The federal income tax rules for gains from the sale of business real estate or vacant land may be more complicated than you thought. Here’s a look at the issues.
Small Business
Your Weekly Read
If your business has co-owners, you probably need a buy-sell agreement
For most business co-owners, the value of their business shares comprises a big percentage of their estates. Having a buy-sell agreement protects co-owners and their heirs and helps avoid hassles with the IRS.
Hiring your child to work at your business this summer
Hiring your child at your business this summer? It can be a tax-smart idea. Here are the benefits.
Three timelines business owners should look at for succession planning
Business owners: When creating a succession plan for your company, you’ll ideally want to account for three separate timelines. Here’s a brief look at each.
Tax tips when buying the assets of a business
When buying a business, you may not focus on taxes. But the way the transaction is structured can lead to better or worse tax results after the acquisition.
Pay attention to the tax rules if you turn a hobby into a business
There are a number of different hobbies that some taxpayers turn into businesses. Here’s how they can protect tax breaks on their tax returns.
When partners pay expenses related to the business
If you’re a partner in a partnership business, can you deduct expenses you incur on your personal tax return? Here are the rules.
Small businesses can help employees save for retirement, too
Nowadays, even small businesses are often expected to help employees save for retirement. The good news is there are some relatively easy ways to do so.
Should your business offer emergency savings accounts?
There’s a new fringe benefit your business may want to offer your employees: pension-linked emergency savings accounts. Here’s how they work.
Update on IRS efforts to combat questionable ERC claims
Aggressive marketing encouraging businesses to claim the pandemic-related Employee Retention Credit led to many taxpayers erroneously receiving refunds. The IRS has a program that allows them to come forward and repay part of the money before collection efforts begin.
Read something interesting? Want more information? Give us a call, and we will be happy to assist you in any way we can.
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Washington, NC 27889
Washington, NC 27889
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