Is the Cost of a Master’s Degree Tax-Deductible?
Taxpayer could deduct costs of getting a master’s degree. A taxpayer can deduct education expenses if they don’t qualify him or her for a new trade or business and meet other requirements. The U.S. Tax Court ruled that a man could deduct the costs of obtaining an MBA as unreimbursed employee expenses. The MBA didn’t… Continue reading Is the Cost of a Master’s Degree Tax-Deductible?
Considering a spinoff? Think it through
In popular culture, the word “spinoff” usually refers to a television show whose main characters originated from an already established show. But the word applies to the business world, too. Here it describes a division or subsidiary of a company being sold off to a buyer as a separate entity.
How entity type affects tax planning for owner-employees
Come tax time, owner-employees face a variety of distinctive tax planning challenges, depending on whether their business is structured as a partnership, limited liability company (LLC) or corporation. Whether you’re thinking about your 2016 filing or planning for 2017, it’s important to be aware of the challenges that apply to your particular situation.
Your company’s balance sheet makes great reading this time of year
Year end is just about here. You know what that means, right? It’s a great time to settle in by a roaring fire and catch up on reading … your company’s financial statements. One chapter worth a careful perusal is the balance sheet. Therein may lie some important lessons.
Setting sail into the global marketplace
For many of today’s companies, going global seems like a quick and trouble-free growth strategy. Technological advances and expansive supply chains make doing so easier than ever. But business owners who make this move impetuously may soon find themselves on stormy seas, taking on waves of debt and unanticipated expenses.
Mentoring can make your succession plan better
The owners of many companies launch their enterprises with a business plan — a written document outlining the company’s strategic objectives and practical means of accomplishing them. Likewise, many owners leave their businesses via a succession plan, a written document outlining how the company’s ownership will transition.
Thinking big is the first step toward growing your business
Nearly every business owner wants to grow his or her company. But with growth comes risk, and that can keep you from taking the steps necessary to move forward. Yet if you don’t think big and come up with a long-term strategic plan, you’ll likely continue to spin your wheels.
How can your business make the most of the cloud?
Like many companies, yours probably stores at least some of its business files, documents and information in “the cloud.” This is the widely used term referring to the seemingly infinite data storage capacity of the Internet.
A COMMON SENSE APPROACH TO TAX REFORM
By William E. Rogers, MBA, CFP, EA In the remaining weeks of this election, we are going to hear a lot of back and forth debate over who has a better tax plan. For years, there have been promises by both Republican and Democratic lawmakers to reform our tax code. I’m not sure if many… Continue reading A COMMON SENSE APPROACH TO TAX REFORM
BUSINESS OWNERS, HELP YOUR ESTATE BY GIFTING COMPANY STOCK
Everyone needs a solid estate plan to distribute assets according to their wishes and benefit their heirs. But this necessity is especially keen for business owners, many of whom have spent years working hard to build up the values of their companies. If you can relate to this statement, one effective way to reduce… Continue reading BUSINESS OWNERS, HELP YOUR ESTATE BY GIFTING COMPANY STOCK