by ABIP | Jul 27, 2018 | News
Some common deductions for businesses are meal (generally 50%), vehicle and travel expenses. Deductibility depends on a variety of factors, but proper documentation is one of the most critical. Following some simple steps can help ensure your deductions will pass...
by ABIP | Jul 19, 2018 | News
The income tax basis of inherited property is prohibited from exceeding the property’s fair market value as determined for estate tax purposes. Why does this matter? It prevents beneficiaries from arguing that the estate undervalued the property and, therefore,...
by ABIP | Jul 12, 2018 | News
Today’s accounting software can perform adequately for years, but improved features are being created all the time. Here are three key considerations to help you decide when to upgrade: 1) Your users’ tech savvy needs to align with the system’s level of...
by ABIP | Jul 3, 2018 | News
Ready to offer a 401(k) plan? Know your options: Traditional 401(k)s let employees contribute pretax dollars and give employers the option of matching contributions. But rigorous testing rules apply. Roth 401(k)s allow employees to contribute after-tax dollars and...
by ABIP | Jun 26, 2018 | News
On the surface, the TCJA’s new, flat 21% income tax rate for C corporations may make choosing C corp structure for your business seem like a no-brainer. After all, 21% is much lower than the 37% top rate that applies to pass-through entities (such as...
by ABIP | Jun 14, 2018 | News
Now’s the perfect time for business owners to stop, take a breather and engage in a midyear review. Naturally, this will involve looking at your financials. But go beyond those numbers and look at areas such as: 1) HR, specifically, how’s employee turnover...
by ABIP | Jun 12, 2018 | News
When you think about recent tax law changes and your business, retirement benefits probably aren’t what first come to mind. But if your business sponsors a 401(k) plan, be aware of two changes: 1) Beginning in 2018, former employees with outstanding plan loan...
by ABIP | Jun 7, 2018 | News
As some business owners begin to consider retirement, they just can’t identify a suitable successor. One potential solution is a long-term deal that gradually cedes control to an outside buyer. The process typically begins with the owner selling a minority...
by ABIP | Jun 5, 2018 | News
A trust that works fine when it’s established may no longer achieve its original goals if your family circumstances or tax laws change. Or a drafting mistake may produce an undesirable result. One option is to modify the trust. This remedy may be available,...
by ABIP | May 31, 2018 | News
For business owners with kids in high school or college, hiring them for the summer can provide many benefits. One is tax savings. By shifting business income to a child as wages for services performed, you can turn high-taxed income into tax-free or low-taxed income....
