Blog Posts

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Buy-Sell Agreements

Buy-Sell Agreements Buy-sell agreements are usually part of a succession plan put in place to protect the financial interests of the owners of closely held companies and their heirs and to protect the company’s stability in case of a major event. Funding buy-sell...

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Business Owners – Taking Money Out of a Business

Business Owners - Taking Money Out of a Business When taking money out of a business, transactions must be carefully structured to avoid unwanted tax consequences or damage to the business entity. Business owners should follow the advice of a tax professional to make...

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Audits

Representation Individual taxpayers who are under audit by the IRS may attend the audit in person without any assistance from a tax professional. However, this can be a dangerous mistake. Although not officially stated, it is the job of an IRS Revenue Agent to conduct...

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Business Management Tips

Online Business Resources www.sba.gov - The U.S. Small Business Administration (SBA) provides programs for businesses in the areas of technical assistance, training and counseling, financial assistance, assistance with government contracting, disaster recovery...

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Business Entity Pros and Cons

Business Entity Pros and Cons Sole Proprietorship Pros No formal creation process Easy to operate and dissolve Easy to integrate business use of home deductions No double taxation of profits Cons No liability protection, except through insurance Self-employment tax is...

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Foreign Bank and Financial Accounts

Foreign Bank and Financial Accounts If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds,...

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IRS – Will Be Sending Stimulus Debit Cards

IRS – Will Be Sending Stimulus Debit Cards Everyone that has not yet received their Economic Stimulus Payment and is expecting a paper check needs to be aware that the IRS announced a change yesterday. The U.S. Treasury Department has stated that the IRS will begin...

Business Financing – Don’t Intermingle Funds

Business Financing - Don't Intermingle Funds Intermingling Funds A common problem with single-owner and other closely-held corporations is intermingling of funds.  This occurs when a corporate shareholder uses his or her personal checking account for corporate...

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Employee or Independent Contractor

Employee or Independent Contractor? In order for a business owner to k now how to treat payments made to workers for services, he or she must first know the business relationship that exists between the business and the person performing the services.  A worker's...

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Business Use of Home

Business Use of Home Expenses Some expenses are deductible whether or not you use your home for business. Others are deductible only if the home is used for business. Deductible Regardless Real estate taxes* Mortgage interest* Casualty losses* Qualified mortgage...

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