self-employment tax

How to Reduce Your Self-Employment Tax Bill

If you own a profitable, unincorporated business with your spouse, you probably find the high self-employment (SE) tax bills burdensome. An unincorporated business in which both spouses are active is typically treated by the IRS as a partnership…
travel per diem

New Travel Per Diem Rates as of October 1, 2017

Updated travel per diem rates went into effect October 1. To simplify record keeping, they can be used for reimbursement of ordinary and normal business expenses incurred while employees travel away from home. Per diem advantages As long…
business valuation

Succession Planning and Your Business Valuation

Any business owner developing a succession plan should rightfully assume that regular business valuations are a must. When envisioning the valuation process, you’re likely to focus on its end result: a reasonable, defensible value estimate…
backing up

4 Ways to Get Your Business Data in Order

With so much data flying around these days, it’s easy for a company of any size to get overwhelmed. If something important falls through the cracks, say a contract renewal or outstanding bill, your financial standing and reputation could suffer.…
re-evaluate pricing

Year-end Is a Good Time to Re-evaluate Your Pricing

As we head toward year end, your company may be reviewing its business strategy for 2017 or devising plans for 2018. As you do so, be sure to give some attention to the prices you’re asking for your existing products and services, as well…
Affordable Care Act

2 ACA Taxes that May Apply to Your Exec Comp

If you’re an executive or other key employee, you might be rewarded for your contributions to your company’s success with compensation such as restricted stock, stock options or non-qualified deferred compensation (NQDC). Tax planning for…
401k

Contribute More to Your 401k Before the End of the Year

One important step to both reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step. If you’re not already…
Crummey Trust

A Crummey Trust can Preserve the Annual Gift Tax Exclusion

Traditionally, taxpayers have looked for ways to make the most of the $14,000 annual gift tax exclusion, and using a Crummey trust is one way to do that. But with the federal gift and estate tax exemption currently at an inflation-adjusted $5.49…
HSA

The ABCs of Health Savings Accounts (HSA's)

One health care arrangement that has been soaring in popularity in recent years has been the pairing of a high-deductible health plan (HDHP) with a Health Savings Account (HSA). The good news is that not only does an HSA provide a tax-advantaged…
succession planning

Founder's Syndrome can Impede your Succession Plan

Are you the founder of your company? If so, congratulations — you’ve created something truly amazing! And it’s more than understandable that you’d want to protect your legacy: the company you created. But, as time goes on, it becomes…