Businesses close for various reasons. Perhaps you’re ready to embark on a welcome change such as retirement or launching a new venture. Or maybe it just no longer makes financial sense to continue operating your current business. Whatever the reason, closing your business is a significant milestone, and part of wrapping things up means taking […]
When cash is tight, many businesses turn to bartering for goods and services instead of paying dollars for them. If your company gets involved in such transactions, remember that there are tax consequences. Bartering defined Bartering is simply the exchange of services or property, and it’s a taxable event. For example, suppose a computer consultant […]
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. Tax advantages With a 529 plan, your contributions grow tax-deferred, and no taxes are due when the […]
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. Multiple-owner businesses A buy-sell agreement is […]
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: Name. If your name has changed, report it to the Social Security Administration (SSA) so that the name on your Social Security card matches […]
The accounting method your business uses to report income for tax purposes – cash or accrual – can significantly impact your tax bill. While the cash method can offer tax-saving opportunities, the accrual method may be more appropriate – or required – in some cases. So review your current method to help ensure you’re using […]