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Tax Tips for July 2025

Tax Tips for July 2025

by | Jul 25, 2025 |

Click on the links below to jump to each section in this article: The Tax Impact of Business Bartering Sending the Kids to Day Camp this Summer? Combine a Business Outing with Tax Breaks   The Tax Impact of Business Bartering Bartering is simply the exchange of services or property, and it’s a taxable event. For example, if a computer consultant trades services with an advertising agency, each must report income equal to the fair market value of the services they received, typically the amount the service provider would normally charge. The rules are similar when property is part of the exchange. For example, if a construction company accepts unsold inventory as payment, it must report income equal to the inventory’s fair market value. Some businesses participate in barter clubs...

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Closing a Business? Here’s How to Stay on Top of Your Tax Duties

Closing a Business? Here’s How to Stay on Top of Your Tax Duties

by | Jul 9, 2025 |

Businesses close for various reasons. Perhaps you’re ready to embark on a welcome change such as retirement or launching a new venture. Or maybe it just no longer makes financial sense to continue operating your current business. Whatever the reason, closing your business is a significant milestone, and part of wrapping things up means taking care of a few tax responsibilities.

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You May Owe the “Nanny Tax” Even Without a Nanny

You May Owe the “Nanny Tax” Even Without a Nanny

by | Jul 1, 2025 |

Don’t let the name “nanny tax” fool you. It’s a tax that applies to the wages of a variety of types of household help you hire, such as a nanny, gardener or housekeeper. Hiring extra help can ease the burden of home-related tasks, especially in the summer when the kids are home or the garden needs attention. Unless the worker is an independent contractor, you may be liable for federal payroll tax and other taxes (including state tax obligations).

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Tax Tips for July 2025

Tax Tips for June 2025

by | Jun 23, 2025 |

Click on the links below to jump to each section in this article: Marriage and Taxes: Key Changes After Saying 'I Do' Sending the Kids to Day Camp this Summer? Combine a Business Outing with Tax Breaks   Marriage and Taxes: Key Changes After Saying 'I Do' It may not be as fun to plan as the wedding venue, invitations and attire, but marriage can result in changes affecting essential tax issues that need prompt attention following the wedding: Name. If your name has changed, report it to the Social Security Administration (SSA) so that the name on your Social Security card matches the name on your tax return. To make this change, file Form SS-5, “Application for a Social Security Card,” available from www.ssa.gov. Tax withholding. Both spouses must furnish their employer(s) with new...

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What’s Your Business Exit Strategy?

What’s Your Business Exit Strategy?

by | Jun 9, 2025 |

Ever since you became a business owner, you’ve focused on growing revenue, managing expenses and leveraging tax advantages. But don’t overlook a critical element of your long-term financial well-being, that is, a business exit strategy. Ideally, your exit strategy will help you meet your retirement and estate planning goals.

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Choosing the Optimal Accounting Method for Tax Savings

Choosing the Optimal Accounting Method for Tax Savings

by | Jun 2, 2025 |

The accounting method your business uses to report income for tax purposes, either cash or accrual, can significantly impact your tax bill. While the cash method can offer tax-saving opportunities, the accrual method may in some cases be more appropriate or even required. So review your current method to help ensure you’re using the best method for your business.

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