Defer Capital Gains using Like-Kind Exchanges If you’re a savvy investor, you probably know that you must generally report as income any mutual fund distributions whether you reinvest them or exchange shares in one fund for shares of another. In other words, you must report and pay any capital gains tax owed. But if real.. read more →

Leaving a Business: Which Exit Plan is Best? Selecting your business successor is a fundamental objective of planning an exit strategy and requires a careful assessment of what you want from the sale of your business and who can best give it to you. There are four ways to leave your business: transfer ownership to.. read more →

Tax Planning for Small Business Owners Tax Planning for Small Business Owners. Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability. Many small business owners ignore tax planning. They don’t even think about their taxes.. read more →

Cash Flow: The Pulse of your Business Cash Flow: The pulse of your business that affects your success. Cash flow is the lifeblood of any small business. Some business experts even say that a healthy cash flow is more important than your business’s ability to deliver its goods and services! While that might seem counterintuitive,.. read more →

MONITOR YOUR ACCOUNTS RECEIVABLE Monitor your accounts receivable is very important. Monitoring your accounts receivable may seem like one more chore in an already busy workday. But this simple activity is important. Here’s an illustration. Say you’re operating with a gross profit margin of 20% and your uncollectible receivables are $10,000. Your business must generate.. read more →

UNDERSTAND BUSINESS FINANCIAL RATIOS Financial ratios provide a useful way to pinpoint strengths and weaknesses in the performance and solvency of your business. Here are four types of ratios that you can monitor using the figures from your balance sheet. Liquidity ratios, such as the current ratio, measure the ability to pay bills over the.. read more →

IRS Warns – That’s Not Us Calling You! IRS Warns – That’s Not Us Calling You! Take a deep breath before responding to any communication about your tax return — and verify that the query is actually from the IRS. Why the need for caution? The contact may be from a bogus IRS agent who intends.. read more →

Know the Tax Rules for Summer Travel Know the tax rules for Summer Travel.  Are you traveling for business this summer? If you’re planning to take a tax deduction for your expenses, the rules may be more complicated than you think. Here’s a refresher. The general rule. “Travel” expenses are ordinary and necessary costs incurred.. read more →

Are You Missing Deductions? Are You Missing Deductions? If you choose to itemize on your federal income tax return instead of using the standard deduction, every eligible expense you find can save money. Here’s a list of easily overlooked deductions. Points paid by you on a new home loan. Points paid by a seller on.. read more →

Using a Car for Business? Grab These Deductions Using a Car for Business? Grab These Deductions. Whether you’re self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are two choices for claiming deductions: Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies,.. read more →