Roth IRA Distribution Rules

A client who wants to purchase a business asked our firm about the distribution rules for Roth IRAs. Seems he and his wife have Roth IRAs and would like to use the funds from those investments to purchase a business. So, what are the rules for Roth IRA distributions? Qualified Distributions Qualified distributions from a Read more about Roth IRA Distribution Rules[…]

Tax Season Tips

  Tax season 2017 is in full swing. Statistics issued by the IRS showed a 17.2% decline in the total number of returns received through February 10, 2017 compared to the same period last year.  The decline was most likely caused by the mandate on refunds on returns involving the Earned Income Credit and the Read more about Tax Season Tips[…]

Mid-Year Tax Planning

Summer is here, 2016 is half over, and it’s a great time to organize your taxes. It seems most of my clients wait until January to look for their records, organize their charitable donations, and review investment accounts.  While it may not be fun to spend a Saturday afternoon in July reviewing your tax records, Read more about Mid-Year Tax Planning[…]

Independent Contrator or Employee?

It is critical that business owners correctly classify the individuals who provide services to their company as employees or independent contractors.  The business must withhold income taxes, pay and withhold Social Security and Medicare taxes, and pay unemployment taxes on wages paid to employees.  Payments made to independent contractors do not require tax withholding.  The Read more about Independent Contrator or Employee?[…]

2012 Year End Tips for Small Businesses

Although we are not sure what Congress will do in 2013, here are a couple of tax saving suggestions small business owners would be wise to consider. Acquiring depreciable assets If you have been considering acquiring additional equipment, you should do so before year end.  The Section 179 expensing provision in 2012 allows taxpayers to Read more about 2012 Year End Tips for Small Businesses[…]