The portion of small businesses employing their own children has increased by more than 50% since 2018. This 2025 data from Gusto, a provider of payroll, benefits and human resources software, reflects staffing challenges and a growing interest in involving the next generation in family businesses. From a tax perspective, hiring your minor child this summer, […]
Getting a large inheritance can create new financial opportunities. But it’s important to handle inherited assets carefully, especially when it comes to taxes and planning. Understanding relevant tax rules can help you avoid surprises and make informed decisions. Know the basic tax rules Usually, the value of property you inherit isn’t included in your gross […]
Selling investment or commercial real estate can result in a substantial tax bill if the property has appreciated significantly. One strategy to help ease your tax burden is an installment sale. What’s an installment sale? In an installment sale, the seller gets at least one payment after the tax year in which the sale occurs. […]
Tax documents can accumulate quickly. While clearing out old files can feel productive, it’s important not to discard anything until you’ve reviewed some record-retention guidelines. Why good recordkeeping is important Well-organized records make it easier to prepare accurate tax returns and respond if the IRS requests additional information or examines your return. Documents such as […]
A recent survey found that 45% of small businesses reported growth, but 78% wanted to grow. This January 2026 data from Intuit QuickBooks Small Business Insights suggests that many small businesses are struggling to achieve their expansion goals. Small businesses usually don’t have extra cash, people or time to absorb mistakes. One wrong move can […]
Turning a favorite pastime into income can be rewarding, but it raises an important tax question: Is the activity a hobby or a business? The answer matters because different tax rules apply to each. All income must be reported on your tax return, regardless of whether it’s from a hobby or a business. But related […]