Leaving a Business: Which Exit Plan Is Right For You?
Selecting your business successor is a fundamental objective of planning an exit strategy and requires a careful assessment of what you want from the sale of your business and who can best give it to you. There are only four ways to leave your business: transfer ownership to family members, Employee Stock Option Plan (ESOP),
Tips for Safeguarding Financial Records
With hurricane season under way and memories of tornadoes and other natural disasters fresh in our minds, now is the time for individuals and businesses to safeguard their tax records.
Don’t Be Fooled: The Dirty Dozen Tax Scams for 2013
Although the 2012 tax season is officially over, tax scams unfortunately are not, which is why the IRS issues an annual "Dirty Dozen" list that includes common tax scams affecting taxpayers. Taxpayers should be aware of these tax scams so they can protect themselves against claims that sound too good to be true, and because
2012 Tax Changes for Businesses
Whether you file as a corporation or sole proprietor, here’s what business owners need to know about tax changes for the 2012 tax year. Standard Mileage Rates: The standard mileage rate in 2012 is 55.5 cents per business mile driven, 23 cents per mile driven for medical or moving purposes, and 14 cents per mile
Year-End Tax Planning for Businesses
There are a number of end of year tax strategies businesses can use to reduce their tax burden for 2012. Here’s the lowdown on some of the best options. Purchase New Business Equipment: Business should take advantage of Section 179 expensing this year for a couple of reasons. First is that in 2012 businesses can
Tax Implications of the Health Care Act
The July 2012 Supreme Court ruling upholding what’s collectively referred to as the "Affordable Care Act" (ACA) has resulted in a number of changes to the U.S. tax code. While all manner of rumors have been floated about the real impact of the new health care law, there are some real-world impacts that businesses and
Creating a Business Succession Plan
Many business owners put off succession planning and wealth-preservation strategizing until it’s either too late, or later than is ideal. So what should tire dealers do to successfully pass along their business, as well as preserve their wealth?
Tips for Safeguarding Financial Records
With the 2012 hurricane season now under way and memories of tornadoes and other natural disasters from last year fresh in our collective minds, now is the time for individuals and businesses to safeguard their tax records by taking a few simple steps. • Take Inventory. Gather all of your documents and make an inventory
10 Things to Know About Capital Gains
Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When you sell a capital asset, the difference between the amount you paid for the asset and its sales price
Tax Court Ruling Benefits Small Business Owners
Owners of closely held businesses, including family owned and other small businesses, can now pass assets to heirs with minimal taxation thanks to a recent tax court ruling (Wandry v. Commissioner, U.S. Tax Court, March 26, 2012). Under current regulations, ownership of the business can be transferred to heirs using yearly and lifetime exemptions ($5,120,000
Employee or Independent Contractor: Which Is It?
If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. The IRS and state regulators scrutinize the distinction between employees and independent contractors because many business owners try to
Spring Cleaning: Tax Records You Can Throw Away
Spring is a great time to clean out that growing mountain of financial papers and tax documents that clutters your home and office. Here’s what you need to keep and what you can throw out without fearing the wrath of the IRS.