If you’re thinking about helping a child or grandchild pay for school, you’re not alone – and you’re not without help. While families have always saved for education, Section 529 plans have made it easier and more tax-efficient. Tax advantages With a 529 plan, your contributions grow tax-deferred, and no taxes are due when the […]
Ever since you became a business owner, you’ve focused on growing revenue, managing expenses and leveraging tax advantages. But don’t overlook a critical element of your long-term financial well-being, that is, a business exit strategy. Ideally, your exit strategy will help you meet your retirement and estate planning goals. Multiple-owner businesses A buy-sell agreement is […]
It may not be as fun to plan as the wedding venue, invitations and attire, but marriage can result in changes affecting essential tax issues that need prompt attention following the wedding: Name. If your name has changed, report it to the Social Security Administration (SSA) so that the name on your Social Security card matches […]
The accounting method your business uses to report income for tax purposes – cash or accrual – can significantly impact your tax bill. While the cash method can offer tax-saving opportunities, the accrual method may be more appropriate – or required – in some cases. So review your current method to help ensure you’re using […]
Sasserath & Co. Managing Partner Alan R. Sasserath is a recognized leader in taking both Long Island and international businesses to the next level. Sasserath’s technical experience includes working with high-net-worth individuals and closely held businesses, dealing with matters related to both domestic and international tax. His industry experience includes working with companies in the technology, […]
The consequences of misclassifying an employee as an independent contractor can be costly. You could be liable for back taxes (including the employee’s shares of unpaid payroll and income taxes), penalties and interest. There may be serious nontax consequences as well. How important is this? Businesses must withhold federal and state income taxes and the […]