Articles & newsletters

January 8, 2020

Determining an employee’s “home” for reimbursement purposes

Despite the prevalence of Web-based meetings, many of today’s businesses still have plenty of employees who travel. If you still have sales staff or other workers out on the road, and you’re reimbursing them on a tax-free basis for their travel expenses, it’s important for you as the employer to stay up to date on … Continue reading Determining an employee’s “home” for reimbursement purposes

What to do about fraudulent credit or debit card charges

It’s an awful feeling to learn that someone has used your credit or debit card to make fraudulent charges. Whether you’re liable typically depends on the type of card, whether you still possess the card and when you alert the issuer. Credit cards If your card is lost or stolen and you report it to … Continue reading What to do about fraudulent credit or debit card charges

Every business owner needs an exit strategy

As a business owner, you have to keep your eye on your company’s income and expenses and applicable tax breaks. But you also must look out for your own financial future. And that includes creating an exit strategy. Buy-sell agreement When a business has more than one owner, a buy-sell agreement can be a powerful … Continue reading Every business owner needs an exit strategy

Tax calendar

January 15 — Individual taxpayers’ final 2019 estimated tax payment is due. January 31 — File 2019 Forms W-2 (“Wage and Tax Statement”) with the Social Security Administration and provide copies to your employees. File 2019 Forms 1099-MISC (“Miscellaneous Income”) reporting nonemployee compensation payments with the IRS and provide copies to recipients. Most employers must file Form … Continue reading Tax calendar

Do you know your tax bracket?

Although the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates through 2025, there’s no guarantee you’ll receive a refund or lower tax bill. Some taxpayers have actually seen their taxes go up because of reductions or eliminations of certain tax breaks. For this reason, it’s important to know your bracket. Some single … Continue reading Do you know your tax bracket?

December 3, 2019

Asset protection is just as important as tax planning

Like many financially savvy individuals, you’re probably already thinking about filing your tax return next year. But don’t overlook another critical and equally important aspect of financial planning: asset protection. Here are some fundamental strategies to consider. Buy liability insurance Liability insurance policies help protect your assets from the financial risks associated with personal liability … Continue reading Asset protection is just as important as tax planning

Year-end tax and financial to-do list for individuals

With the dawn of 2020 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2019 ends: Check your Flexible Spending Account (FSA) balance. If you have an FSA for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or you’ll … Continue reading Year-end tax and financial to-do list for individuals

5 last-minute tax moves for your business

The days of the calendar year are vanishing quickly, but there still may be some last-minute strategies that business owners can use to lower their 2019 tax bills. Here are five to consider: Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until … Continue reading 5 last-minute tax moves for your business

Pump the brakes before donating that vehicle to charity

Many people might consider donating their vehicles to charity at year-end to start the new year. Why not get a fresh ride and a tax deduction, eh? Pump the brakes — this strategy doesn’t always work out as intended. Donating an old car to a qualified charity may seem like a hassle-free way to dispose of an unneeded … Continue reading Pump the brakes before donating that vehicle to charity

November 1, 2019

Act now to save 2019 taxes on your investments

Do you have investments outside of tax-advantaged retirement plans? If so, you might still have time to reduce your 2019 tax bill by selling some investments ― you just need to carefully select which investments you sell. Balance gains and losses If you’ve sold investments at a gain this year, consider selling some losing investments to absorb the gains. This … Continue reading Act now to save 2019 taxes on your investments