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Six tax issues to consider if you’re getting divorced

By |2024-07-16T19:20:38+00:00July 16th, 2024|Latest News|

Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, several tax concerns may need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are six issues to be aware of if you’re in the process of

3 areas of focus for companies looking to control costs

By |2024-07-16T19:12:28+00:00July 16th, 2024|Latest News|

Controlling costs is fundamental for every business. But where and how to address this challenge can change over time based on various economic and logistical factors. Earlier this year, global consultancy Boston Consulting Group published a report entitled The CEO’s Guide to Costs and Growth. Within it were the results of a survey of 600 C-suite

Planning your estate? Don’t overlook income taxes

By |2024-07-09T20:24:49+00:00July 9th, 2024|Latest News|

The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. Before 2011, a much smaller exemption resulted in many people with more modest estates attempting to avoid it. But since many estates won’t currently be subject to estate

Certain charitable donations allow you to avoid taxable IRA withdrawals

By |2024-07-09T20:22:48+00:00July 9th, 2024|Latest News|

If you’re a philanthropic individual who is also obligated to take required minimum distributions (RMDs) from a traditional IRA, you may want to consider a tax-saving strategy. It involves making a qualified charitable distribution (QCD). How it works To reap the possible tax advantages of a QCD, you make a cash donation to an IRS-approved

Could a 412(e)(3) retirement plan suit your business?

By |2024-07-09T20:20:44+00:00July 9th, 2024|Latest News|

When companies reach the point where they’re ready to sponsor a qualified retirement plan, the first one that may come to mind is the 401(k). But there are other, lesser-used options that could suit the distinctive needs of some business owners. Case in point: the 412(e)(3) plan. Nuts and bolts Unlike 401(k)s, which are defined contribution plans, 412(e)(3)

What might be ahead as many tax provisions are scheduled to expire?

By |2024-06-26T19:19:28+00:00June 26th, 2024|Latest News|

Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections. Our current situation The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made sweeping changes. Many of its provisions are set to expire on December 31, 2025. With this

Businesses have options for technology leadership positions

By |2024-06-26T19:17:03+00:00June 26th, 2024|Latest News|

To say that technology continues to affect how businesses operate and interact with customers and prospects would be an understatement. According to the Business Software Market Size report issued by market researchers Mordor Intelligence, the global market size for commercial software is projected to reach $650 million this year and $1.10 trillion by 2029. And that’s just software. Companies must

Social Security tax update: How high can it go?

By |2024-06-19T15:01:58+00:00June 19th, 2024|Latest News|

Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand the Social Security tax they pay. If you’re an employee If you’re an employee, your wages are hit with the 12.4% Social Security tax up to the annual wage ceiling.

The tax consequences of selling mutual funds

By |2024-06-19T14:46:51+00:00June 19th, 2024|Latest News|

Do you invest in mutual funds or are you interested in putting some money into them? If so, you’re part of a large group. According to the Investment Company Institute, 116 million individual U.S. investors owned mutual funds in 2023. But despite their widespread use, the tax rules involved in selling mutual fund shares can

How family businesses can solve the compensation puzzle

By |2024-06-19T14:44:22+00:00June 19th, 2024|Latest News|

Every type of company needs to devise a philosophy, strategy and various policies regarding compensation. Family businesses, however, face additional challenges — largely because they employ both family and nonfamily staff. If your company is family-owned, you’ve probably encountered some puzzling difficulties in this area. The good news is solutions can be found. Perspectives to consider Compensation

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