Year-end is great time for tax planning. Unfortunately, many small business owners are so busy in December that we don’t get around to tax reduction strategies until after year-end. Since most small businesses are cash basis taxpayers, expenses are generally deductible in the year paid.  When we meet at tax time, there are few strategies […]

Health care costs have continued to skyrocket.  There seems to be little that small business owners and others paying for their own health insurance can do other than gritting our teeth and tightening our belts.  Health Savings Accounts (HSA’s) are one of the few ways that we can fight back against rising health care costs.  […]

The Tax Cuts & Jobs Act offered businesses the most significant tax cuts in a generation.  C corporations saw their maximum Federal tax rate cut almost in half from 39% to 21%. Partnerships, S corporations and sole proprietorships also received significant tax relief in the form of a 20% tax deduction for Qualified Business Income.  […]

Roughly 10,000 Baby Boomers will turn 65 today. You’ve paid into Social Security all your life. Now you are getting close to retirement. When should you begin drawing benefits?

I had a client call me last week that was concerned about a home loan he was taking out. “My loan broker told me interest on home equity loans is no longer tax deductible. Is that true?”

  I am often asked by business clients, “Is there any benefit to hiring my children in my business?”  The answer is, “Absolutely yes!!!!” Hiring children in a family business often provides valuable work experience to children.  Many business owners would love to transfer a successful family business to the next generation.  Starting early allows […]