Small business owners have many responsibilities. One of the most important is to file and pay business taxes properly. If you’re just launching a new business, you might wonder:  ..read more

If your employer offers a retirement account, you may be wondering about what happens to employer matching funds if you leave your job. The answer isn’t as straightforward as you might think, so it’s essential to understand what will happen to your 401k ..read more

This post was originally published on February 24, 2022, and extensively updated on May 20, 2024. Saving for retirement is essential, but many Americans don’t have enough money to allow them to retire comfortably. Waiting too long to begin saving may mean that you’ll struggle to catch up and can’t afford to maintain your lifestyle after you retire ..read more

Capital gains taxes can add up quickly if you’re not careful. While it may not be possible to avoid paying all capital gains tax, there are things you can do to reduce your tax liability through tax planning, so you can keep more of your money. One strategy that can help is a 1031 exchange. At CMP, we work with high-income clients to help them avoid overpaying taxes, which can be an important part of wealth management and financial planning. If you want to use a 1031 exchange to reduce your capital gains taxes, it’s essential to understand the rules. Keep reading to learn how to defer your ta ..read more

This post was originally published on December 17, 2021, and extensively updated February 12, 2024 When you earn a high income, you tend to pay a higher percentage of taxes than average earners. If you're a high earner, you might think you have no choice—that you must resign yourself to bearing a high tax burden. But is that really the case? The short answer is NO. At CMP, we spend a lot of time with our clients, including clients with sizable incomes, discussing and working on proactive tax planning. In fact, one of the most common questions we hear is this: What’s the best way to reduce tax ..read more

The Corporate Transparency Act (CTA) was enacted into law in 2021. It requires the disclosure of beneficial ownership information (BOI) for most business entities regarding the ownership and control of the entity. These requirements went into effect on January 1, 2024.  At CMP, we are prepared and able to help our clients navigate these new requirements to ensure compliance.   Who is Required to Comply with Beneficial Ownership Information? Entities organized both in the U.S. and outside the U.S. may be subject to the reporting requirements. This would include LLCs, Single-Member LL ..read more

Many small business owners choose not to incorporate in a way that would require them to pay business taxes. Instead, they choose business structures that allow them to pass income through the corporation and file it on their personal taxes.  At CMP, our small business clients rely on us to help minimize their tax burden with deductions and credits. If you own a pass-through business, here's what you need to know about the Qualified Business Income deduction and how it works ..read more

Paying federal and state income taxes isn't anybody's idea of a fun time, but it’s your duty to pay your taxes and file your tax return. If you're someone who itemizes deductions, you’ll need to provide proof of deductions in the form of receipts. At CMP, we help our clients with their taxes, ensuring they get all available tax deductions and have the receipts to back them up. With that in mind, here's our guide to which receipts to keep for your income tax returns ..read more

Starting a business requires hard work and dedication. For many entrepreneurs and business owners, selling a business is the biggest reward because it means they’ve grown a company to the point where somebody else is willing to pay for it ..read more

Parents dream of seeing their children graduate from college and go on to lead happy and successful lives. One of the things that can feel like an obstacle to the fulfillment of that dream is the high cost of college.As of 2023, the average cost of four years of college is $104,108 at a public school and $223,360 at a private school. Those numbers can seem daunting to parents who haven’t already started saving ..read more