In the current environment, the best tax strategy is usually the one that improves both tax results and working capital. Business owners who act early can better manage inflation pressure, interest expense, and changing deduction rules while avoiding last-minute surprises. A year-end review with a...
The current environment is challenging, but it is also manageable with disciplined planning. Inflation, oil prices, and Fed policy are moving together in ways that affect both business and personal finances. A timely review of taxes, debt, cash flow, and investment positioning can help clients...
Discover how inflation, rising interest rates, and market trends impact taxes, investments, and cash flow—and how to adapt your strategy....
Creating a solid financial plan is essential for building stability and achieving long-term goals. Whether you’re managing daily expenses or preparing for major life events, a strategic approach can help individuals and families stay on track....
Section 179 of the tax code provides opportunities for substantial first-year depreciation deductions when a business places newly acquired qualifying assets into service. The Sec. 179 deduction amounts change annually due to inflation adjustments and certain limitations apply. Additionally, it’s important to consider any available...
Although most natural and manmade disasters are unavoidable, companies should take steps to protect their employees, minimize data loss and recover costs. A business continuity plan can reduce financial losses and facilitate a faster recovery, whether the disaster is a fire, earthquake, power outage or...
A cost segregation study is a strategic tax planning tool that allows a business property owner to accelerate depreciation deductions. That, in turn, will enable the owner to reduce taxable income and increase cash flow. Take a look at the powerful tax benefits of this...
In recent years, the residential real estate market has surged in many areas. That means there are more seniors with highly appreciated homes than ever before. Here’s one tax-saving strategy to consider for seniors who may be wondering whether they should sell or stay in...
Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take payments right at a point-of-sale terminal and customers go on their merry way. Of course, these enterprises face many other challenges. Here are some...
Taxpayers who received a large tax refund this year may want to adjust their withholding. Each year, millions of taxpayers claim an income tax refund. That can represent a pleasant influx of cash. But it’s probably not the best use of cash for taxpayers. In...
Every business wants to cut costs, but it sure isn’t easy. We’re talking about clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability. Obvious places to slash costs — such as wages, benefits and...
Individual taxpayers may be able to claim medical expense deductions on their tax returns. However, the rules can be challenging, and it can be difficult to qualify. This article offers up five points to keep in mind about the deductibility of medical expenses....
Receiving a sudden and sizable influx of cash may seem like a dream come true. It can be, but many people get carried away by a windfall and end up in worse financial shape. This article points out some of the pitfalls and how to...
Nearly every business needs a website, but it’s not always easy to determine which costs of running one are deductible. Fortunately, there are guidelines, and even IRS guidance, to follow. This article discusses both the hardware and software costs associated with a website....
The IRS has released guidance that includes the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). This article lists the benefits, requirements, and contribution limits of HSAs for 2023 and 2024....
Every adult has a variety of critical documents that should be protected. This brief article discusses the importance of having a dependable safe or bank safe deposit box in which to store key documents, and even cash, in case of a major disaster....
Divorce is a difficult process for everyone involved. That’s why being clear and organized when it comes to finances can help facilitate the process. The first step is generally to compile a marital balance sheet. This brief article discusses this step and what it involves....
A company owner who travels on business, accompanied by his or her spouse, may be able to deduct all the travel expenses incurred by the spouse. However, the rules are restrictive, starting with the requirement that the spouse must be a bona fide employee of...
In an increasingly global society, many taxpayers hold foreign accounts. This article explains the rules regarding who must file a Report of Foreign Bank and Financial Accounts (FBAR) with the government....
Back in 2020 when the COVID-19 pandemic first hit, many people’s emergency funds were suddenly put to the test. Now, presumably with the benefit of some hindsight, the financially savvy might want to reconsider their approach to saving. This brief article discusses some key points...
It’s common for many people to start the year intending to get out of debt, yet end the year owing just as much, if not more. This brief article explores a debt-reduction approach called “throwing snowballs,” which involves organizing debts from lowest to highest balance...
A good family budget should be simple yet comprehensive. As this brief article explains, this objective can be accomplished by addressing both the near term (such as day-to-day items) and the long term (such as college education and retirement)....
Babies bring joy and excitement. They also bring substantial adjustments to the family budget! This article discusses a couple of ways to pacify the challenge: checking insurance and reviewing tax breaks. A sidebar advises starting a college fund as early as possible....
For hard-to-value assets, such as closely held businesses, real estate and art, a professional appraisal may be necessary. This article explores situations that call for an appraisal, including retirement and estate planning, gift disclosures and charitable donations....
Business owners sometimes decide to put their companies on the market. When doing so, they may focus on the federal tax implications of a sale. But there will be state tax implications, too. This brief article touches on some key issues regarding state taxes....
Receiving a sudden and sizable influx of cash may seem like a dream come true. It can be, but many people get blown away by a windfall and end up in worse financial shape. This article suggests some common-sense tips on creating a sensible, long-term...
Individual taxpayers may be able to claim medical expense deductions on their tax returns. However, the rules can be challenging, and it can be difficult to qualify. This article offers up five points to keep in mind about the deductibility of medical expenses....
Because of the current estate tax exemption amount ($11.7 million in 2021), many estates no longer need to be concerned with federal estate tax. As a result, more energy can be devoted to other aspects of estate planning. This article looks at important issues to...
Like most business owners, you’ve probably heard about 100% bonus depreciation. It’s available for a wide range of qualifying asset purchases. But there are many important details to keep straight. This article presents five key points about this powerful tax-saving tool....
