Businesses can make many last-minute moves at the end of the year to lower their tax bills, but year-end planning can only go so far. Some of the most effective strategies take time to implement, so it’s a good idea to evaluate some options now. This article looks at midyear tax planning for companies, which might include making improvements to buildings and equipment, pursuing bad debt deductions and adding a qualified retirement plan. Plus, a sidebar alerts business owners to possible law changes on the horizon.

To manage their finances and file their taxes, most small business owners must choose between two accounting methods: cash or accrual. This choice directly affects how and when a company reports its income and expenses, and it can significantly impact tax liability and cash flow. This article explores both methods and how to decide between them.

“Nonprobate assets“ bypass more traditional estate planning vehicles, such as a will or revocable trust. Instead, they’re transferred to family members through beneficiary designations. Those who’ve designated beneficiaries for certain assets should review their choices periodically. This article provides best practices when reviewing beneficiary designations.

These brief tips provide guidance when renting to family and friends; warn about splitting property among charities; and discuss business identity theft.