Creating a business is an exciting venture, and choosing a business structure is an integral step. Not only is each business structure taxed differently, but they all offer different levels of protection between personal and business liabilities. Before moving forward on your next step in entrepreneurship, make sure to understand the pros and cons of…
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Need to Reduce Your Small Business Tax Bill? Try This
Did you get an unexpected surprise when you went to file your small business taxes this year? Did you not pay enough in estimated taxes during the year and now don’t have the cash to cover what you owe by the deadline? Here are five things you can do today to try and reduce your…
A Taxing Story: Capital Gains and Losses
Chris Rock once remarked, “You don’t pay taxes – they take taxes.”1 That applies not only to income, but also to capital gains. Capital gains result when an individual sells an investment for an amount greater than their purchase price. Capital gains are categorized as short-term gains (a gain realized on an asset held one year…
Competitive Intelligence: Strategies for Success
In today’s rapidly evolving marketplace, businesses that once relied upon traditional networks to supply them with clients and customers are now forced to become more aware of the competitive landscape in which they operate. Increasingly, market researchers are seeking out intelligence that can enable them to better understand their external competitive environment, including information about…
A Savings Plan That Pays for More Than Just College
If you’re thinking about ways to fund your child’s education, the federal government has provided an incentive—the Coverdell Education Savings Account (Coverdell ESA), formerly known as the Education IRA. Contributions are not deductible, but tax-free withdrawals can be made when used to pay for eligible education expenses. There are, however, income eligibility limits for parents…
Dividing the Family Pie Are Equal Slices Best?
When planning the division of your assets, you may believe in a policy of “share and share alike.” This is perhaps the easiest method, and often the way to avoid conflicts and complaints of favoritism. But does equality necessarily equate to fairness? After all, fairness is only relative, especially when one considers factors such as age, talents/skills, interests,…
Claiming the Medical Expenses Tax Deduction
In a given year, relatively few Americans take advantage of the federal income tax deduction for unreimbursed medical expenses. But if an illness or hospitalization in the family has led to an abrupt rise in your out-of-pocket health care expenses, you may find you qualify for some relief at tax time. Beyond the usual remittances…
Becoming a Financially Savvy Single Mother
Raising children without a partner is an enormous challenge—emotionally, physically, and especially financially. Overwhelmed by the work involved in earning a living and caring for children, single mothers can sometimes feel they will never be able to break the cycle of living paycheck to paycheck. But even if you are a single parent on a…