The Importance of S Corporation Basis & Distribution Elections
S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because
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Category: Tax
Employees: Do Not Forget About Your FSA Funds
Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). As the end of 2020 nears,
Small Businesses: Cash in on Depreciation Tax Savers
As we approach the end of the year, it is a good time to think about whether your business needs to buy business equipment and other depreciable property. If so,
Steer Clear of the Wash Sale Rule if You Are Selling Stock by Year End
Are you thinking about selling stock shares at a loss to offset gains that you have realized during 2020? If so, it is important not to run afoul of the
Low Tax Cost Cash Withdrawal from Your Closely-Held Corporation
Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simplest way is to distribute cash as a
How Series EE Savings Bonds Are Taxed
Many people have Series EE savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself and put
Health Savings Accounts for Your Small Business
Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through
Taking Distributions from a Traditional Individual Retirement Account
Although planning is needed to help build the biggest possible nest egg in your traditional individual retirement account (IRA) (including a Simplified Employee Pension IRA and Savings Incentive Match Plan
Tax Responsibilities for Businesses Closing Amid the Pandemic
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we are here to assist you in any way we can, including helping with
Disability Income: How Is It Taxed?
Many Americans receive disability income. You may wonder if — and how — it is taxed. As is often the case with tax questions, the answer is, it depends. The