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Six Ideas to Help Your Business Survive AND Thrive

Mon, Oct 22nd 2018
If you are like millions of taxpayers trying to make a living running a small business, you know it is tough out there. Here are six ideas to help your business survive and thrive. Understand your cash flow. One of the biggest causes of business failure is lack of positive cash flow. At the end of the day, you need enough cash to pay your vendors and your employees. If you run a seasonal business you understand this challenge. The high season sales harvest needs to be ample enough to support... Read More »

Tax reform & your business - free information session!

Mon, Oct 15th 2018
The Tax Cuts and Jobs Act  created a multitude of tax planning opportunities for businesses. What do you need to do now to get the most benefit for your business from the tax bill passed by Congress last December? Can you save thousands on taxes this year under tax reform? Will you benefit from the new pass-through deduction? Is it time to consider an entity choice change? Woodcock & Associates, PC presents a free 1-hour "Munch and Learn" targeted to your industry to help you answer these... Read More »

Make your child a tax-free millionaire!

Mon, Oct 15th 2018
Want to jump start your child's retirement with a million dollar tax-free account? Consider this: The million dollar idea As soon as your child begins to earn income, open a Roth IRA and set a contribution goal to reach before they graduate from high school. Assuming an eight percent expected rate of return, the investments made by age 19 will grow to FORTY times its value by the time they reach 67 (current full retirement age). For example, $2,500 invested before graduation will be $100,000 at... Read More »

Understanding Tax Terms: Pass-through Entities What are they? Why should you care?

Mon, Oct 8th 2018
Small business owners have a number of options on how to organize their business for tax purposes. Many small, single owner, businesses are not incorporated, and are deemed "sole proprietors", in the eyes of the IRS. Other business entities, like C corporations, are taxed as a separate entity with distributions to owners taxed a second time as dividends. Still others are deemed "pass-through" entities like S corporations, Partnerships and Limited Liability Companies (LLC). Pass-through entities... Read More »

Time to Launch Your Tax Strategy

Mon, Oct 1st 2018
  Consider conducting a final tax planning review now to see if you can still take actions to minimize your taxes this year. Here are some ideas to get you started. Assess your income. Begin by determining how your income this year will compare to last year. Then apply any tax implications this income change may cause. Be sure to account for the lower tax rates and the elimination of exemptions. Remember, if your income is rising, more of your income could be subject to a higher tax rate. Your... Read More »