Going through the rooms of our house for our family’s upcoming move, my wife and I were constantly debating whether or not we would keep or purge our accrued belongings. Instead of cramming the household items into bags and tossing them out with the trash, we knew our valuable, yet slightly used items could possibly […]
Read More… from Abbott Pratt Tax Talks: Non-Cash Charitable Contributions
Classify the money you put in the business as owner loans, NOT as equity By classifying the funds as loans, you are giving yourself the ability to repay once the business has sufficient cash flow. In addition, all owner loans should be repaid prior to taking compensation. Hold off on taking compensation If possible, it […]
Read More… from Essential Tax Strategies for Year 1 of Operations
Here’s why the Massachusetts Department of Unemployment Assistance might now be charging you monthly. If you have an employee covered by MA health, employers are now responsible to pay up to $750 per employee per year to the MA DUA. This payment is based on 5% of the first $15K of the employee’s wages. The […]