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Douglas Freeman

Uncle Sam may provide relief from college costs on your tax return

Deductions, Income Tax, Individual Income Tax, Tax Credits, Tax Deduction, Tax-Advantaged Savings, The American Opportunity Credit, The Lifetime Learning Credit /

We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private not-for-profit four-year institutions. These amounts don’t include room and board, books, supplies, transportation […]

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5 ways to withdraw cash from your corporation while avoiding dividend treatment

Closely Held Corporations, Compensation, Income Tax, Small Business, Tax, Tax Planning /

Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent of your corporation’s “earnings and profits.” But it’s not deductible by the corporation. Different approaches.

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For best results, start your strategic planning early

Human Resources, Marketing, Sales, Small Business, Strategic Business Planning, Tax, Tax Planning /

Time flies when you’re having fun — and running a business. Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve, it’s certainly not too early for business owners to start doing some strategic planning for next year. Here are some ways to get started. Begin with your financials.

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2019 Q4 tax calendar: Key deadlines for businesses and other employers

2019 Tax Forms, C Corporation, FICA, Income Tax, Q4 Tax Calendar 2019, Tax, Tax Planning /

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. October

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Getting a divorce? There are tax issues you need to understand

Divorce, Income Tax, Qualified Domestic Relations Oder (QDRO), Tax, Tax Planning /

In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are four issues to understand if you are in the process of getting a divorce. Alimony or support payments. For

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Putting together the succession planning and retirement planning puzzle

Retirement, Small Business, Strategic Business Planning, Succession Plans /

Everyone needs to plan for retirement. But as a business owner, you face a distinctive challenge in that you must save for your golden years while also creating, updating and eventually executing a succession plan. This is no easy task, but you can put the puzzle pieces together by answering some fundamental questions: When do

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Expenses that teachers can and can’t deduct on their tax returns

2019 Tax Return, Business Expenses, Deductable Expenses, Documentation, Educators, Individual Income Tax, Itemized Deduction, Tax Cuts and Job Acts (TCJA), Tax Deduction /

As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this special deduction, and some expenses can’t be written off. For 2019, qualifying educators can deduct some

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The key to retirement security is picking the right plan for your business

401 K, Income Tax, IRA, Retirement, Simplified Employee Pension (SEP), Small Business, Tax Planning, Tax Savings /

If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages. 401(k) plan One of the best-known retirement plan options is the 401(k) plan. It provides for employer contributions made

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The next estimated tax deadline is September 16: Do you have to make a payment?

Annualized Income Method, Deductions, Electronic Federal Tax Payment System, Federal Income Tax, Partnerships, Qualified Business Income Deducton (QBI), S Corporation, Self Employment Tax, Shareholder, Sole Proprietors, Tax Deadlines /

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The third 2019 estimated tax payment deadline for individuals is Monday, September 16. Even if you do have some withholding from paychecks or payments you receive,

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