President-elect Donald Trump’s agenda places changing taxes as a high priority item. Some of the proposed changes are a radical departure from where the tax code stands now and will significantly impact both individuals and businesses. Keep in mind that the proposals outlined below are just that – proposals. They will probably change in substance … Read More >
This 2017 personal tax planning guide aims to provide you with information and planning tips to assist you in understanding and making the most of the laws affecting your tax situation. Using the guidance in this article will help ensure that you retain the tax benefits to which you are entitled and protect the wealth … Read More >
Small business owners struggling to find a health plan for their staff and facing limited affordable options will welcome new provisions that again allow them access to health reimbursement arrangements (HRAs). Under the revised Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs), small business owners with less than 50 full-time employees are no longer prevented from … Read More >
Once considered a last resort for entity choice, C corporations deserve reconsideration, especially surrounding the dreaded double taxation issue. Double taxation refers to the two levels of taxation that C corporation income goes through. First, the income is taxed at the entity level and then again when the shareholder withdraws any earnings as a dividend. … Read More >
Whether for a first-time commercial lease or if it’s time to move to a bigger and better building with a new business lease, understanding all of the elements in the contract can avoid a lot of potential problems down the road. Types of Leases An important, if not the most important, consideration is to understand … Read More >
The Internal Revenue Service believes the small business sector is a major source of under-reported income. For the past four years, the agency has run a special independent office charged with finding how to encourage small business owners to report their earnings more accurately. The IRS finds sole proprietors especially challenging. Many operate on a … Read More >
Being an acknowledged leader and innovator in social media doesn’t provide immunity from cyber attacks. It has been reported that Mark Zuckerberg, head of Facebook, recently experienced hacking of both his Twitter and LinkedIn accounts. Cyber thieves continue to up their game, and regardless of whether you are a high-profile billionaire or an ordinary citizen, … Read More >
Short-sighted. Impulsive. Terrible idea. Robbing your own retirement. These are just some of the things you will hear in the financial media when it comes to borrowing money from your 401(k) plan. How much of this is reality and how much is myth? We are going to explore how 401(k) loans really work and when … Read More >
This might come as a shock to those who think the IRS has already been aggressive in enforcing hobby loss limitations, but the Treasury Inspector General for Tax Administration (TIGTA) disagrees. The TIGTA believes the IRS has been lax in going after hobby loss tax cases, and this is likely a harbinger for increased crackdowns … Read More >
For procrastinators looking for ways to avoid the important tasks in front of them, we live in dangerous times. If avoidance and procrastination is a problem for you – and for most people it is to some degree – here are some tried and true tips to stay on task, productive and still have time … Read More >
After another tax season, now is a great time for families and college students to re-familiarize themselves on the available tax benefits that could potentially lower higher education costs. According to research by Sallie Mae, the average family with higher education costs spends more than $24,000 a year on college. However, only one-third of these … Read More >
If you have turned 50, by all means take advantage of the catch-up contribution to 401(k) plans, where you may defer an extra $6,000 for a total of $24,000 in tax-deferred dollars each year until you retire. Even if you don’t turn 50 until Dec. 31, you may add the extra $6,000 to your contributions … Read More >
Wearable technology – Apple Watch, Fitbit or Google Glass – has gone mainstream. Businesses that have addressed security issues involving employees’ smart phones and tablets in the workplace now must take a close look at the possible security and privacy issues created by wearable technology in the workplace. The issues wearables bring to the table … Read More >