Blog

The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some circumstances, there are plenty of potentially expensive tax problems that you should assess before making the decision to convert from a C corporation to an S corporation. Here’s a quick rundown of four issues to consider: LIFO inventories. C corporations...

Read more
November 17, 2019

You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year end. Because of tax-deferred compounding (tax-free in the case of Roth accounts), boosting contributions sooner rather...

Read more
November 17, 2019

The Tax Cuts and Jobs Act (TCJA) made only one change to the federal gift and estate tax regime, but it was a big one. It more than doubled the combined gift and estate tax exemption, as well as the generation-skipping transfer (GST) tax exemption. This change is only temporary, however. Unless Congress takes further action, the exemptions will return to their inflation-adjusted 2017 levels starting in 2026. What does...

Read more
November 17, 2019

Year end can be a stressful time for those in ownership and management positions. Along with having to tackle myriad tasks related to financial reporting and tax planning, you also probably need to plan a holiday party. And whether it’s the food or the venue or the time of day, employees have been known to grumble about the finer points of these gatherings. Although it may be difficult to please...

Read more
November 17, 2019