For the love of your business
For the love of your business
When you first realize that your biggest personal and business expense—bar none—is taxes, it can come as quite a shock. Seeing so much of your hard-earned money wind up in the government’s hands can feel like a shakedown. That said, focusing a relatively small amount of time and effort into strategically reducing your taxes can […]
Read MoreAlthough paying taxes is a largely unavoidable part of running a business, you might be pleasantly surprised to learn that there is one common type of tax you can often avoid paying—capital gains taxes. That said, the only way you can avoid paying capital gains taxes (at least legally) is if you plan in advance. […]
Read MoreOn September 13, 2021, Democrats in the House of Representatives released a new $3.5 trillion proposed spending plan that includes a wide array of changes to federal tax laws. Specifically, the Democrats have proposed a number of significant tax increases and other changes to fund the plan, including increases to personal income tax rates and […]
Read MoreOne of the biggest benefits of running a family business is being able to employ your minor children. By hiring your kids, you have the opportunity to teach them the value of hard work, give them experience managing money, and support them to save for their future. In return, you get employees who have a […]
Read MoreEmployers should be on the lookout for a new email phishing scam that targets employee paychecks. The latest wave of attacks is a new version of wire fraud scams, which have recently hit businesses across the country. Known as “business email compromise” or “business email spoofing” (BEC/BES), these scams target businesses of all industry types […]
Read MoreIn April 2018, billionaire Matthew Mellon flew by private jet to Cancun Mexico to check himself into drug rehab to deal with his addiction to opioid pain pills. But the 54-year-old heir to the Mellon Bank dynasty never made it to the rehab facility and was found dead in his hotel room after suffering an […]
Read MoreComing up with a solid concept for a new business and working to get your operation off the ground can be an expensive undertaking. But the good news is that you can write off a number of the expenses involved with the startup process. That said, the rules for deducting startup expenses are a bit […]
Read MoreTaking your clients out to dinner or to a sporting event can be a great way to get to know the people with whom you are doing business and help you develop a closer relationship. Plus, business-related meals and entertainment can be a legitimate business expense (with some exceptions) that you can deduct from your […]
Read MoreStarting a nonprofit organization can be a great way to give back to your community, while working for a cause you are passionate about. That said, if you are starting a nonprofit simply to avoid some of the more unsavory aspects of running a business, you should seriously reconsider. As the founder of a nonprofit, […]
Read MoreWith the government shutdowns and economic fallout from the pandemic, 2020 was a rough year for many businesses. But thanks to recent legislation aimed at helping business owners recover, you could see a silver lining in the form of significant tax-saving opportunities when you file your annual tax return this spring. First up, although it’s […]
Read MoreWith the government shutdowns and economic fallout from the pandemic, 2020 was a rough year for many businesses. But thanks to recent legislation aimed at helping business owners recover from the pandemic, you could see a silver lining in the form of significant tax-saving opportunities when you file your annual tax return this April. First […]
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