General Tax

You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful tax-saving tool.
On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic.
As we all progress in life stages, the time will come for many to turn our eyes toward greener pastures. Recently, we had the good fortune to advise a long time client  (20+ years), who was the founder of a multi-owner dental group, on the planning and execution of the
If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner.
Business owners are required to withhold Social Security and income taxes from their employees' wages.  The funds have to be turned over to the government and if you, as the employer, do not comply, you could be at risk for a severe tax penalty called the “Trust Fund Recovery Penalty”.
Entrepreneurs often don’t know that many expenses incurred by start-ups can’t be currently deducted. You should be aware that the way you handle some of your initial expenses can make a large difference in your tax bill.
If you operate a small business or starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled.
The recent riots around the country have resulted in many storefronts, office buildings and business properties being damaged or destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property.
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes.
Do you conduct your business as a sole proprietorship or as a wholly-owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. However, by using an S Corp, there may be a way to cut your tax bill.
Have you ever thought about opening your own business?  If so, you will join the group of people who launch small businesses and start out as sole proprietors. Here are nine important tax rules and considerations that sole proprietors need to keep in mind.
A Health Savings Account (HSA) is a financial tool used to hold funds for future qualified medical expenses.  The purpose of the account is to provide a tax benefit to those individuals with high deductible health insurance plans.
VIDEO: Gifting can be an strategic part of your estate plan, but it's important to understand how the Gift Tax works. The Gift Tax is a federal tax on assets transferred to a recipient when full payment is not received in return. In this video you'll learn important tax
A law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules.
Business owners may think that, if they repair a piece of tangible property, they’ll qualify for an immediate tax deduction. But the IRS may define that “repair” as an “improvement,” and require the costs to be depreciated over a much longer period.
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