Ever since you became a business owner, you’ve focused on growing revenue, managing expenses, and leveraging tax advantages. But don’t overlook a critical element of your long-term financial well-being, that is, a business exit strategy. Ideally, your exit strategy will help you meet your retirement and estate planning goals.
Marriage and Taxes: Key Changes After Saying ‘I Do’
It may not be as fun to plan as the wedding venue, invitations, and attire, but marriage can result in changes affecting essential tax issues that need prompt attention following the wedding:
Maximize Your Kids’ or Grandkids’ Future with Tax Code Benefits
If you’re thinking about helping a child or grandchild pay for school, you’re not alone, and you’re not without help. While families have always saved for education, Section 529 plans have made it easier and more tax-efficient.
Estate and Succession Planning for the Family Business
The future often weighs heavier on the shoulders of family business owners. Their companies aren’t just “going concerns” with operating assets, human resources, and financial statements. The business usually holds a strong sentimental value and represents years of hard work involving many family members.
Business Mission and Vision Statements to Rise Above the Din
Many of today’s businesses operate in a cacophonous marketplace. Everyone is out blasting emails, pushing notifications, and proclaiming their presence on social media. Where does it all leave your customers and prospects? Quite possibly searching for a clear perception of your company.
Combine a Business Outing with Tax Breaks
Summer is here, and you may be planning a picnic or other outing for your employees. When doing so, keep tax deductions in mind.
Can You Turn Business Losses Into Tax Relief
Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. Certain losses, within limits, may be used to reduce taxable income in later years.
IRS Reveals 2026 Health Savings Account Contribution Caps
The IRS recently released the 2026 inflation-adjusted amounts for Health Savings Accounts (HSAs). Employees will be able to save a modest amount more in their HSAs next year.
Hiring Independent Contractors? Make Sure You’re Doing It Right
Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for federal tax purposes is crucial. Misclassifying employees as independent contractors can result in expensive consequences if the IRS steps in and reclassifies them. It could lead to audits, back taxes, penalties, and even lawsuits.
Planning a Summer Business Trip? Turn Travel Into Tax Deductions
If you or your employees are heading out of town for business this summer, it’s important to understand what travel expenses can be deducted under current tax law. To qualify, the travel must be necessary for your business and require an overnight stay within the United States.