10
Oct
TAX CALENDAR
This calendar notes important tax deadlines for the fourth quarter of 2024....
23
Sep
MEDICARE PREMIUMS MAY LEAD TO TAX SAVINGS
Do you pay premiums for Medicare health insurance? You may be able to combine them with other qualifying health care expenses and claim them as an itemized deduction for medical expenses on your tax return. This includes amounts for “Medigap” insurance and Medicare Advantage plans,...
16
Sep
HOME SALE: FAILURE TO PLAN MAY RAISE YOUR TAX BILL
Roughly two-thirds of Americans say they pay too much in federal taxes, according to a recent poll. When it comes to selling a home, however, a homeowner may be able to lower their federal tax bill with proactive planning. Here’s an example of how...
09
Sep
BUSINESS SUCCESSION AND ESTATE PLANNING SHOULD BE INSEPARABLE
A business owner’s most valuable asset is likely to be his or her company. Thus, addressing it in an estate plan is critical in case, for example, the owner dies unexpectedly or becomes disabled. This article explains that an estate plan can help provide a...
06
Sep
ARE YOU AWARE OF THE BUSINESS CREDITS AVAILABLE?
It’s a challenging time to grow a business. So, any help a business owner can get in the form of tax credits, tax exemptions and other incentives can make a big difference. Unfortunately, these incentives often go unclaimed. This article explains two types of tax...
26
Aug
USING AN IRA WITHDRAWAL FOR A QUALIFIED HOME PURCHASE
Taxpayers hoping to purchase a home may find themselves short of cash for a down payment or related costs. That’s where withdrawing from an IRA could come in handy. But for taxpayers who are below age 59½, the IRS considers that to be an “early...
19
Aug
A TAX BREAK FOR EDUCATORS
Teachers who are getting their classrooms ready for a new school year often pay for some of their classroom supplies out-of-pocket. They may be able to get some of that cost back by taking advantage of a special tax break for educators. This deduction improved...
19
Aug
WHICH BUSINESS ENTITY SHOULD YOU CHOOSE?
Anyone who is starting a new business or considering changing their business entity needs to determine what will work best for them. Should they operate as a C corporation or as a pass-through entity such as a sole proprietorship, partnership, limited liability company (LLC) or...
12
Aug
KEEP CONTROL OVER INVENTORY AT YOUR BUSINESS
Inventory is expensive, so it needs to be as lean as possible without compromising revenue and customer service. This article provides some suggestions to help businesses trim the fat from inventory and some useful inventory ratios for benchmarking and evaluating their mix of products....
29
Jul
INDEPENDENT CONTRACTORS: HANDLE WITH CARE
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. Businesses that use independent contractors should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them...
22
Jul
6 STRATEGIES FOR IMPROVING COLLECTIONS
Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take payments right at a point-of-sale terminal and customers go on their merry way. Of course, these enterprises face many other challenges. Here are some...
15
Jul
RENTING TO FAMILY MEMBERS
Owners of residential real estate may consider renting their properties to family members. As rents rise in many parts of the country, renting property at a discount to family members may seem like a good way to help relatives in need. But these arrangements can...
08
Jul
HSAs CAN BE POWERFUL RETIREMENT SAVING TOOLS
Health Savings Accounts (HSAs) are designed as tax-advantaged savings vehicles for funding uninsured health care expenses. But if you’re in relatively good health, an HSA also can serve as an attractive retirement savings vehicle. Here’s how an HSA allows an eligible individual to pay health...
02
Jul
TAX CALENDAR
This calendar notes important tax deadlines for the third quarter of 2024....
24
Jun
WHAT EXPENSES CAN’T BE WRITTEN OFF BY YOUR BUSINESS?
Business owners who look at the Internal Revenue Code for a list of deductible business expenses may be surprised to find that there isn’t a list of specific deductions. For example, the tax law doesn’t explicitly state that a business can deduct office supplies and...
17
Jun
GETTING A NEW BUSINESS OFF THE GROUND
Government officials monitor the number of new businesses that are launched each year. In the aftermath of the pandemic, government officials saw a large increase of businesses formed. The U.S. Census Bureau measures this by monitoring the number of businesses applying for an Employer Identification...
10
Jun
SENDING THE KIDS TO DAY CAMP MAY BRING A TAX BREAK
Among the many challenges of parenthood is what to do with the kids when school lets out. Parents who choose to send their children to day camp may qualify for a valuable tax break: the child and dependent care credit. This article explains why tax...
07
Jun
HELP PREVENT FINANCIAL SCAMS AIMED AT OLDER PEOPLE
No matter the season, scam artists look for new victims. They often attempt to use phone and email scams to pick the pockets of older people, trying to steal money and financial data. This article offers seven ways to help prevent elder financial abuse and...
27
May
THE “NANNY TAX” MUST BE PAID FOR NANNIES AND OTHER HOUSEHOLD WORKERS
Many taxpayers employ household workers such as a cleaners or nannies who aren’t independent contractors. These employers may be required to withhold from their workers’ wages and pay Social Security and Medicare taxes, and possibly other taxes. This short article gives a rundown of what...
20
May
TO GET AN “EARLY” REFUND, ADJUST YOUR WITHHOLDING
Taxpayers who received a large tax refund this year may want to adjust their withholding. Each year, millions of taxpayers claim an income tax refund. That can represent a pleasant influx of cash. But it’s probably not the best use of cash for taxpayers. In...
17
May
3 WAYS YOUR BUSINESS CAN UNCOVER COST CUTS
Every business wants to cut costs, but it sure isn’t easy. We’re talking about clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability. Obvious places to slash costs — such as wages, benefits and...
10
May
THE ADVANTAGES OF HIRING YOUR MINOR CHILDREN FOR SUMMER JOBS
Small business owners may be able to hire their minor children this summer and get tax breaks and other nontax benefits. While eligible owners can save on payroll taxes and lower some costs, their kids also benefit. They gain on-the-job experience, develop practical skills and...
26
Apr
TAX RECORDS: WHAT CAN YOU TOSS AND WHAT SHOULD YOU KEEP?
Generally, the IRS has three years to audit a tax return, from the later of the due date of the return, or the date the return is filed. But many exceptions exist that make it prudent to keep financial records even longer. Some states also...
22
Apr
IS YOUR BUSINESS CLOSING? HERE ARE YOUR FINAL TAX RESPONSIBILITIES
Businesses shut down for many reasons, including the owner’s retirement, an expired lease, staffing shortages, partner conflicts and increased supply costs. Closing a business means taking care of various tax obligations that must be met. This article provides a rundown....
19
Apr
4 WAYS CORPORATE BUSINESS OWNERS CAN HELP ENSURE COMPENSATION IS “REASONABLE”
Owners of incorporated businesses know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Therefore, if funds are...
12
Apr
PAYABLE-ON-DEATH ACCOUNTS: BENEFICIAL TOOLS IF USED CORRECTLY
Payable-on-death accounts can provide a quick, simple and inexpensive way to transfer assets outside of probate. They can be used for bank accounts, certificates of deposit and even brokerage accounts....
05
Apr
TAX CALENDAR
This calendar notes important tax deadlines for the second quarter of 2024....
08:00 /
Taxes
29
Mar
RETIREMENT SAVING OPTIONS FOR YOUR SMALL BUSINESS
Business owners who wish to set up a retirement plan for themselves and their employees may be worried about the financial commitment and administrative burdens involved. This article looks first at a “simplified employee pension” (SEP). Small business owners who establish and contribute to...
25
Mar
HIRING? HOW TO BENEFIT FROM THE WORK OPPORTUNITY TAX CREDIT
Businesses that are seeking to hire should be aware of a valuable tax credit for hiring individuals from one or more targeted groups. Employers can qualify for the Work Opportunity Tax Credit (WOTC), which is worth as much as $2,400 for most eligible employees ($4,800,...
18
Mar
HAVE YOU RECENTLY REVIEWED YOUR LIFE INSURANCE NEEDS?
At one time, life insurance played a much bigger role in estate planning than it does now. That’s because life insurance was needed to pay estate tax, which affected more people than it does now. With the federal gift and estate tax exemption now at...