Choosing the Best Tax Structure for a Law Firm

Attorneys have a unique set of considerations when choosing their tax structure due to their high incomes and professional regulations. State law limits the types of business entities you can select from, but you still have a number of federal tax options you can use to lower your taxes.

Beginner’s Guide to Property Tax

As Benjamin Franklin once pointed out, there are only two certainties in this world, and they are death and taxes. That hasn’t changed, and today there are many different taxes to be aware of. Property tax is one of the most common, yet the most misunderstood of all the taxes. So to help new homeowners here is our beginner’s guide …

Call Your State Taxes a Donation to Avoid Federal Tax? Not So Fast

When the Tax Cuts and Job Act limited state and local tax deductions to $10,000, people with higher state and local taxes were understandably upset at losing their deductions. Some state governments listened to their voters and tried to give them a way around the cap — allowing them to donate to specified charitable funds rather than pay taxes. These …

5 Ways Small Businesses Can Comply With ACA

Whether you’re starting a new business or you’ve recently increased your workforce, it’s important to ensure you’re complying with the Affordable Care Act (ACA) when providing health care options to your employees. Understanding the basics can help you avoid unnecessary penalties later on down the road, too. Here are some practical ways to be ACA-compliant: 1. Consider the Size of …

The Best Time to Start Planning for Your Taxes is Now

There are less than three months left in the year. Think that means six months before you have to think about your taxes in March or April? Think again or be ready to pay the price. 1. Avoid Surprise Bills and Estimated Tax Penalties Tax reform was called the Tax Cuts and Jobs Act, but thanks to the end of …

Are You Going to Get a Surprise Tax Bill in April? How to Stop It

If you’ve vaguely heard that there’s a new tax law but are waiting until April to let your CPA run the numbers, you could be in for a shock. Even though most people will still be covered by their employer withholding or estimated tax payments, changes to a few key deductions could mean a tax increase you weren’t expecting. Reduced …

Tax Considerations of Selling Your Business

Whether you’re selling your business to start a new venture or you’re looking to convert your equity in the business into cash, selling your business is often a viable idea. But there are a few key aspects that come along with the sale of a business, which can have tax implications. Here are some essential tax considerations to take into …

What You Need to Know About Crowdfunding and Taxes

Crowdfunding continues to be a popular way of raising money, but you need to stop and think before you jump on the bandwagon. As with other transactions, the IRS wants its piece of the pie, and you need to make sure you understand the tax rules to avoid an April surprise. Three Types of Crowdfunding There are three general categories …