COULD AN FLP HELP YOUR BUSINESS SUCCESSION PLAN?

By | July 22nd, 2019|Accounting and Auditing, Business|

One of the biggest concerns for business owners is succession planning – transferring ownership and control of the company to the next generation.  Often, the best time taxwise to start transferring ownership is long before the owner is ready to give up control of the business. A family limited partnership (FLP) can help owners enjoy [...]

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BE READY FOR ANYTHING WITH REGULAR BUSINESS VALUATIONS

By | July 15th, 2019|Accounting and Auditing, Business|

Do you know the current value of your business?  Even if you’re not considering selling your company or otherwise transferring its ownership right now, it could happen sooner than you think. In some cases, an ownership transfer becomes suddenly appealing when a company struggles to the extent that a sale becomes the best avenue for [...]

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VACATION HOMES: DO YOU UNDERSTAND THE TAX NUANCES?

By | June 24th, 2019|Accounting and Auditing, Taxation|

Owning a vacation home can offer tax breaks, but they may differ from those associated with a primary residence.  The key is whether a vacation home is used solely for personal enjoyment or is also rented out to tenants. SORTING IT OUT If your vacation home is not rented out, or if you rent it [...]

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CONSIDER THE TAX ADVANTAGES OF QUALIFIED SMALL BUSINESS STOCK

By | June 17th, 2019|Accounting and Auditing, Business, Taxation|

While the Tax Cuts and Jobs Act (TCJA) reduced most ordinary-income tax rates for individuals, it didn’t change long-term capital gains rates. They remain at 0%, 15% and 20%. The capital gains rates now have their own statutory bracket amounts, but the 0% rate generally applies to taxpayers in the bottom two ordinary-income tax brackets [...]

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SHOULD YOU BE WORRIED ABOUT AN IRS AUDIT?

By | May 27th, 2019|Accounting and Auditing, Business|

Now that you’ve likely filed your 2018 tax return, one troubling afterthought may come to mind: Could I get audited?  The mere notion strikes fear into most people’s hearts.  And for good reason – under a worst-case scenario, an audit could take up lots of your time, create and enormous amount of stress and leave [...]

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SEND YOUR KIDS TO DAY CAMP AND YOU MAY GET A TAX BREAK

By | May 20th, 2019|Accounting and Auditing|

Among the many great challenges of parenthood is what to do with your kids when school lets out.  Do you keep them at home and try to captivate their attention yourself or with the help of sitters?  Or do you send them off to the wide variety of day camps now in operation?  There’s no [...]

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