Facebook Linkedin Twitter

Douglas Freeman

You may be ABLE to save for a disabled family member with a tax-advantaged account

529 Saving Plan, Achieving A Better Life Experience (ABLE), Disabilities, Social Security Disability Insurance (SSDI), Tax Planning, Tax Savings /

There’s a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done through Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related expenses. Eligibility ABLE […]

You may be ABLE to save for a disabled family member with a tax-advantaged account Read More »

Small businesses: Stay clear of a severe payroll tax penalty

Income Tax, Payroll Service, Small Business, Social Security /

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time. If you willfully fail to do so, you could personally be hit with the

Small businesses: Stay clear of a severe payroll tax penalty Read More »

A shadow board could shed light on your company’s best future

Employees, Shadow Board, Small Business, Strategic Business Planning, Succession Plans /

In many industries, market conditions move fast. Businesses that don’t have their ears to the ground can quickly get left behind. That’s just one reason why some of today’s savviest companies are establishing so-called “shadow” (or “mirror”) boards composed of younger, nonexecutive employees who are on the front lines of changing tastes and lifestyles. Generational

A shadow board could shed light on your company’s best future Read More »

At the very least, update the financials in your business plan

Business Plan /

Every new company should launch with a business plan and keep it updated. Generally, such a plan will comprise six sections: executive summary, business description, industry and marketing analysis, management team description, implementation plan, and financials. Now, ideally, you would comprehensively update each section every year. But if the size, shape, and objectives of your

At the very least, update the financials in your business plan Read More »

IRA charitable donations are an alternative to taxable required distributions

AGI (Adjustable Gross Income), Charitable, IRA, Qualified Charitable Distribution (QCD) /

Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity. IRA distribution basics. A popular way to transfer IRA assets to charity is through a tax provision

IRA charitable donations are an alternative to taxable required distributions Read More »

Thinking about converting from a C corporation to an S corporation?

C Corporation, S Corporation, Tax, Tax Planning, Tax Savings /

The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some circumstances, there are plenty of potentially expensive tax problems that you should assess before making the decision to convert from a C corporation to an

Thinking about converting from a C corporation to an S corporation? Read More »

Accelerate depreciation deductions with a cost segregation study

Cost Segregation Study, Depreciation, Depreciation Deduction (Section 179), Tax Cuts and Job Acts (TCJA) /

Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a

Accelerate depreciation deductions with a cost segregation study Read More »

Deciding whether a merger or acquisition is the right move

Merger & Acquisition, Small Business, Strategic Business Planning, Tax /

Merging with, or acquiring, another company is one of the best ways to grow rapidly. You might be able to significantly boost revenue, literally overnight, by acquiring another business. In contrast, achieving a comparable rate of growth organically — by increasing sales of existing products and services or adding new product and service lines —

Deciding whether a merger or acquisition is the right move Read More »