Don't take a vacation from tax planning

Don't ignore your opportunity to save on taxes just because it's summertime. Here are some summertime tips to keep your tax plans going.

If you are a sole proprietor with children, you might consider putting them on the payroll during the summer months. Wages paid to your children under age 18 are not subject to social security and Medicare taxes. What's more, their earnings are not subject to federal unemployment tax until they turn 21.

Five Things Every Business Owner Must Do 

If you own or manage your own business, you're probably busy monitoring operations and dealing with everyday problems. But there are a few things that you should make time to do every year. These are important for your long-term business and personal success.

Don't Let the IRS Become Your Pen Pal 

Getting a letter or notice from the IRS can be upsetting, confusing, and unnecessary. The IRS sends taxpayers notices to request payment for taxes, to notify them of a change to their account, or to request additional information. Attention to the following details will reduce the likelihood that you will become pen pals with the IRS.

Should you pay more attention to cash flow in your business?

In assessing their business, most owners focus on growth in sales and profits. Yet these do not guarantee business health and success. Another important gauge is cash flow. Simply put, is there enough cash inflow to cover cash outflow? Cash flow needs change on a daily basis. The more you're aware of cash flow needs, the more control you'll have over your business.

Business Tax Tip: Calculate your basis

It's important for S corporation shareholders to know their basis in the corporation. Basis is the key to determining whether current-year losses can...