Information on taxes.

Hire your Children

Save on Business & Personal Taxes: Hire Your Children

It can be difficult in the current job market for students and recent graduates to find summer or full-time jobs. If you’re a business owner with children in this situation, you may be able to provide them with valuable experience and income…
Buy Home

Help your Child or Grandchild Buy a Home

Mortgage interest rates are still at low levels, but they likely will increase as the Fed continues to raise rates. So if you’ve been thinking about helping your child — or grandchild — buy a home, consider acting soon. There also are…
Tax consequences of partnerships

Tax Consequences of Partnerships

In today’s competitive environment, offering employees an equity interest in your business can be a powerful tool for attracting, retaining and motivating quality talent. If your business is organized as a partnership, there are tax consequences…
IRS Audit

What Business Owners Should Know About IRS Audits

If you recently filed for your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business owner…
Roth IRA

A "Back-door" Roth IRA can Benefit Higher Income Tax-Payers

A potential downside of tax-deferred saving through a traditional retirement plan is that you’ll have to pay taxes when you make withdrawals at retirement. Roth plans, on the other hand, allow tax-free distributions; the trade-off is that…
CCorp

The Tax Implications of your C-Corp's Buy-Sell Agreement

Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an owner depart. For businesses structured as C corporations, the agreements also have significant tax implications…
Education

Reimbursing Employee Education Expenses...the Tax-Smart Way

Reimbursing employee's education expenses can both strengthen the capabilities of your staff and help you retain them. In addition, you and your employees may be able to save valuable tax dollars. But you have to follow IRS rules. Here are a…
Section `1031

Section 1031 Exchange: Tax Planning Tool

Like many business owners, you might also own highly appreciated business or investment real estate. Fortunately, there’s an effective tax planning strategy at your disposal: the Section 1031 “like kind” exchange. It can help you defer…

Replacing a Business Vehicle

Although a vehicle’s value typically drops fairly rapidly, the tax rules limit the amount of annual depreciation that can be claimed on most cars and light trucks. Thus, when it’s time to replace a vehicle used in business, it’s not unusual…