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Saving for retirement can be tough if you’re putting most of your money and time into operating a small business. However, many retirement plans aren’t difficult to set up and [...]

Nonqualified deferred compensation (NQDC) plans pay executives at some time in the future for services to be currently performed. They differ from qualified plans, such as 401(k)s, in that: NQDC [...]

Paper umbrella over a Tax Deduction message Many tax breaks are reduced or eliminated for higher-income taxpayers. Two of particular note are the itemized deduction reduction and the [...]

In addition to income tax, you must pay Social Security and Medicare taxes on earned income, such as salary and self-employment income. The 12.4% Social Security tax applies only up [...]

Typically, it’s better to defer tax. One way is through controlling when your business recognizes income and incurs deductible expenses. Here are two timing strategies that can help businesses do [...]

There’s a lot to think about when you change jobs, and it’s easy for a 401(k) or other employer-sponsored retirement plan to get lost in the shuffle. But to keep [...]

Business succession and exit planning should ideally be done over a long period of time (unless illness or another emergency makes it necessary to address them in the short term). Your [...]

Whether you're setting up a new company or you've been in business for years, you need to evaluate which legal structure is best for your enterprise. No one option is [...]

In general, a tax assessment by the IRS is presumed to be correct. A taxpayer can overcome the presumption with proof. That situation is reversed when the IRS asserts fraud. [...]

Tired of preparing all the documentation needed to support business travel expenses? If your business reimburses employees for actual travel expenses, employees are required to collect receipts as they travel, noting [...]

The federal income tax rules on qualified residence interest have been around for many years, but there's always a steady flow of disagreements between the IRS and taxpayers on these [...]

If you’re charitably inclined, making donations is probably one of your key year-end tax planning strategies. But if you typically give cash, you may want to consider another option that [...]

Section 529 plans provide a tax-advantaged way to help pay for college expenses. Here are just a few of the benefits: Although contributions aren’t deductible for federal purposes, plan assets [...]