Does your business have customers in more than one state? If so, welcome to the wild world of state income taxes! Forty-five of the fifty states plus Washington, D.C. impose some type of income tax, and no two states have exactly the same tax laws. Cash-starved states are seeking out and testing new ways to tax out-of-state businesses, and you could be on their radar. An exhaustive explanation of the… Read more
Are you considering a like-kind or 1031 exchange? With a like-kind exchange, you sell something you own now and replace it with similar property. If you structure the transactions correctly, you can defer any capital gains as long as you keep exchanging properties. Here are some things to keep in mind to get the best tax value out of it. The properties in an exchange must be of “like kind”… Read more
A Simplified Employee Pension (SEP) is a great vehicle for self-employed solo professionals to save for retirement. A SEP lets you bank up to 25% of your net income, up to a max of $53,000 for 2016, and $54,000 for 2017, in your own individual retirement account. These plans are easy to set up at a bank or with your investment advisor. They can be set up as late as… Read more
Even if your planned retirement is years or decades away, it’s never too early to start thinking about succession planning for your business. This is especially true for a sole proprietorship or a closely-held family business. Is there a family member or key employee who may be interested in taking over? They may need time and your help to learn the skills needed for the job. Do you have a… Read more
A challenge of doing business in the U.S. is the crazy quilt of tax laws we find ourselves dealing with. Each of the 50 states plus Washington, D.C. has its own unique ways of taxing businesses. An activity that’s subject to sales tax in one state may be completely tax-free in another state. Sales of tangible goods are subject to sales tax in 45 states, and each state has different… Read more