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Here’s What Happened in the World of Small Business in August 2021

Here are five things that happened this past month that affect your small business. 1) The Senate passed a $1.2T infrastructure package. At the beginning of August, the Senate passed a bipartisan infrastructure package, “the largest upgrade…

4 of the Most Common IRS Tax Problems

For years, politicians have been talking about simplifying the process of filing federal taxes, but despite the promises, the process continues to be complicated and stressful. But as bad as preparing taxes can be, it pales in comparison to…
Capital Building

Businesses Have 60 Days to Notify the IRS of Changes in Contact Information and Responsible Party

The Internal Revenue Service (IRS) is reminding entities with Employer Identification Numbers (EINs) of their responsibility to update that information whenever the contact information or responsible party changes. IRS regulations require EIN…
Man with new car

Tax Ramifications of Disposing of a Vehicle

If you are buying a new car, are you wondering what to do with the old one? You actually have a number of options, some of which have tax implications and some of which don’t. These options include trading the car in with the dealer, selling…
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Getting Married and Related Tax Issues

Most weddings planned for 2020 were delayed because of COVID, causing a big upswing in the number of weddings in 2021.  Although tax issues are the furthest thing from their minds during this big life-changing event, newlyweds should know how…
Retired Couple
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Minimizing Tax on Social Security Benefits

Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits. For this discussion, the…
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Everything You Need to Know About Medical Practice Financing

Whether you are a physician with a well-established medical office, or you’ve just completed your residency and are getting set up, obtaining funding for a medical practice is different from applying for a standard business or personal loan.…
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Back-Door Roth IRAs

Many individuals who are saving for retirement favor Roth IRAs over traditional IRAs because the former allows for both accumulation of account earnings and post-retirement distributions to be tax-free. In comparison, contributions to traditional…
Small Business man
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Sole Proprietorships – Don’t Overlook the Liability Issues

If you are considering starting a business, the simplest and least expensive form of business is a sole proprietorship. A sole proprietorship is a one-person business that reports its income directly on the individual’s personal tax return…