Every year, January flies in and out before we know it, and often business owners are scrambling to meet the January 31 deadline to get out their 1099s. But there are often questions around this which we answer below. What is IRS Form 1099-MISC? The 1099-MISC assists small businesses and independent contractors (or any entity that […]
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All business owner’s know the importance of keeping an eye on your company’s income and expenses and applicable tax breaks. But are you also looking at your own financial future and how you will exit the business when the time comes? It may be time to create an exit strategy. Buy-sell agreement If your business
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Few things are as frustrating as learning that someone has fraudulently used your credit or debit card. Your level of liability depends on the type of card, whether you still possess it, and when you alert the issuer. Credit cards If your card is lost or stolen and you report it to the card provider
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Many of us dream of retiring early so they can pursue non-work activities, such as traveling, volunteering, and pursuing our hobbies full-time. But careful planning and diligent saving during the years leading up to the anticipated retirement date are necessary to make this dream a reality. It all starts with retirement savings accounts such as
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On December 20, a substantial piece of legislation, the Setting Every Community Up for Retirement Enhancement (SECURE) Act, was signed into law, making quite a few changes to our ever-changing tax laws. Some items included in the act simply extend or revise provisions from the Tax Cuts and Jobs Act (TCJA) of 2017, while others
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Business owners are always looking for ways to reduce their tax burden and there are a few things you can do yet in 2019. Here are five to consider: Postpone invoices If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until early 2019 to send
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There are only a few more days left in this year – and decade! – but there are still some things you can do to lower your 2019 tax bill. Here are just a few to consider… Tax loss harvesting If you made more money this year and expect it to push you into a
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If you have business-related debt that is uncollectible or worthless, you may be able to take a “bad debt” deduction to cut your losses. But, not surprisingly, there are a few hoops to jump through. Business or nonbusiness? Business bad debts generate ordinary losses; nonbusiness bad debts are reported as short-term capital losses. The latter can be
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Do you invest money outside of tax-advantaged retirement plans? If you do, you may be able to reduce your 2019 tax bill by selling some investments ― you just need to carefully select which investments you sell. Balance gains and losses If you’ve sold investments at a gain this year, consider selling some losing investments to absorb the gains.
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Many people prefer to pass assets to their heirs during their lifetimes, to help family members, to reduce the size of their taxable estates, or simply to see their loved ones enjoy the gifts. If you are considering lifetime gifts, you need to know that the type of assets you give can produce substantially different
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We recently finished filing the final extended tax returns for our clients, and now it is time to start looking toward the 2019 tax filing season. (No rest for the weary!) With all the changes that took place for the 2018 filing season with the passage of the Tax Cuts and Jobs Act (TCJA), you’d
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There are a few things in life that cause a universal, often paralyzing, sense of dread. A family call in the middle of the night. Knowing you must have a difficult conversation with someone. An IRS letter saying you are being audited. While we can’t offer much relief for the first two, we can help
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