Tax Planning vs. Financial Planning: Why You Need to Understand the Difference
Many business owners assume tax planning is something to think about later – often lumped together with retirement or viewed as a byproduct of financial
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Developing Your Accounting Firm’s Plan
What are your accounting goals? Many firms want to grow and expand. However, other businesses want to focus on: At the same time, owners often
GoFundMe Receipts and IRS Rules
Aside from contribution-only donations to established 501(c)(3) charities, the gift/non-gift distinction has always been rather subjective. For example, assume you give money to a children’s
How to Improve Time Management in Your Tax Planning Business
As a business owner, how you view and allocate your time plays a major role in the success of your business. When your to-do list
How to Increase Efficiency in Your Tax Planning Business
A key to business growth is finding ways to get more done with less effort. Small business owners are often juggling so many tasks that
Navigating the 121 Exclusion: Tax Planning for Real Estate Income
Tax professionals today need to be prepared to incorporate real estate income into their clients’ tax plans. More and more Americans are starting to use
The Ins and Outs of Real Estate Income: Tax Planning for Short-Term Rentals
Using real estate as a source of income is only becoming more popular with the advent of sites like Airbnb and VRBO that enable homeowners
A Parent’s Guide to Financial Planning for Higher Education
By Susan Doktor See that cooing, cuddly bundle of baby love you’re rocking in the cradle right now? You’ll be sending him or her off
Ethical Concerns in Using Tax Planning Software
What are my ethical responsibilities when I use software to produce a tax plan? In the world of taxes, there are many ethical issues that
IRS Turning Up the Heat on Reasonable Compensation Compliance
By Paul S. Hamann & Jack Salewski, CPA, CGMA Having a Reasonable Compensation figure that is “reasonable” isn’t enough anymore. With the IRS turning up
Personal Goodwill as a Tax Strategy: 3 Requirements for Using Personal Goodwill to Reduce Taxation
Tax planners can provide tremendous value in the sale of a business. Business owners and shareholders may not be aware of the tax consequences that