Latest News

Valuable Tax Credits for Restaurants and Franchisors

Many Federal and Georgia tax credits are available to restaurants, franchisors, and caterers, though they are often overlooked and go unused. With proper planning and assessment, these credits can go a long way toward improving a business’s bottom line. Below is a summary of some of the more recognizable credits available. In the coming months we will delve into the details of each type of credit.... Read More

Real Estate Professional – Do You Qualify and How Can You Prove It?

The IRS defines passive activities as: 1. Trade or business activities in which you don’t materially participate during the year. 2. Rental activities, even if you do materially participate in them, unless you’re a real estate professional. The exception provided in the second definition is a tremendous tax advantage for individuals that meet the requirements of a real estate professional. This... Read More

Contractors & the Research and Development Tax Credit

The R&D Tax Credit is one of the most beneficial tax credits available to contractors. Made permanent with the passage of the Protecting Americans from Tax Hikes Act of 2015, this non-refundable credit is available to businesses of all sizes and is designed to encourage the development of innovative and enhanced products, processes, and software in the United States. As both a federal and a... Read More

What’s the Third Best Investment You Can Make?

The second-best investment you can make is paying off high interest rate debt. That could come after you’ve contributed enough to your 401(k) to get a full match from your employer. What should come next? If you have no expensive debt to pay down and you’re getting the full employer match, where should you direct your money? Here are some suggestions. Unmatched 401(k) contributions In 2017,... Read More

Solo 401(k) Plans for Companies Without Employees

Among major corporations, 401(k) plans have become common, but even the smallest of businesses can have a 401(k) plan for retirement. One-participant 401(k) plans, known by names such as Solo 401(k) and Uni-k, are available. For some business owners and self-employed individuals, Solo 401(k)s may offer a chance to save more for retirement with tax advantages compared with other small business... Read More

Why is a Prenup Important for Business Owners

Some people may think of prenuptial agreements as asset protection vehicles for wealthy individuals who are about to be married. When a wealthy individual gets engaged, a “prenup” can help safeguard the assets that individual brings into the marriage from passing to the future spouse in the case of a subsequent death or divorce. Beyond such situations, prenups may be adopted by other... Read More

June/July Dates to Remember

June 15 Individuals. If you are not paying your 2017 income tax through withholding (or will not pay enough tax during the year that way), pay the second installment of your 2017 estimated tax. If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due for 2016. If you want... Read More

Interest Charge Domestic International Sales Corporations

An interest charge domestic international corporation (IC-DISC) is a domestic corporation that is designed to receive commissions on a company’s export sales. Companies that export goods to foreign countries would greatly benefit from the tax savings of setting up an IC-DISC because IC-DISCs are generally not subject to tax. There are two different ways to structure an IC-DISC. One way is to... Read More

Valuable Tax Credits Available to Contractors

Many Federal and Georgia tax credits are available to contractors, though they are often overlooked and go unused. With proper planning and assessment, these credits can go a long way toward improving a contractor’s bottom line. Following is a summary of some of the more recognizable credits available. In the coming months we will delve into the details of each type of credit. Research &... Read More