If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan Read more
Should you elect S corp status for your small business?
Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able Read more
“Innocent spouses” may get relief from income tax liability
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after Read more
Tax-free fringe benefits help small business employees
In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay but also appealing fringe benefits. Benefits Read more
Should you revise your nonprofit organization’s bylaws?
Your not-for-profit has likely grown and evolved since it was founded. Have your bylaws kept pace? Bylaws are the rules and principles that define your organization — and, if you haven’t revisited them Read more
Nonqualified deferred compensation plan basics
Nonqualified deferred compensation (NQDC) plans pay executives or other key employees at some time in the future for services to be currently performed. If your organization offers one or is Read more
You may have to pay income tax on Social Security benefits
During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to Read more
Which entity is best for your new or existing small business?
The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under prior law, profitable Read more
What nonprofit board members should know about fiduciary duties
Not-for-profit board members — whether compensated or not — have a fiduciary duty to the organization. Some states have laws governing the activities of nonprofit boards and other fiduciaries. But not all Read more
Hiring this summer? You may qualify for a valuable tax credit
Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring Read more
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