01
Jan
TAX CALENDAR
This calendar notes important tax deadlines for the first quarter of 2021....
11
Dec
HANDLE MUTUAL FUNDS CAREFULLY AT YEAR END
As the end of 2020 draws near, investors should take the time to review any mutual fund holdings in their taxable accounts and take steps to avoid potential tax traps. This article offers helpful tips such as avoiding capital gains surprises and being careful about...
30
Nov
ABLE ACCOUNTS HELP THOSE WITH DISABILITIES
There’s a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done through an Achieving a Better Life Experience (ABLE) account, which is a...
23
Nov
THE TAX IMPACT OF BUSINESS PROPERTY REMEDIATION
If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be tax-deductible as ordinary and necessary business expenses. Unfortunately, every type of environmental cleanup expense cannot be currently deducted — some cleanup costs must be capitalized (spread...
09
Nov
DO YOU KNOW THE “HIDDEN” ADVANTAGE OF HSAS?
A Health Savings Account (HSA) coupled with a high-deductible health plan can be a powerful tool for funding medical expenses on a tax-advantaged basis. For 2020, individuals with self-only coverage can make up to $3,550 in tax-deductible contributions to an HSA, while those with family...
19
Oct
IS IT TIME FOR A COST SEGREGATION STUDY?
Because of the economic impact of the COVID-19 crisis, many companies may want to conserve cash and not buy much equipment this year. As a result, you may not be able to claim as many depreciation tax deductions as in the past. However, if your...
28
Sep
REPORTING A DISASTER’S EFFECTS ON YOUR FINANCIAL STATEMENTS
The COVID-19 pandemic has provided many lessons for business owners. One is how to report the impact of a disaster on a company’s financial statements. This brief article discusses two types of “subsequent events” that may need to be disclosed....
07
Aug
RISKS vs. BENEFITS OF LIFE INSURANCE LOANS
Because of the economic downturn triggered by the COVID-19 crisis, many people have found themselves in need of cash to pay unexpected medical bills, mortgage payments and other expenses. One option is to borrow against the cash value of a permanent life insurance policy. This...
27
Jan
DETERMINING AN EMPLOYEE’S “HOME” FOR REIMBURSEMENT PURPOSES
Despite the prevalence of Web-based meetings, many of today’s businesses still have plenty of employees who travel. For companies that reimburse employees on a tax-free basis for travel expenses, it’s important to stay up to date on the rules that determine the location of a...
18
Oct
IS “BUNCHING” MEDICAL EXPENSES STILL FEASIBLE IN 2019?
Among the most important impacts of the Tax Cuts and Jobs Act is its increase of the standard deduction. This article explains how the increase has affected the strategy of “bunching” deductible medical expenses into one year to save tax dollars....
09
Aug
KNOW A TEACHER? TELL ‘EM ABOUT THIS TAX BREAK!
When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This article explains how...
29
Apr
RUNNING YOUR PERSONAL FINANCES LIKE A BUSINESS
Most individuals don’t regard themselves as businesses, trying to turn a profit and beat the competition. But, occasionally, it may help to look at one’s financial situation this way to determine where to cut expenses and boost cash flow. This article provides some tips, including...
22
Mar
DEDUCTING CHARITABLE GIFTS DEPENDS ON A VARIETY OF FACTORS
Whether they’re planning to claim charitable deductions on a 2018 return or make donations for 2019, it’s important for taxpayers to know how much they’re allowed to deduct. This article provides details on different types of charitable gifts and discusses concepts to consider when planning...
11
Feb
FEWER TAXPAYERS TO QUALIFY FOR HOME OFFICE DEDUCTION
Working from home has become commonplace in many industries but, beginning with the 2018 tax year, fewer taxpayers will qualify for the home office deduction. This article explains why and how to claim the deduction if you’re among the fortunate who are eligible to do...
05
Oct
STUDY UP ON THE TAX ADVANTAGES OF A 529 SAVINGS PLAN
With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if children still have many years until heading off to college, is a Section 529 plan. This article explains why...
13
Nov
PONDERING THE PURCHASE OF A LIFE INSURANCE POLICY
What, if any, role life insurance should play in one’s financial plan depends on a variety of factors. This article examines some of those factors, including whether a person has dependents and his or her net worth....
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