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February 5, 2019

Multistate resident? Watch out for double taxation

Contrary to popular belief, there’s nothing in the U.S. Constitution or federal law that prohibits multiple states from collecting tax on the same income. Although many states provide tax credits to prevent double taxation, those credits are sometimes unavailable. If you maintain residences in more than one state, here are some points to keep in … Continue reading Multistate resident? Watch out for double taxation

You’ve got time: Small businesses can still set up a 2018 SEP plan

Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) plan may be just what you need, and now may be a great time to establish one. A SEP plan has high contribution limits and is simple to set up. Best of … Continue reading You’ve got time: Small businesses can still set up a 2018 SEP plan

Fewer taxpayers to qualify for home office deduction

Working from home has become commonplace for people in many jobs. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. Beginning with the 2018 tax year, fewer taxpayers will qualify for the home office deduction. Here’s why. Changes under the TCJA For employees, home office expenses … Continue reading Fewer taxpayers to qualify for home office deduction

Throwing snowballs at your mountain of debt

Many people start the year intending to get out of debt, yet end the year owing just as much, if not more. One approach that might yield success is called “throwing snowballs.” Under this method, you organize your debts from the lowest balance to the highest balance and begin paying off the debt on top … Continue reading Throwing snowballs at your mountain of debt

January 4, 2019

Installment sales: A viable option for transferring assets

Are you considering transferring real estate, a family business or other assets you expect to appreciate dramatically in the future? If so, an installment sale may be a viable option. Its benefits include the ability to freeze asset values for estate tax purposes and remove future appreciation from your taxable estate. Giving away vs. selling … Continue reading Installment sales: A viable option for transferring assets

How to trim the fat from your inventory

Inventory is expensive, so it needs to be as lean as possible. Here are some ways to trim the fat from your inventory without compromising revenue and customer service. Objective inventory counts Effective inventory management starts with a physical inventory count. Accuracy is essential to knowing your cost of goods sold — and to identifying … Continue reading How to trim the fat from your inventory

Laying the groundwork for your 2018 tax return

The Tax Cuts and Jobs Act (TCJA) made many changes to tax breaks for individuals. Let’s look at some specific areas to review as you lay the groundwork for filing your 2018 return. Personal exemptions For 2018 through 2025, the TCJA suspends personal exemptions. This will substantially increase taxable income for large families. However, enhancements … Continue reading Laying the groundwork for your 2018 tax return

7 ways to prevent elder financial abuse

As tax season ramps up, so do the efforts of scam artists looking to steal people’s financial data and money. Such fraudulent activities often target older adults. Whether you’re in this age bracket or worry about senior parents and other relatives, here are seven ways to prevent elder financial abuse: 1.     Keep both paper and online … Continue reading 7 ways to prevent elder financial abuse

Tax calendar

January 15 — Individual taxpayers’ final 2018 estimated tax payment is due. January 31 — File 2018 Forms W-2 (“Wage and Tax Statement”) with the Social Security Administration and provide copies to your employees. ·      File 2018 Forms 1099-MISC (“Miscellaneous Income”) reporting nonemployee compensation payments in box 7 with the IRS and provide copies to recipients. ·      Most employers … Continue reading Tax calendar

December 20, 2018

An intrafamily loan is worth careful consideration

Lending money — rather than giving it — to loved ones is an idea worth considering. Perhaps you’re not ready to part with your wealth. For example, maybe you’re concerned about having enough money to fund your retirement or you feel that your children aren’t ready to handle the responsibility. Intrafamily loans allow you to … Continue reading An intrafamily loan is worth careful consideration