The Pros and Cons of Working With Family Members Bringing family members into a small business can be both appealing and complicated. One of the most commonly cited benefits is trust. In businesses that handle large amounts of cash...
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What’s the Deal With Business Records? Choosing the right recordkeeping system matters because you need a clear summary of every transaction your business makes. Most small-business owners keep this information in accounting journals and ledgers that reflect gross income...
Securing the Legacy of Your Small Business Creating an estate plan tailored to your business ensures continuity and financial security for everyone involved. Whether you want your family to continue building your legacy, your partners to buy your shares...
Maximizing Business Efficiency Have you encountered roadblocks as you seek to make your company more efficient? Let’s look at some strategies that may bring better focus. Communicate early and measure success Change is always easier if you communicate to...
All in the Family: When Relatives Work in Your Business Family-run businesses are part of the backbone of the American economy. Whether you are starting out or running an established business, it’s natural to lean on relatives. You know...
How To Retire Gradually From Your Business Retiring from a business you founded isn’t like leaving a job. It’s a personal, financial and emotional process that takes time and coordination. Whether you want to sell, pass the business to...
Bonus Depreciation Under the OBBBA Depreciation is the tax process of spreading the cost of an asset over the years it is expected to be useful. Bonus depreciation is different: It is a tax incentive that allows businesses to...
The Augusta Rule: A Special Tax Break Originally created to protect the residents in Augusta, Georgia, who rented out their homes to attendees of the annual Masters Tournament, the Augusta Rule dates back to the 1970s. At that time,...
Do You Qualify for a Home Office Deduction? Good news if you have a home office! You may be able to deduct expenses related to the business use of part of your home if you use it: Principal place...
OBBBA: Learning the Deduction Details The OBBBA law is long, but the IRS has summarized some of the most significant provisions: No tax on tips Effective for 2025 through 2028, employees and self-employed individuals may deduct qualified tips received...