Advantages of LLC Structure for a Small Business

Advantages of LLC Structure for a Small Business

If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know the options for setting it up. Here are the advantages of an LLC structure for a small business and […]

Education Benefits Help Attract and Retain Employees While Saving Taxes

tax return tips

Your business can attract and retain employees by providing education benefits that enable team members to improve their skills and gain additional knowledge, all on a tax-advantaged basis. Here’s a closer look at some education benefits options. Educational Assistance Program One popular fringe benefit that an employer can offer is an educational assistance program that […]

Self-Directed IRAs Provide Both Flexibility and Risk

Self-Directed IRAs

Traditional and Roth IRAs can be relatively “safe” retirement-saving vehicles, though, depending on what they’re invested in, they limit your investment choices. For more flexibility in investment choices but also more risk, another option is a self-directed IRA. Gaining More Control A self-directed IRA is simply an IRA that provides greater control over investment decisions. […]

Use the Tax Code to Make Business Losses Less Painful

heaven and alvarez tax norcross

Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations. Qualifying for a Deduction The net operating loss (NOL) deduction addresses the tax inequities that can […]

Business Bad Debt: Preparing for a 2023 Tax Deduction

bad debt

Is your business facing challenges in collecting payments from clients or vendors? If so, you might be eligible to claim a business bad debt deduction on your upcoming 2023 tax return. However, to take advantage of this deduction, you need to act promptly and meet specific requirements. Understanding Business Bad Debt Deductions To claim a […]

Is Disability Income Taxable?

disability

If you may be eligible for disability income should you become disabled, it’s important to know whether that income will be taxable. As is often the case with tax questions, the answer is “it depends.” Key Factor The key factor is who paid it. If your employer will directly pay the disability income to you, […]

IRA to HSA transfer

ira & hsa

Did you know that you can transfer funds directly from your IRA to a Health Savings Account (HSA) without taxes or penalties? Under current law, you’re permitted to make one such “qualified HSA funding distribution” during your lifetime. Typically, if you have an IRA and an HSA, it’s a good idea to contribute as much […]

Don’t Get Carried Away by a Windfall

Employee vs. Contractor

Receiving a sudden and sizable influx of cash may seem like a dream come true. It can be, but many people get carried away and end up in worse financial shape. If you’re hit with a financial windfall, here are some points you should know. Risky Conditions You may be tempted to almost immediately make […]