14 08, 2017

10 Common Sources of Tax-free Income

Yes, that's correct, there are some forms of income you receive that may be tax-free. Here is a list of ten common sources of tax-free income. 1. Gifts. Gifts you receive are not taxable income to you. In fact, they are not subject to gift tax to the person giving the gift as long

11 08, 2017

Do a Business Valuation When You’re Ready to Sell your Company

Well before you're ready to sell your company, you'll want to determine its fair market value as a starting point for negotiations. Of course, obtaining a reasonably precise value for your business is often a complicated and time-consuming task. Accurate appraisals must weigh a variety of factors and incorporate numerous assumptions. The more precise

7 08, 2017

Know the Facts About IPOs

Do you know anybody who has tripled his or her money investing in the initial public offering (IPO) of a hotshot new company? It can happen. Yet the truth is, most investors don't make money playing IPOs. It's just that people tend not to brag when they lose money. Nonetheless,

26 07, 2017

5 Reasons to Incorporate Your Business

Most new businesses start with no thought about legal structure. In the eyes of the IRS, the default structure is a "sole proprietor," in which your business profits are taxed on your personal tax return. This can serve you well to start, but there are several reasons you may want to consider incorporating as

20 07, 2017

New Job? Four Choices for Your Existing 401(k)

Changing jobs and companies can be an exciting opportunity, but you have a choice to make. What will you do with the retirement savings you have accrued in your 401(k)? Consider these four choices: 1. Withdraw the money and don't reinvest it. This is usually the worst choice you can make. Generally, you'll owe

20 07, 2017

What If You Have a Casualty Gain?

You may be able to claim a deduction on your current or prior-year federal income tax return for casualty losses from sudden, unexpected, and unusual events, such as tornadoes, hurricanes, and certain straight-line winds. But what if you have a casualty gain? Odd as it sounds, when the reimbursement from your insurance company or

17 07, 2017

5 Home Office Deduction Mistakes

If you operate a business out of your home, you may be able to deduct a wide variety of expenses. These may include part of your rent or mortgage costs, insurance, utilities, repairs, maintenance, and cleaning costs related to the space you use. It can be a tricky area of the tax code that's

11 07, 2017

5 Financial Lessons to Teach Your Children

At some point your kids will discover they can no longer rely on you for all their financial needs. Because recent studies have found that teaching financial literacy is lacking in many schools, it's up to parents to provide the fundamentals of finance to their children. Here are some concepts you can use to