Business – Page 31 – The Veteran-Owned Business Blog

25 Years Since the IRS Restructuring and Reform Act of 1998

It’s impossible these days to listen to or read the media or view social media posts without finding out something about the IRS. In 1998, Congress enacted the Internal Revenue Service Restructuring and Reform Act. It passed unanimously in the Senate and made significant changes in IRS rules as well as tax rules for taxpayers.ContinueContinue reading “25 Years Since the IRS Restructuring and Reform Act of 1998”

Kiddie Tax Explained: A Comprehensive Guide for Parents

Parents need to be aware of the Kiddie Tax, a provision that was instituted in the United States to prevent parents from taking advantage of their children’s tax-free status. The tax affects minors’ unearned income and can have significant financial consequences for their families. In this blog post, we’ll explain what the Kiddie Tax is, howContinueContinue reading “Kiddie Tax Explained: A Comprehensive Guide for Parents”

Helping Employees with their Student Loans

It’s that time of the year when thoughts turn to back-to-school activities. For many, repaying student loan debt may be among these activities. The Federal Reserve says student loan debt is $1.77 trillion. A plan for the federal government to forgive some of this debt was struck down in June by the U.S. Supreme Court. AContinueContinue reading “Helping Employees with their Student Loans”

Added Tax Costs for Successful Business Owners

Does it pay to be highly successful? From a personal and professional viewpoint, sure. You get satisfaction from helping your clients and customers and achieving milestones, as well as financial rewards. But from a tax viewpoint, success has its downside. Federal tax rules may penalize your efforts. Higher income tax rates aren’t the only thingsContinueContinue reading “Added Tax Costs for Successful Business Owners”

Considering Retirement? Don’t Just Shut Down Your Business, Sell It!

It’s a well-known fact that most business owners pour their heart and soul into their business ventures. When the time comes to retire, closing down the business may seem like the easiest way out. However, shuttering your business might not be the most profitable decision that you can make. Selling your business is a probablyContinueContinue reading “Considering Retirement? Don’t Just Shut Down Your Business, Sell It!”