Payable-on-Death Accounts: Beneficial Tools if Used Correctly
Payable-on-Death Accounts: Beneficial Tools if Used Correctly https://youtu.be/FleMlGXfD14 Payable-on-death (POD) accounts are often overlooked yet incredibly useful financial tools for estate planning. They provide a straightforward method to transfer assets outside of probate, making it easier for beneficiaries to access funds promptly. In this blog, we’ll explore how POD accounts work, their benefits, and essential […]
Is Your Business Closing? Here Are Your Final Tax Responsibilities
Is Your Business Closing? Here Are Your Final Tax Responsibilities https://youtu.be/x4tzgjTn8HI Closing a business is a significant decision that comes with a host of responsibilities, particularly regarding taxes. Whether you’re winding down operations due to retirement, lease expiration, staffing shortages, or other reasons, it’s crucial to understand your final tax obligations to avoid penalties and […]
4 Ways Corporate Business Owners Can Help Ensure Compensation is “Reasonable”
4 Ways Corporate Business Owners Can Help Ensure Compensation is “Reasonable” https://youtu.be/hea8_fd5478 If you own a C corporation, you’re likely aware of the tax advantages associated with taking money out as compensation rather than as dividends. While dividends can be subject to double taxation—first at the corporate level and then again when distributed to shareholders—salaries […]
2024 Depreciation Limits for Business Vehicles: What You Need to Know
2024 Depreciation Limits for Business Vehicles: What You Need to Know https://youtu.be/YENEgWL-uak For business owners and entrepreneurs, purchasing or leasing a vehicle for business use can be a valuable asset, but understanding the tax implications is key to maximizing your deductions. The IRS has provided updated depreciation limits for business vehicles placed in service in […]
The Advantages of Hiring Your Minor Children for Summer Jobs
The Advantages of Hiring Your Minor Children for Summer Jobs https://youtu.be/tlcE47rIqfU As a small business owner, you might consider hiring your minor children for summer jobs. This arrangement can benefit both you and your kids in numerous ways. Not only can it provide your children with valuable work experience, but it also opens the door […]
To Get an “Early” Refund, Adjust Your Withholding
To Get an “Early” Refund, Adjust Your Withholding https://youtu.be/KP8vGdfR-Hs If you’re a small-business owner or have experienced significant life changes this year, adjusting your tax withholding can be a smart move. By making strategic adjustments, you can optimize your cash flow and potentially secure some financial benefits. Here’s how to approach it: The Benefits of […]
Beware of Overadjusting: Managing Your Tax Payments Wisely
Beware of Overadjusting: Managing Your Tax Payments Wisely https://youtu.be/o7NhP2rsbPU As the tax year progresses, you might be tempted to adjust your tax withholding or estimated payments to increase your cash flow. While this can provide immediate financial relief, it’s essential to approach these adjustments with caution to avoid potential pitfalls. The Risks of Overadjusting Reducing […]
3 Ways Your Business Can Uncover Cost Cuts
3 Ways Your Business Can Uncover Cost Cuts https://youtu.be/Y8snJSaJjZQ Finding ways to reduce expenses is essential for maintaining profitability and staying competitive in today’s economic climate. By strategically evaluating your spending and exploring cost-saving opportunities, you can uncover significant savings for your business. Here are three effective strategies to help you identify and implement cost […]
The “Nanny Tax” Must Be Paid for Nannies and Other Household Employees
The “Nanny Tax” Must Be Paid for Nannies and Other Household Employees https://www.youtube.com/watch?v=J5JT42rjWG4 Employing a household worker, such as a nanny or housekeeper, comes with specific tax responsibilities that you should be aware of to stay compliant. Commonly referred to as the “nanny tax,” these obligations ensure that both you and your employee fulfill your […]
Discovering a Mistake After Your Tax Return Is Filed
Discovering a Mistake After Your Tax Return Is Filed https://youtu.be/vThmKQ8KWn8 Filing your tax return can be a meticulous process, but mistakes can still happen. Whether you completed your tax return yourself or worked with a professional, discovering an error after submission can be stressful. However, understanding when and how to correct these mistakes is crucial […]