Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible companies, though some may be better off using the accrual method. Thus, it may be prudent for a business to evaluate its process to ensure that it's the most advantageous approach.
A well-planned exit strategy will help business owners ensure their long-term financial well-being and meet their retirement and estate planning goals. This article looks at buy-sell agreements, family-focused succession planning techniques and exit strategies outside the family.
Section 529 plans offer parents, grandparents and others a tax-advantaged way to save for education expenses. This article provides an overview of the tax benefits and how 529 plans have gained flexibility in recent years.
Marriage can result in changes affecting essential tax issues that warrant prompt attention following the wedding. This article discusses changes in name, address, tax withholding, filing status and other circumstances.