by Ryan Burke, CPA, MSF | Oct 9, 2024 | Blog, Tax
If you have a child or grandchild planning to attend college, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for them, allow prepayment of higher education costs...
by Ryan Burke, CPA, MSF | Sep 26, 2024 | Blog, Tax
With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2024. You...
by Ryan Burke, CPA, MSF | Aug 30, 2024 | Business, Tax, Uncategorized
Partnerships are often used for business activities. So are multi-member LLCs that are treated as partnerships for tax purposes. A major reason is that these entities offer federal income tax advantages, the most important of which is pass-through taxation. They also...
by Ryan Burke, CPA, MSF | Jul 18, 2024 | Business, Tax, Uncategorized
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things: Transform your business ownership interest into...
by Ryan Burke, CPA, MSF | Jun 25, 2024 | Tax, Uncategorized
Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand the Social Security tax they pay. If you’re an employee If you’re an employee, your wages are hit...
