Open the door to investment with a winning pitch deck
Creating a strong pitch deck can turn a good business idea into an attractive investment opportunity. Keep your presentation to investors concise, highlighting your mission, solutions, value proposition, funding needs and growth strategy. Define your target market, revenue model and marketing approach with credible data. And showcase your leadership team’s expertise and achievements. You should also provide reliable financials to support your growth projections. AI tools may help you create a pitch deck, but be sure to personalize content and double-check all numbers. Contact us for help with financial data that can strengthen your overall presentation.
Will your Social Security benefits be taxable?
Will your Social Security benefits be taxable? A portion might be. How much depends on your provisional income, your overall income and IRS thresholds.
Provisional income is your adjusted gross income with some additional calculations. You may have to report up to 85% of your Social Security benefits as taxable income if your provisional income is over $34,000 ($44,000 for joint filers). If you file separately from your spouse who lived with you at any time during the year, the threshold is $0.
Smart tax planning can potentially reduce your liability. We can help project your provisional income and review your overall tax situation to identify strategies that make sense for you.
What’s the right entity type for your new business?
What’s the right entity type for your new business? Two popular options for closely held businesses with multiple owners are LLCs taxed as partnerships and S corporations.
Both offer pass-through taxation, meaning tax items pass through to the individual owners and are reported on their personal returns. But they differ in important ways, such as self-employment tax, loss deductions, ownership flexibility and eligibility requirements.
Before making your decision, contact us. Taxes play a pivotal role in this decision. We can work with you and your legal advisors to determine the optimal setup for your situation.
Midyear is a good time to update your business’s strategic plan
Is it time to review your business’s strategic plan? As market conditions, technology and competitive pressures change, even a well-designed plan may need updating. Regular strategic planning can help your business stay focused and evaluate progress toward short- and long-term goals. If it’s been a while since you last updated your plan, now may be a good time for a strategic planning session. Be sure to set clear objectives, develop strategies to pursue them and establish metrics to track results. We can help ensure your new plan is supported by sound financial analysis. Contact us to learn more.
Don’t overlook these tax issues after a job loss
If you’ve recently lost your job, you’re likely focused on replacing income and evaluating your next steps. But some tax implications related to a job loss may also require attention. For example, unemployment compensation and severance pay are generally taxable, at least at the federal level. And health insurance premiums you’d been paying pre-tax from your paycheck may now have to be paid after-tax — though you might be able to deduct them. There are also tax consequences to consider in relation to your retirement plan with your former employer or withdrawing funds from an IRA to replace some of your lost income. If you’d like guidance, contact us.
Building bench strength for effective succession planning
Smooth leadership transitions depend on a business’s “bench strength” — the depth of employees prepared to step into critical roles when unexpected departures occur. Building a deep internal talent pool is one of the most effective ways to support your succession plan and protect your organization’s stability. Start by identifying potential leadership gaps and talented employees. You should also provide leadership training, mentoring programs, cross-functional projects and job rotations so your employees gain experience beyond their current responsibilities. We can help you create a succession plan and strengthen your bench.
When the sale of an appreciated home triggers taxes — and when it doesn’t
Rising home values are leaving some homeowners with large gains when they sell. But that doesn’t necessarily mean a large tax bill. If you sell your principal residence and meet certain requirements, you can exclude up to $250,000 of gain ($500,000 for joint filers). Gain that exceeds the exclusion or doesn’t qualify for it, however, is subject to long-term capital gains tax (or short-term capital gains tax if you haven’t owned the home for more than a year). It also could be subject to the net investment income tax if your income is over a certain amount. Contact us before putting your home on the market. We can help you estimate the tax impact and discuss possible planning opportunities.
Don’t let the IRS treat your sideline as a hobby
Do you operate a side gig in addition to your regular job? The way the IRS classifies that activity can have a significant impact on your taxes.
If the IRS treats the activity as a hobby, you’re required to report the income but can’t deduct most related expenses. If it’s treated as a business, you can generally deduct ordinary and necessary expenses — even if that results in a net tax loss. The IRS considers several factors when evaluating profit motive, including how you operate the activity, the time you invest, and your history of profits and losses.
If your side business isn’t yet profitable, contact us to discuss your situation. We can suggest strategies to help strengthen your position.
Behind on bookkeeping? Here’s how to get back on track
Has your business’s bookkeeping fallen behind? Getting back on track is often easier than you think. With a disciplined approach and the right support, you can regain control. Start by organizing key records, identifying incomplete bookkeeping tasks and addressing outstanding tax issues. Accounting platforms, such as QuickBooks, can help streamline the process. Once your books are current, you’ll be ready to monitor profitability, manage cash flow and plan for growth. If you need assistance catching up, contact us. We can help ensure you have the right tools and the timely, reliable data your business needs.
Could Your Child Qualify for a $1,000 Federally Funded Investment Account?
What is a Trump Account (IRC §530A) and Who Can Benefit? A new savings opportunity could help parents, grandparents, and employers build long-term wealth for children—with a potential $1,000 head start from the federal government. Who Might Benefit Most? A Trump Account may be attractive for: Parents, especially those with children born between 2025 and […]
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