We developed our online portal – to allow us and our clients to safely and securely share the documentation we all need, especially during tax season. Here are some tips and tricks to help you when using our portal.
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Record Retention: Keep It or Toss It?
As we dive into gathering documents for this year’s tax prep, now is the perfect time to re-organize your business and/or personal files. We share some record retention guidelines to help you on our blog.
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Forming a Joint Venture: What You Need to Know
When multiple business entities make a decision to start a new business together as a cooperative arrangement, they are creating what is known as a joint venture. In forming a joint venture, each of the involved entities agrees to what assets they will contribute, how they are going to distribute income and share expenses, and how the new entity will move forward.
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10 Financial Metrics Small Business Owners Should Know
Knowing which numbers are most important to your business, the financial ratios applicable and beneficial to your business, and how to interpret that data to make well-timed and impactful decisions is vital to your success. In this blog we detail 10 of the most important financial metrics and how to leverage them.
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The Tax Rules for Renting Your Home or Vacation Home for Short Periods
Many taxpayers rent out their first or second homes without considering tax consequences. Even if you rent out your property using rental agents or online rental services that match property owners with prospective renters (i.e. Airbnb, VRBO, HomeAway), it is still your responsibility to properly report the rental income and expenses on your tax return. You should be aware of some special tax rules for renting your home that probably apply to you.
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Wealth Transition & Succession Planning: Best Practices for Businesses During COVID-19
Thanks in no small part to COVID-19, many private enterprises and family-owned businesses have been forced to dramatically rethink their points of view on these strategies and other important wealth transition and succession planning topics. As a result, below are some things to take into consideration.
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Do You Know the Gain on Home Sale Rules?
The rules surrounding the sale of one’s principal residence have changed over the years. It used to be that you could simply rollover your gain on a tax-free basis as long as you reinvested the proceeds into a new principal residence. However, those gain on home sale rules have since been eliminated and replaced with a principal residence exclusion.
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Does Your Business Qualify for the Research Tax Credit?
When businesses hear about the research tax credit, they typically imagine that it’s for scientists in white lab coats. But that is not the case! The credit is actually much broader and more valuable than you might think.
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Why You Should Update Your Will or Trust in 2020
When was the last time you or your attorney reviewed or updated your will or trust? If it was before the passage of the 2017 Tax Cuts and Jobs Act (TCJA), your documents may be out of date.
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Is Cofounder Conflict Threatening Your Business?
If you asked entrepreneurs to make a list of everything they think might one day pose a threat to their company, you’d probably hear a variety of answers. Some might be (rightfully) worried about ultimately developing a product in search of a marketplace. Others may be worried about how they’re going to overcome cash flow issues. And some may still be worried about getting “taken for a ride” by the venture capital people they’re putting so much of their faith in. While all of these are understandable concerns, there’s one that’s often missing from the list: cofounders.
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