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An ESOP offers small businesses tax and other benefits
With an employee stock ownership plan (ESOP), employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owners can benefit from some potential tax breaks, an extra-motivated workforce...
Adjusting rental vs. personal use may save tax on vacation home
Now that we’ve hit midsummer, if you own a vacation home that you both rent out and use personally, it’s a good time to review the potential tax consequences: If you rent it out for less than 15 days: You don’t have to report the income. But expenses associated with...
Managing the risks of your nonprofit’s events with insurance
Not-for-profit special events can be lucrative from a fundraising standpoint, but they also carry significant risks. Proper insurance coverage can help protect your organization. Special event, special planning Risks associated with special events run the gamut from...
All fringe benefits aren’t created equal for tax purposes
According to IRS Publication 5137, Fringe Benefit Guide, a fringe benefit is “a form of pay (including property, services, cash or cash equivalent), in addition to stated pay, for the performance of services.” But the tax treatment of a fringe benefit can vary...
Keep your real estate out of your business to save tax
It’s common for a business to own not only typical business assets, such as equipment, inventory, and furnishings, but also the building where the business operates — and possibly other real estate as well. There can, however, be negative consequences when a...
Claiming a federal tax deduction for moving costs
Summer is a popular time to move, whether it’s so the kids don’t have to change schools mid-school-year, to avoid having to move in bad weather or simply because it can be an easier time to sell a home. Unfortunately, moving can be expensive. The good news is that you...
Calculating your retirement cash flow needs
A staple in retirement planning is the search for your number. That is, how much money do you need to accumulate in savings and investment accounts so you can afford to stop working? Life expectancy is increasing, so the amount you have when you retire might have to...
3 breaks for business charitable donations you may not know about
Donating to charity is more than good business citizenship; it can also save tax. Here are three lesser-known federal income tax breaks for charitable donations by businesses. Food donations Charitable write-offs for donated food (such as by restaurants and grocery...
3 types of information your nonprofit’s board needs
Information is power. And regularly supplying information to your not-for-profit’s board of directors is the key to the board properly fulfilling its duties. This doesn’t mean you have to share every internal email or phone message. Board members should, however,...
Small business owners can succeed while doing good
The federal Small Business Administration reports that about 75% of small business owners donate some portion of their profits to charity each year. The average contribution is around 6% of earnings. Fulfilling philanthropic intentions has emotional rewards. And there...
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