Converting your unincorporated small business to an S corporation can significantly reduce your self-employment tax liability by allowing you to take part of your income as distributions rather than salary. While this strategy offers tax advantages, it also comes with administrative requirements and considerations around reasonable compensation and retirement contributions.
Read MoreThe OBBB outlines key tax changes for businesses, including enhanced deductions and reporting thresholds starting in 2025. Highlights include 100% bonus depreciation, full expensing of domestic R&E, and increased 1099 thresholds, with some provisions expiring at year-end and others continuing into 2026 and beyond.
Read MorePOD and TOD accounts offer a fast and simple way to transfer assets directly to beneficiaries, bypassing probate. However, they can unintentionally override your will, create unequal distributions, and lack flexibility for more complex estate planning needs.
Read MoreThe OBBB introduces various extensions and amendments to the Tax Cuts and Jobs Act (TCJA). Key provisions covering tax rates, expanded deductions and changes to credits will begin rolling out in 2025.
Read MoreIn an increasingly competitive funding landscape, nonprofits are turning to AI tools to help craft grant proposals, but success still hinges on understanding the fundamentals of proposal writing. While AI can streamline the process, funders value authenticity, customization, and adherence to guidelines, making human oversight and strategic storytelling essential.
Read MoreThe Historic Rehabilitation Tax Credit (HTC) offers financial incentives for preserving historic buildings. It provides insights into the application process and potential challenges, helping to enhance the value of historic properties.
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