IRS audits are, at best, a nuisance for your business. And though audits aren’t always avoidable, some scenarios can trigger one more readily. Today, we’ll look at how to potentially avoid some of these situations and what to do if you can’t. Here’s the first potential trigger. High deduction-to-income ratios It isn’t uncommon to have […]
So, you’ve decided to start a business. You have the proper business structure and some funding to keep you afloat. You’re all set, right? Well, not exactly. There are common mistakes small businesses make every year, and the consequences can be harsh. One study estimated that a staggering 18.4% of businesses fail in the first year, […]
This is the second installment in our series on starting your small business, securing funding, and navigating taxes. You’re fired up about your new business. And you should be, it’s exciting! But if you want that feeling to last, you must lay a solid foundation. That means choosing the right business structure at the outset. […]
This is the first installment in our series on starting your small business, securing funding, and navigating taxes. Starting a business is always exciting, but it also has tax implications. So, the business structure you choose matters. A lot. In this post, you’ll learn how to determine if a sole proprietorship is the best structure […]
This is the second and final installment of our blog series explaining capital gains taxes. Last week’s introduction to capital gains taxes provided background on what constitutes a capital gain. It also provided information on what qualifies as a capital asset. This week, let’s concentrate on understanding how capital gains taxes can impact your bottom […]
This is the first in a two-part series explaining capital gains. There’s no doubt 2022 was a complete letdown for the average investor. Stocks, crypto, and real estate all took hits last year. The S&P 500 stock index was down nearly 20%, its worst year since the financial meltdown of 2008. Bitcoin, the standard by […]
This has been a tough year for individual stock investors, but there is still a little good news even when some market indices percentages are down by double digits. That’s because those assets may be sold at a loss to help you offset gains in other stocks. They can also help you offset some of […]
According to the U.S. Bureau of Labor Statistics, the annual inflation rate in January 2022 soared to 9.1 percent. Though it had cooled a bit to 8.2 percent by September, plenty of Americans still feel inflation’s sting. In tough times like these, it’s a little ironic the IRS would come riding in to help, but […]
The economic ocean in the United States has been clear and calm for the last decade. Cheap lending rates made some bad stocks seem good. They also brought in a lot of new money into other investments like real estate and cryptocurrency. But with the Fed raising interest rates, the tide is pulling back quickly. […]
Businesses have enjoyed over a decade of interest rates that barely registered on balance sheets. Unfortunately, that low interest environment has made it easy to forget what to do when the Federal Reserve does raise rates. Some of you have been there, but it’s been a while. Others may be navigating uncharted waters. Either way, […]