Things To Consider When Starting a Business
Choosing the entity type for your business is a critical decision that affects how you are taxed and your personal liability. Start off on the right foot by learning the pros and cons of each structure.
The Back-Door Roth IRA Strategy: Pitfalls and Potential Tax Consequences
Chief Investment Officer Troy Harmon, CFA, CVA, is joined by Tax Manager Jessie Thomas, CPA, and Managing Associate D.J. Barker, CWS®, to help a couple who tried to do a back-door Roth IRA on their own. Jessie and D.J. cover the nuances of a back-door Roth and some pitfalls investors can make when reporting it on their tax forms.
Research Credit Available as a Payroll Tax Credit Doubled by the Inflation Reduction Act
The Inflation Reduction Act has a provision that could benefit many small business startups, allowing them to potentially double the amount of the research and development tax credit that can be used against payroll taxes from $250,000 to $500,000 per year.
Tax Implications of Student Loan Forgiveness
Fixes to Income Driven Repayment plans will discharge around $39 billion in Federal student loans, affecting more than 804,000 borrowers the coming weeks—but what is the tax implication?
Relief For Some 2023 IRA RMDs
Big news for individuals born in 1951! The IRS announced that traditional IRA owners who will attain age 72 in 2023 will have to take their first required minimum distribution (RMD) by April 1, 2025, rather than April 1, 2024.
Employee or Independent Contractor – A Primer for Employers and Employees
Employees may be misclassified as independent contractors. Misclassifying a worker can have significant ramifications for both the employer and the worker in terms of how much each pays in income, Social Security, and Medicare taxes, among others.
When Tax Issues Become a Criminal Situation in the Eyes of the IRS
The chasm between a “minor accident” and “intentional fraud” when it comes to your taxes is a big one. The latter can get you into a significant amount of trouble and may even venture into criminal territory if you’re not careful.
The Overlooked Factor in Retirement Planning: Which Assets to Withdraw First
Chief Investment Officer Troy Harmon, CFA, CVA, Senior Associate Michael Griffin, CFP®, and Associate Josh Weidie, CFP®, CWS®, help a couple of investors consider the most tax advantageous way to withdraw their retirement funds.
Is an SBA (7) Loan Right for Your Business?
Millions of small and mid-sized businesses are the true foundation of the United States economy. Whether you’re a seasoned veteran or are a new entrepreneur, it’s important to understand the available funding options and how to take advantage of them.
Did You Get a Letter from the IRS? Don’t Panic
Since the IRS now does most of its auditing through correspondence, an IRS letter can, in some cases, ruin your day. Step 1. Don’t Panic. Step 2. Read our rundown of CP notices!