Spouse-run businesses face unique tax pitfalls. Learn how partnership treatment drives SE tax and compare three strategies—community property sole prop, S-corp conversion, or hire-spouse approach—to cut exposure while staying compliant.
Run a Business With Your Spouse? You May Encounter Unique Tax Issues Read More »
Weigh the pros and cons of UGMA/UTMA custodial accounts versus new Trump Accounts, including control, tax treatment, penalties, and education-planning tradeoffs to decide what fits your family’s goals.
Is a Custodial Account Right for Your Family? Read More »
Beginning next year, eligible educators will have an additional deduction opportunity under the One Big Beautiful Bill Act (OBBBA).
OBBBA created temporary deductions for tips and FLSA overtime, but payroll taxes and withholding still apply. Learn what counts, who qualifies, and how employers should track and report amounts for 2025–2028.
Payroll Tax Implications of New Tax Breaks on Tips and Overtime Read More »
By purchasing stock in certain small businesses, you can diversify your investment portfolio. You also may enjoy preferential tax treatment, some of which is getting even better under the One Big Beautiful Bill Act (OBBBA) that was signed into law in July: Qualified small business (QSB) stock now offers more tax-saving opportunities. QSB defined A QSB generally is a U.S. C corporation that meets two requirements, one of which has been eased by the
Investing in Qualified Small Business Stock Now Offers Expanded Tax Benefits Read More »
As its name suggests, a living trust (also known as a revocable trust) is in effect while you’re alive. It’s a legal entity into which you title assets to be managed during your lifetime and after your death. As the trust’s grantor, you typically serve as the trustee and retain control over the assets during your lifetime. Thus, you can modify or revoke the trust at any time, allowing for adjustments as circumstances or intentions change. Let’s take a closer look at why you should consider including one in your estate plan. Setting up a living trust To create a living trust,
Should a Living Trust Be Part of Your Estate Plan? Read More »
If you own an unincorporated small business, you may be frustrated with high self-employment (SE) tax bills. One way to lower your SE tax liability is to convert your business to an S corporation. SE tax basics Sole proprietorship income, as well as partnership income that flows through to partners (except certain limited partners), is subject to SE tax. These rules also apply to single-member LLCs that are treated as sole proprietorships for federal tax purposes and multi-member LLCs that are treated as partnerships for federal tax purposes. In 2025, the maximum
Lower Your Self-Employment Tax Bill by Switching to an S Corporation Read More »
For family business owners, an estate plan and a succession plan often work in tandem, ensuring that both personal and business affairs transition smoothly. Your estate plan can help ensure that your assets are distributed according to your wishes and provide contingencies in the event of your death or disability before retirement. Your succession plan can pave the way for a seamless transfer of leadership upon your retirement. Here’s how they work together. Two types of succession One reason transferring a family business is so challenging is the distinction
A Family Business Owner Needs Both an Estate Plan and a Succession Plan Read More »
