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Going Outside to Sell Your Small Business
For business owners who are seeking a successor, the right person might be obvious. If you have a co-owner or partner, a buy-sell agreement can set the terms. If a younger family member is willing and able, you can decide on a way to transfer control. Otherwise, there...
A brief overview of Trump’s tax reform plan for individuals
Now that Donald Trump has been elected President of the United States and Republicans have retained control of both chambers of Congress, an overhaul of the U.S. tax code next year is likely. President-elect Trump’s tax reform plan, released earlier this year,...
A quick look at Trump’s tax plan for business entities
The election of Donald Trump as President of the United States could result in major tax law changes in 2017. Proposed changes spelled out in Trump’s tax reform plan released earlier this year that would affect businesses include: Reducing the top corporate income tax...
Making your case for a small business loan
Robert Frost once observed, "A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain." Most small business owners would agree. On one side of the desk you have the lenders, who want to manage their risk by loaning...
Is it time to get accountable with your employees’ travel expenses?
Many companies start out, and get pretty far down the road, using the “per diem” approach when reimbursing employees for lodging, meals and incidental expenses. Doing so involves the use of either IRS tables or a simplified high-low method to reimburse workers up to...
What’s your charitable donation deduction?
When it comes to making a charitable donation, remember that all donations are not created equal. You must keep in mind the available deduction for different types of assets donated. Cash. This includes not just actual cash but gifts made by check, credit card or...
Small businesses can also be disrupted by tax identity theft
A great deal of attention is paid to individual tax identity theft — when a taxpayer’s personal information - including their Social Security number - is used to fraudulently obtain a refund or commit other crimes. But businesses can also be victims of tax identity...
Find the right tax-advantaged account to fund health care costs
With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Accounts (HRAs) all provide opportunities for...
What the self-employed need to know about employment taxes
In addition to income tax, you must pay Social Security and Medicare taxes on your earned income, such as salary and self-employment income. The 12.4% Social Security tax applies only up to the Social Security wage base of $118,500 for 2016 ($127,200 for 2017). All...
Buying or selling a business? Consider an installment sale
Whether you’re selling your small business or acquiring another company, the tax consequences can have a major impact on the transaction’s success or failure. Consider installment sales, for example. The sale of a small business might be structured as an installment...
Tips for deducting casualty losses from a natural disaster
If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.),...
Have a new job? Don’t neglect your old retirement plan
There’s a lot to think about when you change jobs, and it’s easy for a 401(k) or other employer-sponsored retirement plan to get lost in the shuffle. But to keep building tax-deferred savings, it’s important to make an informed decision about your old retirement plan....
Read something interesting? Want more information? Give us a call, and we will be happy to assist you in any way we can.
Washington, NC 27889
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