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Remember to use up your flexible spending account money

By |2021-11-17T19:24:53+00:00November 17th, 2021|Latest News|

Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? As the end of 2021 nears, there are some rules and reminders to keep in mind.   An account for health expenses A pre-tax contribution of $2,750 to a health FSA is permitted in

4 red flags of an unreliable budget

By |2021-11-17T19:22:14+00:00November 17th, 2021|Latest News|

Every business should prepare an annual budget. Creating a comprehensive, realistic spending plan allows you to identify potential shortages of cash, possible constraints on your capacity to fulfill strategic objectives, and other threats. Whether you’ve already put together a 2022 budget or still need to get on that before year end, here are four red

Feeling generous at year end? Strategies for donating to charity or gifting to loved ones

By |2021-11-11T21:02:49+00:00November 11th, 2021|Latest News|

As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the basic tax rules involved in these transactions. Donating to charity Normally, if you take the standard deduction and don’t itemize, you can’t claim a deduction for charitable contributions. But

Factor in taxes if you’re relocating to another state in retirement

By |2021-11-03T15:58:47+00:00November 3rd, 2021|Latest News|

Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant. But while you’re thinking about how many square feet you’ll need in a retirement home, don’t forget to factor in state and local taxes.

Protect your business with a cybersecurity assessment

By |2021-11-03T15:55:47+00:00November 3rd, 2021|Latest News|

Years ago, it may have seemed like only government agencies with top-secret intel or wealthy international banks had to worry about hackers. Nowadays, even the smallest small business could see its reputation ruined by a data breach, while larger companies could have their sensitive data taken hostage in a ransomware attack that costs millions to

Thinking about participating in your employer’s 401(k) plan? Here’s how it works

By |2021-10-28T20:50:56+00:00October 28th, 2021|Latest News|

Employers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about participating in a plan at work, here are some of the features. Under a 401(k) plan, you have the option of setting aside a

What business owners should know about stop-loss insurance

By |2021-10-28T20:49:05+00:00October 28th, 2021|Latest News|

When choosing health care benefits, many businesses opt for a self-insured (self-funded) plan rather than a fully insured one. Why? Among various reasons, self-insured plans tend to offer greater flexibility and potentially lower fixed costs. When implementing a self-insured plan, stop-loss insurance is typically recommended. Although buying such a policy isn’t required, many small to

You may owe “nanny tax” even if you don’t have a nanny

By |2021-10-21T15:27:34+00:00October 21st, 2021|Latest News|

Have you heard of the “nanny tax?” Even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations.   If you employ a

Engaging in customer-focused strategic planning

By |2021-10-21T15:25:08+00:00October 21st, 2021|Latest News|

When creating or updating your strategic plan, you might be tempted to focus on innovative products or services, new geographic locations, or technological upgrades. But, what about your customers? Particularly if you’re a small to midsize business, focusing your strategic planning efforts on them may be the most direct route to a better bottom line.

Vacation home: How is your tax bill affected if you rent it out?

By |2021-10-15T16:42:40+00:00October 15th, 2021|Latest News|

If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The tax treatment can be complex. It depends on how many days it’s rented and your level of personal use. Personal use includes vacation use by you, your relatives

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