Every business needs customers to survive. Owners typically spend a lot of time and energy trying to attract customers to their businesses and then keep them. They rarely ask whether those customers are actually desirable ones. But if you want your company to truly thrive, you may need to evaluate whether your customers are raising your… Continue reading

It’s advantageous for short-term investors to qualify as traders, rather than investors, for federal income tax purposes. Unfortunately, there’s no bright-line distinction between trader and investor status. Here’s an overview of the IRS and U.S. Tax Court guidance to help determine if you qualify as a tax-favored securities trader. Review the IRS Guidance According to… Continue reading

If you’re eligible for advance child tax credit (CTC) payments provided by the American Rescue Plan Act, you might wonder whether you should spend the extra cash. Some families are incurring extra childcare costs so the parents can return to work. But others don’t have any imminent childcare-related expenditures to cover. Rather than spend the… Continue reading

Wedding season typically peaks in late summer and early fall, according to wedding website TheKnot.com. This year, that peak may be even more noticeable due to pent-up demand for wedding festivities caused by the COVID-19 pandemic. Last year, because of health concerns and restrictions on in-person events across the country, many people postponed their nuptials—or at… Continue reading

Families may be able to cash in on various tax credits to offset their tax liability on a dollar-for-dollar basis. Plus, recent legislation has enhanced some of the credits for 2021. Here’s an overview of four key tax credits for families that are currently on the books. 1. Child Credit Through 2025, eligible parents could claim… Continue reading

For many families, the tables may turn, and adult children provide financial support for their parents. For example, you might have moved your in-laws from a long-term care facility into your home during the pandemic for safety and convenience. Or your widowed father might still live in his own home, but his pension might not be… Continue reading

Is your family planning a road trip this summer? Many Americans are expected to hit the road as many parts of the country have relaxed their COVID-19-related restrictions on in-person gatherings, dining, recreation and events. Though road trips are generally less expensive than air travel, rising gas prices could increase how much you’ll need to budget… Continue reading

Have you ever completed a job only to realize that the cost of performing the work equals or exceeds the revenue that the project brought in? This phenomenon is called “profit fade” and, if it occurs repeatedly, it can prove fatal to your business. Although profit fade could threaten any construction business, it’s a particular concern… Continue reading