Reading and Interpreting Financial Statements
The income statement, balance sheet and cash flow statements are three important tools that you can use to analyze your small business, and provide financial information for banks and potential investors. This article will explain the benefits of analyzing each financial statement, and provide examples of how these statements are all connected. Our other article, […]
Inherited Property Tax Treatment
It can be difficult to plan for and navigate the changing legal landscape when you are deciding how to pass on a property or other assets to your family. There are many different federal and state tax laws for you to consider when you write a will. Luckily, there are many incentives at the federal […]
Strategies to Avoid Taxes on Property Sales
If you own a real estate property and plan to sell it soon, there are many strategies that can allow you to either lower your capital gains taxes or even completely eliminate the need to pay capital gains taxes. These benefits are available for anyone who wants to sell their personal property or investment property. […]
Ratio Analysis
This article will cover some of the most common financial ratios, which can be found using income statements, cash flow, and balance sheet items, to help analyze your business. Analyzing these ratios can help you analyze many aspects of your business, including the following: Profitability: These ratios can help you measure how profitable your business […]
What Type of Business Entity Should I Start?
This article will address some of the common types of companies that you can form, including a sole proprietorship, limited liability company, C-corporation, or S-corporation. Once you are familiar with the benefits of each entity type, it can become much easier to answer the following questions: Should I file an LLC or S-corp? Should I […]
Roth 401K and Roth IRA Accounts
This article will discuss some of the benefits of Roth 401K and Roth IRA accounts and determine which type of account is best for your investment objectives. Some high-income investors may not be allowed to open a Roth IRA account, and some companies may not offer their employees Roth 401K accounts. In some cases, both […]
Portability Ensures that Couples Receive Full Benefit of their Estate Tax Exemptions
The term “portability” describes a provision added to the federal estate tax law in 2010 that allows the surviving spouse’s estate to take advantage of any estate tax exemption that the deceased spouse did not use. Until the estate tax exemption was made portable, if the estate of the deceased spouse did not take full […]
Revocable vs. Irrevocable Trusts for Estate Planning
Trusts have long provided an estate planning tool for individuals and couples with significant assets who are seeking benefits beyond those offered by a traditional will. However, once you have decided to place your assets in a trust, you must then decide whether a revocable or irrevocable trust will best suit your needs. In essence, […]
Everything You Need to Know About End-of-Year Taxes
The festive month of December not only marks the season of family gatherings, for entrepreneurs and self-employed professionals all over the country, it also signifies the start of the tax season. If you want to get ahead of these looming deadlines, here are some things you need to keep in mind: What are estimated taxes? How […]
LLCs and Sole Proprietorships
Over the past few years, an increasing number of Bay Area workers have embraced the gig economy and begun operating their own businesses as either limited liability companies (LLCs) or sole proprietorships. These businesses must collect and report comprehensive tax information each year. Federal Taxation of LLCs LLCs blend corporate and partnership business structures and […]
Will Filing as an S Corporation Reduce the Tax Bill of a Business Owner?
My business clients often ask me whether they would see a tax benefit if they converted their business to an S corporation. Unfortunately, there is no simple answer to the question because there are numerous pros and cons to operating as an S corporation. It all comes down to whether the advantages outweigh the drawbacks […]
What are the Tax Consequences of Your Business’s Succession Plan?
When it comes to succession planning, small business owners usually try to address everything from maintaining day-to-day operations to ensuring that their families retain whatever equity they have in the company. But the tax implications of the plan are often an afterthought, if the issue is considered at all. While taxes should never be the […]
