Many owners of private companies have been leery of operating as a regular C corporation. If you make that choice, you will be exposed to double-taxation of business income. First, a corporate income tax applies to the company’s profits. Second, any dividends that pass to you...
[video width="640" height="360" mp4="https://secureservercdn.net/166.62.108.22/b7e.d97.myftpupload.com/wp-content/uploads/2019/06/social-security.mp4"][/video] While you can start Social Security payments at age 62, your monthly checks are reduced if you begin collecting benefits at this age. To claim your full benefit you need to sign up for Social Security at your full retirement age, which...
“We both claim single and zero, why do we still owe?” There is a common misconception that married couples are always subject to favorable tax treatment over those who file Single. While this is the case in most situations, it’s quite common that married couples can face...
This article reviews and analyzes recent law changes as well as rulings and decisions involving partnerships. The discussion covers developments in the determination of partners and partnerships, gain on disposal of partnership interests, partnership audits, and basis adjustments. During the period of this update (Nov....
Approximately 20 percent of small businesses will fail within their first year. When you consider that there were about 30.2 million small businesses in the country as of 2018, you can begin to get an idea of just how serious this situation is. It means...
What would happen if you were hit with an unexpected medical bill, a layoff or your adult son or daughter needed a quick loan to get out of a financial jam? Here is some practical advice to you—or to anyone you know who is facing...
Even the savviest of small- and medium-sized business (SMB) owners and operators have some common and seemingly insignificant business habits that creep into day-to-day work. All told, these bad habits can seriously impact a business’ longer-term profitability and viability. Maybe you’re dealing with tangible, finance-related issues....
Understanding the difference between assets and cash flow is critical to business survival. Cash Is Life The value of a company is not necessarily a measure of how financially strong it is. Strong cash flow allows a company to operate. It allows the organization to not only pay...
An act of kindness or a token of appreciation can really make someone’s day. Your employees work hard with you to attain your business goals and acknowledgment from management goes a long way. Recognition adds to everyone’s happy quotient. Here are some samples of popular employee...
A couple weeks ago was the beginning of every American’s favorite time of the year … to hate: tax season. Starting January 28th, the IRS started accepting tax returns for the 2018 tax year. Here are three of the most common tax season mistakes you...