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Answers to your questions about taking withdrawals from IRAs

By |2022-12-08T17:33:59+00:00December 8th, 2022|Latest News|

As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA (including a SIMPLE IRA or SEP IRA) when you reach age 72. The rules for taking required minimum distributions (RMDs) are complicated, so here are some answers to frequently asked questions. What

Does your family business’s succession plan include estate planning strategies?

By |2022-12-08T17:32:00+00:00December 8th, 2022|Latest News|

Family-owned businesses face distinctive challenges when it comes to succession planning. For example, it’s important to address the distinction between ownership succession and management succession. When a nonfamily business is sold to a third party, ownership and management succession typically happen simultaneously. However, in the context of a family business, there may be reasons to

Year-end giving to charity or loved ones

By |2022-11-23T18:27:33+00:00November 23rd, 2022|Latest News|

The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax rules involved in these transactions. Donating to charity In 2022, in order to receive a charitable donation write-off, you must

Choosing a retirement plan for your small business

By |2022-11-23T18:25:42+00:00November 23rd, 2022|Latest News|

Most growing small businesses reach a point where the owner looks around at the leadership team and says, “It’s time. We need to offer employees a retirement plan.” Often, this happens when the company is financially stable enough to administer a retirement plan and make substantive contributions. Other times it occurs when the business grows weary

How inflation will affect your 2022 and 2023 tax bills

By |2022-11-04T18:28:46+00:00November 4th, 2022|Latest News|

The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your federal income tax bill for 2023? The IRS recently announced next year’s inflation-adjusted tax amounts for several provisions. Some highlights Standard deduction. What

Reinforce your cybersecurity defenses regularly

By |2022-11-04T18:26:57+00:00November 4th, 2022|Latest News|

If you’ve been in business for any amount of time, you probably don’t need anyone to tell you about the importance of cybersecurity. However, unlike the lock to a physical door, which generally lasts a good long time, measures you take to protect your company from hackers and malware need to be updated and reinforced

Plan now to make tax-smart year-end gifts to loved ones

By |2022-10-19T14:26:28+00:00October 19th, 2022|Latest News|

Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year through the proper use of the annual exclusion. The exclusion amount is adjusted for inflation annually, and for 2022, the amount is $16,000. The exclusion covers gifts that an individual makes to

Manageable growth should be a strategic planning focus

By |2022-10-19T14:24:20+00:00October 19th, 2022|Latest News|

When a company’s leadership engages in strategic planning, growing the business is typically at the top of the agenda. This is as it should be — ambition is part and parcel of being a successful business owner. What’s more, in many industries, failing to grow could leave the company at the mercy of competitors. However,

Tax and other financial consequences of tax-free bonds

By |2022-10-11T16:38:48+00:00October 11th, 2022|Latest News|

If you’re interested in investing in tax-free municipal bonds, you may wonder if they’re really free of taxes. While the investment generally provides tax-free interest on the federal (and possibly state) level, there may be tax consequences. Here’s how the rules work. Purchasing a bond If you buy a tax-exempt bond for its face amount,

Investing in the future with a 529 education plan

By |2022-10-11T16:36:51+00:00October 11th, 2022|Latest News|

If you have a child or grandchild who’s going to attend college in the future, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for them, allow prepayment of higher education costs on a tax-favored basis. There are two types of

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