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Getting a divorce? There are tax issues you need to understand

By |2019-09-10T18:52:54+00:00September 10th, 2019|Latest News|

In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are four issues to understand if you are in the process of getting a divorce.   Alimony or support payments.

The next estimated tax deadline is September 16: Do you have to make a payment?

By |2019-09-05T18:20:10+00:00September 5th, 2019|Latest News|

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The third 2019 estimated tax payment deadline for individuals is Monday, September 16. Even if you do have some withholding from paychecks or payments you receive,

Putting together the succession planning and retirement planning puzzle

By |2019-09-05T18:17:48+00:00September 5th, 2019|Latest News|

Everyone needs to plan for retirement. But as a business owner, you face a distinctive challenge in that you must save for your golden years while also creating, updating and eventually executing a succession plan. This is no easy task, but you can put the puzzle pieces together by answering some fundamental questions: When do

Some business owners can’t participate in their own companies’ HRAs

By |2019-09-05T18:15:40+00:00September 5th, 2019|Latest News|

Many companies now offer Health Reimbursement Arrangements (HRAs) in conjunction with high-deductible health plans (HDHPs). HRAs offer some advantages over the perhaps better-known HDHP companion account, the Health Savings Account (HSA). If you’re considering adding an HRA, you might assume that, as a business owner, you can participate in the HRA. But this may not

Expenses that teachers can and can’t deduct on their tax returns

By |2019-08-27T15:57:19+00:00August 27th, 2019|Latest News|

As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this special deduction, and some expenses can’t be written off. For 2019, qualifying educators can deduct some

4 tough questions to ask about your sales department

By |2019-08-26T18:12:10+00:00August 26th, 2019|Latest News|

Among the fastest ways for a business to fail is because of mismanagement or malfeasance by ownership. On the other hand, among the slowest ways is an ineffective or dysfunctional sales department. Companies suffering from this malady may maintain just enough sales to stay afloat for a while, but eventually they go under because they

Taking distributions from your traditional IRA

By |2019-08-20T20:24:45+00:00August 20th, 2019|Latest News|

If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles. Knowing the fine points of the IRA distribution rules can make a significant difference in how much you and your family

Dashboard software helps you keep your eyes on the prize

By |2019-08-19T14:38:26+00:00August 19th, 2019|Latest News|

Like most business owners, you’ve probably been urged by industry experts and professional advisors to identify the most important key performance indicators (KPIs) for your company. So, just for the sake of discussion, let’s say you’ve done that. A natural question that often follows is: Now what? You know you’re supposed to keep an eye

“Innocent spouses” may get relief from tax liability

By |2019-08-13T18:21:09+00:00August 13th, 2019|Latest News|

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after either spouse to collect the entire tax — not just the part that’s attributed to one spouse or the other. This includes

The tax implications of being a winner

By |2019-08-08T14:27:05+00:00August 8th, 2019|Latest News|

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported