Financial Sense Blog

There’s a common misconception that, when you retire, your tax bills shrink, your tax returns become simpler and tax planning is a thing of the past. That may be true for some, but many people find that the combination of Social Security, pensions and withdrawals from retirement accounts increases their income in retirement and may…

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This article discusses three dysfunctions that are commonly seen throughout family businesses. Chris Yonker, the author of the article, says that following the steps of over-achievers can be a bad way to help ensure the family business continues to run properly. Often children are faced with the challenge of following the footsteps of their parents,…

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This article discusses how under previous law, deductions for business meals were limited to 50% of the cost, but through the pandemic, that deduction was doubled to 100% for the time being if the meal was provided by a restaurant. Further, many self-employed taxpayers are trying to re-energize their business through travel, and if you…

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If you own rental real estate, its classification as a trade or business rather than an investment can have a big impact on your tax bill. The distinction is especially important because of the 20% Section 199A deduction for certain sole proprietors and pass-through entity owners. The 199A deduction is available for qualified business income…

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This article discusses an important topic that all small business owners should consider as it occurs every single day. In the past, credit card transactions required a signature in order to help authenticate the purchase. However, with the development of EMV technology, most credit card companies have dropped this requirement, and large companies such as…

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This article discusses both the importance of a good leader in any small business as well as the requirement that the business is productive. To help you decide what is important to understand, members of the Young Entrepreneur Council weigh in on what they believe are tips that all small businesses should be considering. For…

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Some might consider it a good problem to have: saving too much money for college. But if the money is held in a Section 529 college savings plan, there could be tax consequences to overfunding the account. The tax man giveth 529 plans are tax-advantaged accounts designed to help families save money for college education…

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This article discusses the importance of having a succession plan. According to the Dayton Daily News, about 3 out of 4 small businesses currently do not have a succession plan. Succession plans should not be a birthright, but instead, should go to the most qualified individual. Planning for successor years ahead can eliminate power struggles,…

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