Tax Strategies

If you want a retirement plan for your small company or self-employed business — but you don’t want to be buried in paperwork — consider a simplified employee pension plan or SEP. Among the appealing advantages: 1. SEPs are set […]

If your business is essentially a one-person operation, there’s an option to help you save more money for retirement: The Solo 401(k) plan. Ordinarily, traditional defined contribution retirement plans allow annual contributions that are limited to either 25% of salary […]

Many companies choose not to combine real estate and other assets into a single entity. Perhaps the business fears liability for injuries suffered on the property. Or legal liabilities encountered by the company could affect property ownership. But there are […]

It’s time for year-end tax planning. Every fall, small business owners should review their tax situations to determine steps they should consider to reduce their federal income taxes for the current year — and beyond. Fortunately, no significant unfavorable federal […]

S-corporations are considered pass-through entities, which means that income and losses earned from the business are passed down to the individual shareholders’ tax returns. However, an S-corporation shareholder cannot automatically assume that a loss passed through from the company is […]

Generally, there are three ways for a taxpayer to legally acquire property. Personal property is any property that is movable, such as equipment, furniture, collectibles, etc. Personal property can also be intangible, such as stocks and bonds. Real property is […]

Background Partnerships are required to report their partners’ capital accounts on the tax basis method starting with the 2020 tax year unless the partnership qualifies for an exception. Prior to this compliance reporting requirement, partners’ capital accounts may have alternatively […]