Buying or selling a business? It may be the most important transaction you ever make. So it’s important to seek professional tax advice as you negotiate. Don’t wait until a deal is done! Continue Reading It’s important to understand how taxes factor into M&A transactions
The estate and gift tax exemption amount is scheduled to be cut drastically in 2026 when the related Tax Cuts and Jobs Act provisions expire (unless Congress acts to extend them). Making tax-free gifts before then can cut the size of your taxable estate and may be one way to address this potential threat. Continue Reading Plan now for year-end gifts with the gift tax annual exclusion
If you’re selling your principal residence, or you already sold your home in 2023, some or all of the profit may be tax-free. It depends on the amount of profit and your income. Take a look at the basic rules. Continue Reading Selling your home for a big profit? Here are the tax rules
If your corporation defaults on a loan that you guarantee, there may be tax consequences. You don’t want to be caught unaware. Continue Reading Guaranteeing a loan to your corporation? There may be tax implications
Don’t let your nonprofit’s audit preparation become a last-minute sprint. Plan early so you’ll have the right records ready for review. We offer suggestions. Continue Reading Nonprofits: Ready, set, audit!
You can operate your small business in several ways. For example, your entity can be a sole proprietorship, an S corporation or a partnership. Here are the advantages of operating as a limited liability company (LLC). Continue Reading The advantages of using an LLC for your small business
Launching a business? Here’s how start-up expenses are handled on a federal tax return. Continue Reading Starting a business? How expenses will be treated on your tax return
With a financial crisis averted, let’s take a look at the highlights of the Fiscal Responsibility Act. Continue Reading What’s in the Fiscal Responsibility Act?
If your business has a choice to deduct real estate expenses or depreciate them over several years, the decision may seem simple. But there are a number of factors to consider. Continue Reading Advantages and disadvantages of claiming big first-year real estate depreciation deductions
In addition to regular income tax, high-income taxpayers may face the 3.8% net investment income tax. This article explains who the tax applies to, as well as some strategies to minimize it. Continue Reading Reduce the impact of the 3.8% net investment income tax
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If your business has co-owners, you probably need a buy-sell agreement
/in Tax/by KKB CPAsFor most business co-owners, the value of their business shares comprises a big percentage of their estates. Having a buy-sell agreement protects co-owners and their heirs and helps avoid hassles with the IRS. Continue Reading If your business has co-owners, you probably need a buy-sell agreement
Consider borrowing from your corporation but structure the deal carefully
/in Tax/by KKB CPAsClosely held corporation owners: If you need money for personal expenses like a new car or home improvements, consider borrowing from the business. But follow these tips to avoid adverse tax consequences. Continue Reading Consider borrowing from your corporation but structure the deal carefully
SECURE 2.0: Which provisions went into effect in 2024?
/in Tax/by KKB CPAsNow is the time to get up to speed on 2024 SECURE 2.0 changes. Here are several to consider. Continue Reading SECURE 2.0: Which provisions went into effect in 2024?