Tax Updates

If you own a small business, you might consider hiring your kids to work during their time off from school. In addition to teaching your children some financial responsibility and business sense, there are some tax advantages to factor into your decision. Here are the details.  Tax Advantages for Your ChildThere are special tax breaks for…

When companies depend on overtime to meet productivity goals, they can’t ignore or minimize the stress and disruptions it causes in their workers’ lives. The risks — especially now that so many employees have made it clear that they’ll voluntarily leave their jobs — are too great.What’s more, if a business becomes overly dependent on overtime,…

Let’s say divorcing spouses own part of the stock in a closely held corporation. This may be one of their biggest marital assets, and often one spouse decides to buy out the other party’s shares by transferring some assets in exchange for the stock. Before jumping headfirst into these transfers, it’s important to consider the expected…

As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is through business expense deductions, but not every such expense is deductible. Here’s what to know about the expenses that you can — and can’t — properly…

If you pay over half the cost of supporting a parent, your parent is considered your dependent for federal income tax purposes. This treatment potentially entitles you to some significant tax breaks. Here are four potential benefits to consider when you file your 2023 federal income tax return.  How Many Taxpayers Are Affected?According to the Pew…

Question: Our organization sponsors both health and retirement plans that must comply with the Employee Retirement Income Security Act (ERISA). We recently received a request from the U.S. Department of Labor (DOL) for plan-related documents. Is this an audit? And if so, what should we expect? Answer: A request for plan documents usually signals the beginning of…

Even in America, not all customers are created equal.  If you apply the “Pareto Principle” to your sales department, you’re likely to make two discoveries: 80% of your  Without a strategy for concentrating on your trophy clientele and putting the rest on the back burner, you could be spinning your wheels to meet the demands of…

In a tight labor market, paid family and medical leave is rapidly becoming more of an expected benefit than just a perk. The good news is the Section 45S federal tax credit for family medical leave programs can help your organization recruit and retain skilled workers while also cutting your tax bill. Here’s what you need…

Every business starts with a “seed” idea that germinates into a fledging business under the right conditions. The decisions that owners make when launching a start-up will impact its financial well-being for years to come. Here are five ways financial advisors can provide critical guidance at this phase of development: 1. Business Planning You’ll need money…