Businesses can generally deduct their "ordinary and necessary" business expenses. But even if an expense is legitimate, it's not deductible unless it's adequately substantiated. Typically, substantiation requires proof of...
Most business owners know that sustaining a steady cash flow through the ups and downs of economic cycles is key to a business's long-term success. But when you're coping with an unpredictable economy and the many complexities of running a business, it's easy to...
With students headed back to campus, college finances are on the minds of many parents. This includes parents of students who have received scholarships and grants. Obviously, these funds help relieve some of the burden of paying for college. But you might be...
The COVID-19 pandemic has affected families’ finances in many ways. One negative impact for some families has been a disruption in their well-laid college savings plans. The economic crush of the pandemic may have put saving for your child’s college education on the...
Good for you! You're planning and saving money for a financially secure retirement. But don't neglect the one factor that could make an important difference: the impact of taxes on retirement finances.Many retirees don't consider how taxes will affect their...
Most companies with more than one owner should have a buy-sell agreement in place. Here are some of the key considerations involved in developing this legal document. BENEFITS TO REAP A well-designed buy-sell agreement provides many benefits, including: • Keeping...
Do you own a small business? If so, you may qualify for a variety of tax breaks that can slash your tax bill and reduce your administrative costs. And thanks to the Tax Cuts and Jobs Act, “small” is a lot bigger than it used to be. Previously, for tax purposes, small...