Franchise M&A: Issues to Consider when Drafting an Agreement
Have you ever thought of owning a franchise? Or are you in a business where you hope to have franchisees? Many businesses are set up as a franchisor/franchisee relationship. In [...]
A timely postmark on your tax return may not be enough to avoid late-filing penalties
Because of a weekend and a Washington, D.C., holiday, the 2016 tax return filing deadline for individual taxpayers is Tuesday, April 18. The IRS considers a paper return that’s due [...]
Saving tax with home-related deductions and exclusions
Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction. Property tax is [...]
2017 Q2 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may [...]
Energy Efficient Improvements and Tax Credit
Information provided by IRS.gov Taxpayers who made certain energy efficient improvements to their home last year may qualify for a tax credit this year. Here are some key facts to [...]
Valuation Professionals Give You a Better Shot at a Winning Deal
Merger and acquisition (M&A) transactions can be daunting endeavors for both buyers and sellers. That's why putting a financial expert proficient in valuation methods on your side, whichever side it [...]
Who can — and who should — take the American Opportunity credit?
If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, [...]
Operating a “Sale Ready” Business
Smart business owners always operate as if they're planning to sell — because they never know when someone will come along with an irresistible offer or when tragedy might strike. [...]
Self-Employment Tax Basics
For 2016, the maximum 15.3% self-employment (SE) tax rate hits the first $118,500 of net SE income. For 2017, the 15.3% rate hits the first $127,200 of net SE income. [...]
Self-Employment Tax Reduction Strategies for Spouse-Owned Businesses
If you own a profitable, unincorporated business with your spouse, you're probably fed up with high self-employment (SE) tax bills. An unincorporated business in which both spouses are active [...]
2016 IRA contributions — it’s not too late!
Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 [...]
Medical and Dental Expense
Information from IRS.gov Medical expenses can trim taxes. Keeping good records and knowing what to deduct make all the difference. Here are some tips to know what qualifies as medical [...]
Mistakes to Avoid in Estate Planning
Sometimes people attempt to make an estate plan without consulting legal and financial professionals. Mostly this is because they may have a general understanding of estate planning and believe they [...]
When an elderly parent might qualify as your dependent
It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct [...]
Keeping Good Records is Good Business
Maintaining good records is important to help meet your tax and legal obligations. The right record-keeping system not only helps satisfy these obligations, but it may save you money and [...]