Dot the “i’s” and cross the “t’s” on loans between your business and its owners

Dot the “i’s” and cross the “t’s” on loans between your business and its ownersIt’s common for closely held businesses to transfer money into and out of the company, often in the form of a loan. However, the IRS looks closely at such transactions: Are they truly loans, or actually compensation, distributions or contributions to equity?

Want to help your child (or grandchild) buy a home? Don’t wait!

Want to help your child (or grandchild) buy a home? Don’t wait!Mortgage interest rates are still at low levels, but they likely will increase as the Fed continues to raise rates. So if you’ve been thinking about helping your child — or grandchild — buy a home, consider acting soon. There also are some favorable tax factors that will help: