves in surprising binds. If you’re among them, you’ve likely had to pivot more than usual to get your products and services to your customers. Some of those pivots have hidden costs, and others come with unexpected tax […]
It’s Time to Start Preparing Your Taxes!
Yes, it’s already time to prepare for tax season! It’s always best not to wait until the last minute to get organized. Even the IRS is gearing up earlier than usual—announcing a Jan. 24 start to tax filing season. The IRS anticipates extended delays and even worse than usual “customer service” this tax season. Plus, […]
IRS Lessons from Charlie Sheen, Prince, and Chris Tucker
Prince’s estate just cleared a big hurdle, Charlie Sheen recently sued the IRS in a last-ditch effort to keep his earnings, and Chris Tucker got hit with a new blow from the IRS after an already 20-year tussle. Let’s look at some of these famous tax battles and how they may hold lessons for the […]
Your Retirement in 2022
Retiring soon? You’re not alone. Principal Financial Group reports that 11% of workers plan to retire or leave the workforce in 2022. But don’t let last year’s planning throw this year’s retirement off[1]kilter. There are several changes in both Social Security benefits and IRS rules for retirement plans worth noting: Full retirement age has increased. […]