Valuations aren’t just useful for business owners seeking to retire or to sell their companies. A good way to view a valuation is as a checkup that can assist you in planning for a better future for the business. This article looks at the many...
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...
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...
The IRS has released guidance that includes the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). This article lists the benefits, requirements, and contribution limits of HSAs for 2023 and 2024....
As a result of the current estate tax exemption amount ($12.92 million in 2023), many people are no longer concerned with federal estate tax. This article points out that before 2011, a much smaller dollar amount resulted in many people attempting to avoid estate tax....
In an increasingly global society, many taxpayers hold foreign accounts. This article explains the rules regarding who must file a Report of Foreign Bank and Financial Accounts (FBAR) with the government....
Back in 2020 when the COVID-19 pandemic first hit, many people’s emergency funds were suddenly put to the test. Now, presumably with the benefit of some hindsight, the financially savvy might want to reconsider their approach to saving. This brief article discusses some key points...
Because of the economic impact of inflation, many companies may need to conserve cash and not buy much equipment this year. As a result, the business may not be able to claim as many depreciation tax deductions as in the past. However, if the company...
The Tax Cuts and Jobs Act generally reduced individual tax rates through 2025, but some taxpayers have actually seen their taxes go up because of reductions or eliminations of certain tax breaks. This brief article explains why it’s important for taxpayers to know their brackets....
Now more than ever, small business owners need to double-check their tax returns before filing. Why? Because many of the changes ushered in by the Tax Cuts and Jobs Act take effect with the 2018 tax year. This brief article notes some important revisions....
Every taxpayer with a high degree of wealth shouldn’t let estate tax liability or gift tax liability take their heirs by surprise. This article provides the latest info on estate and gift tax exclusions and exemptions, and explains how to help forecast one’s estate tax...
Everyone should have a wealth management plan. But taking a boilerplate approach could prevent you from achieving your specific goals. This article raises some key points to consider when devising a truly customized plan....