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Traditional IRAs are a well-known, tax-deferred retirement saving vehicle. But they come with a major downside: You're taxed on withdrawals. Roth IRAs eliminate this downside. You can take federal-income-tax-free qualified withdrawals, but the trade-off is that contributions to Roth accounts don't… Read more
When businesses acquire real estate, they often title it under the company name. Although this might seem straightforward and logical, it's not always the best choice — particularly for properties expected to appreciate significantly in value. Keep reading to learn why separating real estate assets…
With the 2025 tax year almost here, there's news from the IRS about retirement savings. According to a recent announcement from the tax agency (Notice 2024-80), there will be increases to some retirement plan contributions next year due to inflation adjustments. However, with inflation coming down,…
Even successful businesses occasionally incur losses. Start-ups and expanding businesses often have unprofitable years, and unexpected events like pandemics can knock companies that have been financially healthy for years for a temporary loop.
Internal Revenue Code Section 179 potentially allows significant first-year depreciation deductions when your business places qualifying assets into service. You generally want to maximize current year depreciation write-offs for newly acquired business assets. However, the Sec. 179 rules change…
With the holiday season rapidly approaching, you may consider gift ideas for friends, family members and business associates. A popular and convenient option is gift cards for restaurants, retail stores and online vendors. However, these cards come with potential downsides that gift givers and…
As 2024 is nearing its end, now is a good time to consider year-end strategies to help reduce the tax your business will owe. The effectiveness of a particular action depends on the circumstances of your business. Here are several possibilities.