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...
Receiving a sudden and sizable influx of cash may seem like a dream come true. It can be, but many people get carried away by a windfall and end up in worse financial shape. This article points out some of the pitfalls and how to...
Divorce is a difficult process for everyone involved. That’s why being clear and organized when it comes to finances can help facilitate the process. The first step is generally to compile a marital balance sheet. This brief article discusses this step and what it involves....
It’s common for many people to start the year intending to get out of debt, yet end the year owing just as much, if not more. This brief article explores a debt-reduction approach called “throwing snowballs,” which involves organizing debts from lowest to highest balance...
What are the tax implications when a taxpayer who owns a vacation home rents it out? The answer depends on various factors, such as the amount of time rented out and the number of days used by the owner. The calculation of taxable income can...
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 product mix....
Business owners who intend to hire should be aware of a recent law that has extended through 2025 a valuable credit to those that hire members of certain targeted groups. This article provides the limits and other details of the Work Opportunity Tax Credit and...
It’s an awful feeling to learn that your credit or debit card has been used fraudulently. Whether you’re liable for charges typically depends on the type of card, whether you still possess the card and when the card issuer is alerted. This article provides further...
When one of a company’s customers can’t pay up, the business may be able to claim a tax deduction for the “bad debt” under Internal Revenue Code Section 166. To successfully do so, however, the business owner must know how the tax code defines a...
Receiving a sudden and sizable influx of cash may seem like a dream come true. It can be, but many people get blown away by a windfall and end up in worse financial shape. This article suggests some common-sense tips on creating a sensible, long-term...
Divorce is a difficult process for almost everyone. That’s why being clear and organized can help facilitate the process. This brief article discusses how the first step is generally to compile a marital balance sheet and what that involves....
Everyone’s personal financial plan doesn’t have to be complex, but it does generally need to cover two major facets: paying down debt and saving money. This brief article discusses the importance of identifying one’s financial personality and using that as a guide to creating a...
Taxpayers with large, outstanding tax bills need to watch out. The U.S. State Department could deny a passport application, or revoke or limit a current passport, if the IRS certifies that an individual has a seriously delinquent tax debt. This brief article provides more information....
Business owners want to compensate themselves and their top executives fairly and competitively for their work, results and commitment. But how can they do so without attracting undue IRS scrutiny and claims of inappropriate compensation? This article explains some important factors to consider for both...
Many people start the year intending to get out of debt, yet end the year owing just as much, if not more. This brief article explores a debt-reduction approach called “throwing snowballs,” which involves organizing debts from lowest to highest balance and knocking them down...
No business owner goes out of his or her way to acquire a bad debt. But they’re not always bad news. This article discusses how a company may be able to write off the noncollectable amount for tax purposes....
