Several end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer income into 2021 by delaying…
Several end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer income into 2021 by delaying…
If you employ someone to work for you around your house, it is important to consider the tax implications of this type of arrangement. While many people disregard the need to pay taxes on household employees, they may do so at the risk of paying stiff tax penalties down the road.
Starting in tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation to report any payment of $600 or more to a payee. There is a new form that only applies to business taxpayers who pay or receive nonemployee compensation….
Selecting your business successor is a fundamental objective when planning your exit strategy and requires a careful assessment of what you want from the sale of your business and who can best give it to you. There are only four…
While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can…