Charitable donations are often helpful come tax time in defraying your tax bill, but some offer more benefits than others. How the charity uses your donation also comes into play. Consider vehicle donations. If you donate a vehicle, the value of the deduction varies depending on what the charity ultimately does with it.

63% of business owners don’t have an exit plan, yet the need is great. 78% of small business owners intend to fund 60%-100% of their living expense in retirement with proceeds from selling their company. Learn how to approach succession planning with our latest infographic.

In the quest to reduce your tax bill, year-end planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three strategies that can be more effective if you begin executing them midyear:

With an employee stock ownership plan (ESOP), employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some potential tax breaks, an extra-motivated workforce and potentially a smoother path for succession planning.

The Foreign Account Tax Compliance Act (FATCA) requires U.S. taxpayers who have interests in “specified foreign financial assets” to report them to the IRS using Form 8938. Find out if FATCA affects you.

The sweeping new revenue recognition standard goes into effect soon. But many companies are behind on implementing it. Whether your company is public or private, you can’t afford to delay the implementation process any longer.

  You may be tempted to forget all about taxes during summertime, when “the livin’ is easy,” as the Gershwin song goes. But if you start your tax planning now, you may avoid an unpleasant tax surprise when you file next year. Summer is also a good time to set up a storage system for…