-
Many factors are involved when choosing a business entity
- Dec 07, 2021
- By Dukhon Tax
- In Business, Business Taxes
Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best for you — a C corporation or a pass-through entity such as a sole-proprietorship, partnership, limited liability company (LLC) or S corporation. There are many factors to consider and proposed federal tax law changes being…
-
Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties
- Dec 03, 2021
- By Dukhon Tax
- In Business, Business Taxes
With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties again after a year of forgoing them due to the pandemic. It’s a good time to brush up on the tax rules…
-
Factor in taxes if you’re relocating to another state in retirement
- Dec 02, 2021
- By Dukhon Tax
- In Business, Healthcare Tax
Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant. But while you’re thinking about how many square feet you’ll need in a retirement home, don’t forget to factor in state and local taxes. Establishing residency for state tax…
-
Protect your business with a cybersecurity assessment
- Nov 30, 2021
- By Dukhon Tax
- In Business
Years ago, it may have seemed like only government agencies with top-secret intel or wealthy international banks had to worry about hackers. Nowadays, even the smallest small business could see its reputation ruined by a data breach, while larger companies could have their sensitive data taken hostage in a ransomware attack that costs millions to resolve. A cybersecurity assessment can…
-
Year-End Tax Best Practices for Businesses
- Nov 29, 2021
- By Dukhon Tax
- In Business, Business Taxes
With year-end approaching, it is time to start thinking about moves that may help lower your business’s taxes for this year and next. This year’s planning is more challenging than usual due to the uncertainty surrounding pending legislation that could increase corporate tax rates plus the top rates on both business owners’ ordinary income and capital gain starting next year.…
-
2021 Year-End Tax Planning Update
- Nov 29, 2021
- By Dukhon Tax
- In Business, Healthcare Tax
2021 Year-End Tax Planning Update It is time to start thinking about moves that may help lower your tax bill for this year and next, with year-end approaching. This year’s planning is more challenging than usual due to the uncertainty surrounding pending legislation that could, among other things, increase top rates on both ordinary income and capital gain starting next…
-
Would you like to establish a Health Savings Account for your small business?
- Nov 25, 2021
- By Dukhon Tax
- In Business, Healthcare Tax
With the increasing cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the important tax benefits: Contributions that participants…
-
What business owners should know about stop-loss insurance
- Nov 25, 2021
- By Dukhon Tax
- In Business
What business owners should know about stop-loss insurance When choosing health care benefits, many businesses opt for a self-insured (self-funded) plan rather than a fully insured one. Why? Among various reasons, self-insured plans tend to offer greater flexibility and potentially lower fixed costs. When implementing a self-insured plan, stop-loss insurance is typically recommended. Although buying such a policy isn’t required,…
-
Thinking about participating in your employer’s 401(k) plan? Here’s how it works
- Nov 23, 2021
- By Dukhon Tax
- In Business
Employers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about participating in a plan at work, here are some of the features. Under a 401(k) plan, you have the option of setting aside a certain amount of your wages…
-
Massachusetts New PTE (Pass-Through Entity) Tax Legislation
- Nov 22, 2021
- By Dukhon Tax
- In Business, Tax Advice
Since the passing of the Tax Cuts and Jobs Act, many taxpayers have been severely limited by the SALT (state and local tax deduction) limitation of $10,000. Business owners and high-income earners often pay large amounts of state taxes that would previously have been deductible on Schedule A when itemizing deductions. The law was passed September 30th, 2021 and on…