Introduction Family businesses are the backbone of economies worldwide, representing a significant portion of global enterprises. However, one of the most challenging aspects of running a family business is managing compensation, as it often involves the intersection of professional performance and familial dynamics. In this blog post, we’ll explore the complexities of compensation in family
Author Archives: Whittaker
11
Oct
Oct
Introduction In the world of taxation and wealth management, there exists a little-known gem that could significantly benefit homeowners and small business owners alike: the Augusta Tax Loophole, also known as the Augusta Rule IRS exemption. Named after Section 280A(g) of the Internal Revenue Code, this loophole allows homeowners to exclude up to 14
Advisory|Financial Reporting|Strategic Guidance
The Key to Success: Understanding Your Financial Statements
04
Oct
Oct
Introduction Do you feel like your financial statements are just a bunch of lines of words and numbers with no meaning? This is something very common for most business owners since they never had the opportunity to learn. Well these confusing words and numbers can actually tell a story about your business and can be
Advisory|Financial Reporting|Strategic Guidance
Rental Property Repairs Vs. Improvements: A Tax Perspective
27
Sep
Sep
Introduction Investing in rental property can be a lucrative venture, but it comes with its fair share of responsibilities and financial considerations. One crucial aspect of managing rental property is understanding the difference between repairs and improvements and how these distinctions can impact your taxes. In this post, we will dive into the world of
20
Sep
Sep
Introduction With the current norm of remote work and the increasing number of people operating businesses from their homes, the home office has become more important than ever. Beyond the convenience and comfort it offers, your home office can also be a source of potential tax savings. With the information found in this blog you
13
Sep
Sep
Introduction Here at Whittaker our clients almost never get audited. Although, a question we get from non-clients all the time is, “how do I reduce my risk of being audited?” Well, ProActive Tax Planning is one of the best ways to do that. Tax season is a stressful time for many individuals and business owners.
06
Sep
Sep
Introduction Traveling for business purposes is an essential part of many start-ups and established businesses. Whether you’re attending conferences, meeting clients, or exploring new markets, these business trips often come with significant expenses. The good news is that many of these costs can be tax-deductible. You can help your company save money while expanding its
Advisory|Financial Reporting|Strategic Guidance
Why is it Important to Understand Financial Statements?
30
Aug
Aug
Not being able to understand your financial statements is something most business owners struggle with. Many people think they are just numbers on a page, but in reality they tell a story about your business As a business owner, you have a multitude of responsibilities that shape the success of your business. From product development
23
Aug
Aug
In the dynamic landscape of business management, keeping track of your progress and performance is essential for achieving your goals. This is where Key Performance Indicators (KPIs) come into play. KPIs are integral tools that help businesses measure their success and effectiveness in achieving specific objectives. KPI’s are great because they can be used to
16
Aug
Aug
Who Can Be an Owner? An S-Corporation (S-Corp) is a type of business entity in the United States that offers certain tax benefits, like a partnership or LLC, while maintaining some of the limited liability features of a traditional corporation (C-Corp). However, S-Corps have specific ownership requirements to maintain their favorable tax treatment. Individuals: Generally,
