Tax Considerations When Selling Your Small Business Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. If you’re thinking about selling your business the first step is to consult a competent tax professional. You will need to make sure your financials in order,…
Over the past 35 years running JWF Industries, President and CEO Bill Polacek has faced several obstacles that required him to step back and rethink his approach. “I hit either a ceiling or we were at the point where the market was oversaturated, the market was going a different direction, so it made it tough…
Jay and Nikki Forde are from Seattle, Washington and moved to Johnstown last year. “Seattle has been very good to us. We lived there, raised our kids there. But we’re looking to get away from the hustle and bustle,” said Jay. Since they run a website design business from home, they were able to switch…
Refunds for Nontaxable Unemployment Compensation The IRS is automatically refunding money to eligible people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. Background Typically, when an individual receives unemployment compensation it is taxable. However, under a recent law change (American Rescue Plan), taxpayers who earned…
Avoiding Tax Surprises When Retiring Overseas Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal. Taxes on Worldwide Income Leaving…
Saving for Education: Understanding 529 Plans Many parents are looking for ways to save for their child’s education and a 529 Plan is an excellent way to do so. Even better, is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their…
Common Errors to Avoid When Filing a Tax Return While not all mistakes on tax returns cause delays in refunds, some do. 1. Not using electronic filing. While this isn’t necessarily a mistake per se, filing electronically is the best way to cut the chances for many tax return mistakes while maximizing deductions to reduce the…