Reduce the impact of the 3.8% net investment income tax
- ByPolk & Associates
- Jun, 12, 2023
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In addition to regular income tax, high-income taxpayers may face the 3.8% net investment income tax. This article explains who the tax applies to, as well as some strategies to minimize it.
Traveling for business this summer? Here’s what you can deduct
- ByPolk & Associates
- Jun, 12, 2023
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If you and your employees are traveling for business this summer, there are a number of considerations. Under tax law, in order to claim deductions, you must meet certain requirements for out-of-town business travel within the U.S. The rules apply if the business reasonably requires an overnight stay. The actual costs of travel (plane fare, cabs, etc.) are deductible for out-of-town business trips. You’re also allowed to deduct the cost of lodging. For 2023, the law allows a 50% deduction for business meals. If a trip is a combined business/pleasure trip, only the costs of meals, lodging, etc., incurred for the business days are deductible (not those incurred for personal vacation days).
Avoid succession drama with a buy-sell agreement
- ByPolk & Associates
- Jun, 12, 2023
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There are many aspects to succession planning. One way to put some clear steps in writing, particularly if your company has multiple owners, is to draft a buy-sell agreement. This is essentially a contract that lays out the terms and conditions under which the owners of a business, or the business itself, can buy out an owner’s interest if that person dies, becomes disabled or decides to leave. By enabling the orderly transition of a departing owner’s interest, a buy-sell helps ensure a smooth ownership transfer while reassuring other stakeholders such as family members and employees. Creating and administering such an agreement calls for expert assistance. Contact us for help.