Category: Featured Articles

4 ways corporate business owners can help ensure compensation is “reasonable”

4 ways corporate business owners can help ensure compensation is “reasonable”

by | Apr 15, 2024 |

If you own a C corporation, you know there’s a tax advantage to taking money out as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but it can’t deduct dividend payments. Therefore, if funds are paid as dividends, they’re taxed twice, once to the corporation and once to the recipient. Money paid out as compensation is taxed only once, to the recipient employee.

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Hiring? How to Benefit from the Work Opportunity Tax Credit

Hiring? How to Benefit from the Work Opportunity Tax Credit

by | Mar 15, 2024 |

If you’re a business owner or manager who is seeking to hire, you should be aware of the details of a valuable tax credit for hiring individuals from one or more targeted groups. Employers can qualify for the Work Opportunity Tax Credit (WOTC), which is worth as much as $2,400 for most eligible employees (higher or lower for certain employees). The credit is limited to eligible employees who begin work for an employer before January 1, 2026.

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Retirement Saving Options for Your Small Business

Retirement Saving Options for Your Small Business

by | Mar 8, 2024 |

If you’re looking for a retirement plan for yourself and your employees but worried about the financial commitment and administrative burdens involved, there are some options to consider. One possibility is a Simplified Employee Pension (SEP). This plan, which comes with relative ease of administration and the discretion to make or not make annual contributions, is especially attractive for small businesses.

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Tracking Down Donation Substantiation

Tracking Down Donation Substantiation

by | Feb 19, 2024 |

If you’re like many Americans, your mailbox may have been filling up in recent weeks with letters from your favorite charities acknowledging your 2023 donations. But what happens if you haven’t received such a letter for a contribution? Can you still claim a deduction on your 2023 income tax return for the gift? It depends.

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Appraisals Aren’t Just for Businesses

Appraisals Aren’t Just for Businesses

by | Jan 22, 2024 |

Whether you’re in the process of making a retirement or estate plan or you intend to donate property to charity, you’ll need to know the value of your assets. For many hard-to-value items, such as closely held business interests, real estate, art and collectibles, an appraisal may be necessary.

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