AHP Blog - Andrews Hooper Pavlik PLC

A tax-smart way to develop and sell appreciated land

land for sale sign against trimmed lawn background. Empty dry cracked swamp reclamation soil, land plot for housing construction project in rural area and beautiful blue sky with fresh air.

Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill.

Improving your company’s sales pipeline management

businessman opens pipe, growth chart up. Plant and industry. Pop art retro vector illustration vintage kitsch

“It’s in the pipeline!” Business owners often hear this rather vague phrase, which may be good news in some cases or code for “don’t hold your breath” in others.

Retirement account catch-up contributions can add up

If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the road.

Strong billing processes are critical to healthy cash flow

INVOICE concept cell background 3d illustration

Once a business is up and running, one fundamental aspect of operations that’s easy to take for granted is billing. Often, a system of various processes is put in place and leadership might consider occasional billing mistakes to be part of the “cost of doing business.”

Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes.

That email or text from the IRS: It’s a scam!

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly.

Solo business owner? There’s a 401(k) for that

SOLO 401K text in search bar. Businessman looking for something at laptop. SOLO 401K concept.

If you own a successful small business with no employees, you might be ready to set up a retirement plan. Now a 401(k) might seem way out of your reach — only bigger companies can manage one of those, right? Not necessarily.

Cultivate connections with a well-used CRM system

CRM Business Customer CRM Management Analysis Service Concept open book on table and coffee Business

Has your business invested in customer relationship management (CRM) software? Many companies have — in fact, according to research cited by career-resource website Zippia, 91% of businesses with 10 or more employees use it.

The Trust Fund Recovery Penalty: Who can it be personally assessed against?

TAX PENALTY word on calculator. Business and tax concept. Time to pay tax in year.

If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income taxes that are withheld by a business from its employees’ wages.

Hiring family members can offer tax advantages (but be careful)

Family Business meeting

Summertime can mean hiring time for many types of businesses. With legions of working-age kids and college students out of school, and some spouses of business owners looking for part-time or seasonal work, companies may have a much deeper hiring pool to dive into this time of year.