Appraisals can insure anxiety for many business owners. And it’s understandable why. You’re obviously not short on things to do, and valuations cost time and money. Nonetheless, there are some legitimate reasons to obtain an appraisal regularly or, at the very least, to familiarize yourself with the process so you’re ready when the time comes. [...]
Bartering may seem like something that happened only in ancient times, but the practice is still common today. And the general definition remains the same: the exchange of goods and services without the exchange of money. Because, in a typical barter transaction, no cash exchanges hands, it’s easy to forget about taxes. But, as one [...]
Business owners should always know their options when it comes to their company and its relation to their estate plans. Let’s take a look at some commonly chosen vehicles for transferring ownership interests in a business. THE GREAT GRAT With a grantor retained annuity trust (GRAT), you transfer business interests or other assets to [...]
One of the great things about setting up a home office is that you can make it as comfy as possible. Assuming you’ve done that, another good idea is getting comfortable with the home office deduction. To qualify for the deduction, you generally must maintain a specific area in your home that you use regularly [...]
The funny thing about customers is that they can keep you in business – but they can also put you out of it. The latter circumstance often arises when a company overly relies on a few customers that abuse their credit to the point where the company’s cash flow is dramatically impacted. To guard against [...]
Many families hire people to work in their homes, such as nannies, housekeepers, cooks, gardeners and health care workers. If you employ a domestic worker, make sure you know the tax rules. IMPORTANT DISTINCTION Not everyone who works at your home is considered a household employee for tax purposes. To understand your obligations, determine [...]