Insights

Starting a business involves careful planning, especially regarding tax deductions. This article explains how expenses incurred before a business officially begins operations are treated under Sections 162 and 195 of the Internal Revenue Code. Learn about start-up costs, deduction limits, and compliance risks to avoid IRS complications. Read the full article for strategies to optimize tax outcomes.

Lockbox services can accelerate payment processing and improve cash flow for businesses receiving large volumes of checks. This article breaks down the benefits, costs, and considerations of traditional and electronic lockbox systems. Learn how these services reduce postal float, save labor costs, and integrate payment data into your accounting system. Explore whether a lockbox solution could be right for your business.

Tax-advantaged retirement plans are vital for reducing your tax burden and securing a comfortable retirement. This article explores the key differences between Defined Contribution Plans and Defined Benefit Plans, highlighting their benefits, contribution limits, and ideal use cases for business owners and high-income earners. Discover how to choose the right plan for your business and financial goals. Read the full article for a deeper dive into retirement planning strategies.

The gig economy is expanding, offering increased flexibility for workers but also unique tax responsibilities. In this article, we explore the essential tax considerations for gig workers, including filing requirements and available deductions. We also provide four actionable tips to help you successfully enter the gig economy. Whether you’re just starting or looking to grow your gig work, these strategies can guide your success while ensuring you’re meeting your tax obligations. Read the full article for expert advice and insights.

A well-drafted buy-sell agreement is crucial for businesses with multiple owners. It provides clarity on what happens if an owner exits the business due to death, disability, or other reasons, ensuring that the business continues smoothly. This article covers the benefits of buy-sell agreements, including avoiding estate tax complications, creating liquidity for heirs, and preventing disputes over business ownership.

Withdrawing funds from your retirement plan before age 59½ can trigger penalties and taxes, but there are exceptions that may allow you to access your funds penalty-free. This article explains early distribution rules, exceptions like birth or adoption, and strategies like Substantially Equal Periodic Payments (SEPP) to help minimize the tax burden. Learn how to navigate these rules to ensure you’re making informed decisions about your retirement funds. Read the full article for complete details.