The biggest limitation of the QBI deduction is that it only applies to a “qualified trade or business”. There is not a lot of clarity within IRS regulations in determining what exactly is a trade or business in the real estate arena and there are many unique situations concerning real estate.
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4 Fraud Prevention Tips for Your Business
Fraud. The dreaded word that none of us are comfortable addressing or discussing, especially when it comes to how it may impact you or your business. But just like tax planning, it’s important not to avoid conversations abound fraud. Why? Because several studies and statistics support that businesses may lose approximately 5% of their revenues every year due to fraud. And when fraud is concealed, it may continue for years before being discovered.
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The Value of a Written Partnership Agreement
Your business partner(s) should balance your strengths and support you through the good times and the bad. They should also be willing to communicate with you freely and often. And while you and your partner may agree about everything now, disagreements and unexpected events are inevitable. That’s why a written partnership agreement is so valuable. Do you and your partner(s) have one?
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Do You Have an Employee in Another State? What Your Business Needs to Know
As your business grows, you may find yourself hiring employees out of state. While growth is great, keeping up with the payroll compliance in each state can feel like trudging through murky waters. States have varying requirements related to withholding income tax and paying unemployment tax. Additionally, states have increased their tax compliance efforts over the years making it even more necessary that employers be aware of their responsibilities. So, if you have an out-of-state employee, here’s what you need to consider:
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The ABCs of a Buy-Sell Agreement
Does your company know how it would handle a death, disability or departure of one of its owners? Whether you are part of a family business or not, buy-sell agreements are important to any company. But what makes it so important? A buy-sell agreement, also known as a business continuity contract, spells out how the assets and business interests would be distributed if an owner leaves the business, becomes disabled or passes away.
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How to Talk About Finances with Your Aging Parents
It’s a difficult thing to think about, but one day you could be taking care of an elderly parent who’s in declining physical or mental health. Whether or not you work with your parents in a family business, it’s important to recognize the financial stress and list of “to dos” that come with the emotions of this phase of life. By taking steps to make ensure finances are in order now, you’ll be more prepared to handle those matters down the road. In turn, you’ll have the ability to focus on the health and quality of life of your parents as they age.
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The Importance of a Quality Employee Benefit Plan Audit
Employee benefit plan (EBP) audits are much more than a simple audit of net assets and income contained in the benefit plan’s financial statements. They also serve as a safeguard to participants, plan management, and plan fiduciaries through compliance testing procedures. Learn more about the importance of quality EBP audits.
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5 Questions to Ask Before Paying Off Your Mortgage Early
If you have the means, making extra payments on your mortgage before the end of its term seems like a no-brainer. After all, who wouldn’t want to reduce that substantial debt and be done with those monthly principal and interest payments? But paying off a mortgage early may not be the best choice for every household. Before you start making extra payments, here are five questions to ask yourself.
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5 Home Office Deduction Mistakes
If you own a business that operates out of your home, you may be able to deduct a wide variety of expenses. These deductions could include part of your rent or mortgage costs, insurance, utilities, repairs, maintenance and even cleaning costs. This can be a tricky area of the tax code, so make sure you have professional guidance. Here are some of the top mistakes people make when taking home office deductions.
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New Sick Leave Laws to Take Effect July 1
Both the City of Chicago and Cook County have enacted new sick leave ordinances which require employers to provide employees with up to 40 hours of paid sick leave per year. The two ordinances mirror each other with the primary difference being the geographic area covered by the laws.
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