Ever since you became a business owner, you’ve focused on growing revenue, managing expenses and leveraging tax advantages. But don’t overlook a critical element of your long-term financial well-being, that is, a business exit strategy. Ideally, your exit strategy will help you meet your retirement and estate planning goals. Multiple-owner businesses A buy-sell agreement is […]

The accounting method your business uses to report income for tax purposes — cash or accrual — can significantly impact your tax bill. While the cash method can offer tax-saving opportunities, the accrual method may be more appropriate — or required — in some cases. So review your current method to help ensure you’re using […]

If you own a company and travel for business, you may wonder whether you can deduct all the costs of having your spouse accompany you on trips. It’s possible, but the rules are restrictive. When your spouse is also your employee If your spouse is your employee, you may be able to deduct most of […]

The consequences of misclassifying an employee as an independent contractor can be costly. You could be liable for back taxes (including the employee’s shares of unpaid payroll and income taxes), penalties and interest. There may be serious nontax consequences as well. How important is this? Businesses must withhold federal and state income taxes and the […]

Making a family loan isn’t the only way to assist a loved one with purchasing a home. If you aren’t concerned about being paid back, a straightforward option is gifting cash. In 2025, you can give up to $19,000 to anyone without federal gift tax consequences under the gift tax annual exclusion. If your loved […]