Purchasing a home is an expensive proposition that leaves many would-be buyers feeling cash-strapped. If that’s you, you might be thinking about taking some money out of your traditional IRA to help fund the purchase. But should you? After all, a 10% penalty normally applies to IRA withdrawals before age 59 1/2. The good news is that there’s an exception to the penalty for certain home purchases, subject to a lifetime limit of $10,000.
A Tax Break for Educators
Teachers who are getting ready for a new school year often pay for some of their classroom supplies out-of-pocket. They may be able to get some of that cost back by taking advantage of a special tax break for educators.
Get a Jump on Tax Planning
Summer is a good time for some tax planning that could lower your 2024 tax bill. Since the passage of the Tax Cuts and Jobs Act, which increased the standard deduction, fewer people benefit from itemizing deductions. You can use this IRS Interactive Tax Assistant to find your 2024 standard deduction.
How to Keep Control Over Inventory
Many businesses need to have some inventory available. However, having too much inventory is expensive, not just to purchase but also to store, safeguard, and insure. So, keeping your inventory as lean as possible is critical.
How to Deduct Business Travel
Before traveling for business, it’s important to know what’s tax deductible. Through 2025, employees aren’t permitted to deduct unreimbursed business expenses, including travel expenses, but self-employed people may deduct business travel expenses on Schedule C. Businesses may deduct employees’ travel expenses if they provide advances or reimbursements to employees or pay the expenses directly.
Hiring Your Child to Work at Your Business This Summer
With school out, you might be hiring your child to work at your company. In addition to giving your son or daughter some business knowledge, you and your child could reap some tax advantages.
How Family Businesses Can Solve the Compensation Puzzle
Every type of company needs to devise a philosophy, strategy, and various policies regarding compensation. Family businesses, however, face additional challenges — largely because they employ both family and nonfamily staff.
Why ESG Should Be in Your Strategic Business Plan
When business owners and their leadership teams meet to discuss strategic planning, the primary question on the table is usually something along the lines of, “How can we safely grow our company to reach the next level of success?”
4 Ways Businesses Can Better Control Cash Flow
From the minute they open their doors, business owners are urged to keep a close eye on cash flow. And for good reason — even companies with booming sales can get into serious trouble if they lack the liquidity to compensate employees and pay their bills. Here are four ways businesses can better control cash flow.
Why Businesses Should Rethink Income and Deductions
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to?