Business success is often measured in profitability — and that’s hard to argue with. However, liquidity is critical to reaching the point where a company can consistently turn a profit.
7 Year-End Tax Planning Tips for Individuals
As the holidays approach, it’s time to consider tax planning moves that will help lower your 2024 taxes, as well as set you up for tax savings in future years. Here are seven year-end tax planning ideas to consider.
Want to Find Out What IRS Auditors Know About Your Industry?
To prepare for a business audit, an IRS examiner generally researches the specific industry and issues on the taxpayer’s return. Examiners may use IRS Audit Techniques Guides (ATGs).
Tax-Saving Moves Businesses Should Consider Before Year End
Now is a good time to consider year-end moves that can help reduce your business’s 2024 taxes. The effectiveness of a particular action depends on the circumstances of your business. Here are several possibilities.
Seniors: A Tax-Wise Alternative to Selling Your Appreciated Home
In recent years, the residential real estate market has surged in many areas. That means many homes have greatly appreciated, and the $250,000 home sale gain exclusion ($500,000 for joint filers) isn’t always sufficient to protect a home sale from federal income taxes.
Advantages of Keeping Business Separate From Its Real Estate
Does your business require real estate for its operations? Or do you hold property titled under your business’s name? It might be worth reconsidering this strategy. Separating real estate ownership from the business may be a wise choice, with long-term tax, liability, and estate planning advantages.
Use It or Lose It: Your 2024 Gift Tax Annual Exclusion
As the year winds down, you may want to combine estate planning with tax savings by taking advantage of the gift tax annual exclusion. It allows you to give cash or property up to a specified amount to an unlimited number of family members and friends each year without gift tax implications.
Maximizing Returns: Tax Tips for Real Estate Dealers vs. Flippers
What is the Difference Between Real Estate Flippers and Dealers?
Tax advice for real estate dealers and real estate flippers are different, although their activities can overlap. Here’s a breakdown of the key differences between the two:
Navigating IRS Audits: Essential Preparations for Businesses
The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit rates for large corporations with assets exceeding $250 million.
How Can You Build a Golden Nest Egg if You’re Self-Employed?
If you own a small business with no employees (other than your spouse) and want to set up a retirement plan, consider a solo 401(k) plan. This option is also for self-employed individuals or business owners who wish to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan.