Tag: tax planning
In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s files and data reported … Read More »
Tax Planning. Comments Off on What to do if your business receives a “no-match” letter
Many business owners reach a point where managing the financial side of the enterprise becomes overwhelming. Usually, this is a good thing — the company has grown to a point where simple bookkeeping and basic financial reporting just don’t cut … Read More »
Business Briefs. Comments Off on Is it time to hire a CFO or controller?
If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune.
Winning at gambling
Whether you win at the casino, a bingo hall, or … Read More »
Tax Planning. Comments Off on The tax implications of being a winner
When drafting your estate plan, you and your attorney must account for what happens to your children and your assets after you die. But your plan must also spell out your wishes for making financial and medical decisions if you’re … Read More »
Estate Planning Briefs. Comments Off on What’s the difference between the two types of power of attorney?
After insurance policies expire, many businesses just throw away the paper copies and delete the digital files. But you may need to produce evidence of certain kinds of insurance even after the coverage period has expired. For this reason, it’s … Read More »
Business Briefs. Comments Off on Taking a long-term approach to certain insurance documentation
Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some families pain in the past, … Read More »
Many businesses struggle to turn abstract strategic-planning ideas into concrete, actionable plans. One reason why is simple: ineffective meetings. The ideas are there, lurking in the minds of management and key employees, but the process for hashing them out just … Read More »
Business Briefs. Comments Off on Run your strategic-planning meetings like they really matter
You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal … Read More »
Tax Planning. Comments Off on The “nanny tax” must be paid for more than just nannies
If you own an interest in a closely held business, it’s critical to have a well-designed, properly funded buy-sell agreement. Without one, an owner’s death can have a negative effect on the surviving owners.
If one of your co-owners dies, for … Read More »
Estate Planning Briefs. Comments Off on A buy-sell agreement can provide the liquidity to cover estate taxes
Does your business market its products or services to other companies? Or might it start doing so in the future? If so, it’s critical to recognize the key differences between marketing to the public — or even certain segments of … Read More »
Business Briefs. Comments Off on The 1-2-3 of B2B marketing