When you employ your children to work in your business, make sure that you comply with both the IRS and the Department of Labor. Labor Law Here’s what the Department of Labor has to say in its plain English explanation Read more…
As you likely know, the Tax Cuts and Jobs Act increased bonus depreciation to 100 percent. Unlike most tax provisions that involve a tax election, this one requires you to elect out if you don’t want it. For example, you Read more…
As we get closer and closer to Tax Day next month, the team and I have heard some version of the same thing more than a few times: “I just don’t get paid what I’m worth.” Now, I’m not going Read more…
Tax season is in full swing here and, just like we do every year, the team and I have been explaining why a lot of “tax breaks” simply aren’t legal. No matter what, you cannot claim your cat as a Read more…
Because you run your own business, it’s pretty safe to say that record keeping is one of the many administrative monkeys on your back. Which is why the idea of a set-dollar travel per diem may seem mighty appealing. Think Read more…
For the last few weeks, I’ve been sharing a lot of financial “stuff” based on how so many people find themselves in hot water when it comes to money and spending. This week, though, as tax season is definitely heating Read more…
This late in the month, you’ve probably become firmly convinced that I’ve gone crazy. Why is a CPA giving business lessons? Where’d they get all these ideas, anyway? Well, a lot of it is simply experience. I work with all Read more…
With incentive stock options (ISOs), you could be on your way to a very nice payout. But you must consider both the regular federal income tax results and the alternative minimum tax (AMT) results. In addition, you must pay attention Read more…
The Setting Every Community Up for Retirement Enhancement (SECURE) Act changed the landscape for retirement and savings planning. Here are eight important reminders about this new law: You can’t use contributions made in 2020 but applied to 2019 for any Read more…
Everybody jokes about “keeping up with the Jones’” when it comes to the call of buying things for the sake of buying them – and going into deep debt for the sake of appearance – but why? We’ve all got Read more…