Tax Planning

Are you a tax-favored real estate professional?

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March 31, 2025
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For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can generally deduct PALs only to the extent of passive income from other sources, if any. For example, if you have positive taxable income from other rental properties, that generally counts as passive […]
#PassiveIncome, #RealEstateTax, #RentalProperty, #TaxPlanning
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Financial Planning

Business owners should get comfortable with their financial statements

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March 28, 2025
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Financial statements can fascinate accountants, investors and lenders. However, for business owners, they may not be real page-turners. The truth is each of the three parts of your financial statements is a valuable tool that can guide you toward reasonable, beneficial business decisions. For this reason, it’s important to get comfortable with their respective purposes. […]
#Accounting, #BalanceSheet, #BusinessFinance, #FinancialStatements
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Tax Planning

6 essential tips for small business payroll tax compliance

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March 24, 2025
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Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and even legal consequences. Below are six quick tips to help you stay on track. 1. Maintain organized records Accurate recordkeeping is the backbone of payroll tax compliance. Track the hours worked, wages paid and all […]
#PayrollCompliance, #PayrollTips, #SmallBusinessTaxes, #TaxRegulations
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Succession Planning

Planning for the future: 5 business succession options and their tax implications

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March 17, 2025
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When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to retire, you wish to step back your involvement or you want a solid contingency plan should you unexpectedly be unable to run the business, exploring different […]
#BusinessTransition, #ExitStrategy, #SuccessionPlanning
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Business Planning & Consulting

How to evaluate and undertake a business transformation

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March 14, 2025
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Many industries have undergone monumental changes over the last decade or so. Broadly, there are two ways to adapt to the associated challenges: slowly or quickly. Although there’s much to be said about small, measured responses to economic change, some companies might want to undertake a more urgent, large-scale revision of their operations. This is […]
#BusinessGrowth, #BusinessTransformation, #StrategicPlanning, Leadership
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Tax Planning

Riding the tax break train: Maximizing employee transportation fringe benefits

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March 12, 2025
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There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes, you should probably take advantage of them by signing up. Here’s a quick summary of the current federal tax treatment of transportation-related benefits. Mass transit passes For 2025, employer-provided mass transit passes for train, subway and bus […]
#CommuterBenefits, #EmployeeBenefits, #FringeBenefits, #TaxPlanning
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Tax Planning

Exploring business entities: Is an S corporation the right choice?

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March 10, 2025
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Are you starting a business with partners and deciding on the right entity? An S corporation might be the best choice for your new venture. One benefit of an S corporation One major advantage of an S corporation over a partnership is that shareholders aren’t personally liable for corporate debts. To ensure this protection, it’s crucial to: Adequately […]
#BusinessFormation, #SCorporation, #SmallBusiness, #TaxPlanning
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