Every business has some degree of ups and downs during the year. But cash flow fluctuations are much more intense for seasonal businesses. So, if your company defines itself as such, it’s important to optimize your operating cycle to anticipate…
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Coverdell ESA: The tax-advantaged way to fund elementary and secondary school costs
With school letting out you might be focused on summer plans for your children (or grandchildren). But the end of the school year is also a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if the…
Donating a vehicle might not provide the tax deduction you expect
All charitable donations aren’t created equal — some provide larger deductions than others. It isn’t necessarily just how much or even what you donate that matters, how the charity uses your donation might also affect your deduction. Take vehicle donations,…
Real estate investor vs. professional: Why it matters
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive…
Who can — and who should — take the American Opportunity credit?
If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the credit – but your child…
When an elderly parent might qualify as your dependent
It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their…
Don’t make hunches — crunch the numbers
Some business owners make major decisions by relying on gut instinct. But investments made on a “hunch” often fall short of management’s expectations. In the broadest sense, you’re really trying to answer a simple question: If my company buys a…
When it comes to charitable deductions, all donations aren’t created equal
As you file your 2016 income tax return and plan your charitable giving for 2017, it’s important to keep in mind the available deduction. It can vary significantly depending on a variety of factors. What you give Other than the…
What can a valuation expert do for your succession plan?
Most business owners spend a lifetime building their business. And when it comes to succession, they face the difficult decision of whether to sell, dissolve or transfer the business to family members (or a nonfamily successor). Many complicated issues are…
Deduct All of The Mileage You’re Entitled To
Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business. But you might also be able to…
An EAP Can Keep Your Top Players on The Floor
A good basketball team is at its best when its top players are on the floor. Similarly, a company is the most productive, efficient and innovative when its best employees are in the right positions, doing great work. Unfortunately, it’s…
Envision your advisory board before you form it
Many companies reach a point in their development where they could benefit from an advisory board. It’s all too easy in today’s complex business world to get caught up in an “echo chamber” of ideas and perspectives that only originate…
What you need to know about the tax treatment of ISOs
Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciates, you can buy shares at a…