02
Jul
TAX CALENDAR
This calendar notes important tax deadlines for the third quarter of 2018....
09:00 /
Taxes
25
Jun
HOW TO BE TAX-SMART WHEN IT COMES TO MUTUAL FUNDS
Many people overlook tax considerations when planning their mutual fund investments. This article examines four techniques investors might consider, including avoiding year-end investments and investing in tax-efficient funds, if their portfolios include mutual funds. A sidebar explains how to account for cost basis....
18
Jun
DEDUCTING HOME EQUITY INTEREST UNDER THE TAX CUTS AND JOBS ACT
Passage of the Tax Cuts and Jobs Act has led to confusion over some longstanding deductions. In response, the IRS recently issued a statement clarifying the rules surrounding the deductibility of home equity interest. This article compares the old rules to these new ones....
11
Jun
3 COMMON TYPES OF IRS TAX PENALTIES
Around this time of year, many people have filed and forgotten about their 2017 tax returns. But one could get an abrupt reminder in the form of an IRS penalty. This article discusses three common types and how to seek relief....
01
Jun
BEWARE OF TAX TRAPS WHEN MAKING AN EMPLOYEE A PARTNER
In today’s competitive employment market, a business organized as a partnership may want to promote an employee to a full partner. This brief article advises caution before acting, explaining some of the potential tax traps of doing so....
28
May
DO YOU HAVE YOUR OWN WEALTH MANAGEMENT PLAN?
Everyone should have a wealth management plan. But taking a boilerplate approach could prevent you from achieving your specific goals. This article raises some key points to consider when devising a truly customized plan....
14
May
GET AN EARLY TAX “REFUND” BY ADJUSTING YOUR WITHHOLDING
Everyone loves a juicy tax refund, but why wait to receive the money? By adjusting one’s withholding and/or estimated tax payments, a taxpayer can enjoy that money throughout the year. This article lists some circumstances under which adjustments are particularly advisable and explains how to...
09:00 /
Taxes
14
May
FOREIGN ACCOUNTS CALL FOR SPECIFIC REPORTING REQUIREMENTS
In an increasingly globalized society, many people choose to open offshore accounts to deposit a portion of their wealth. This article details how to disclose offshore accounts to the federal government and explains the penalties that can result from failing to do so....
11
May
GETTING TO KNOW YOUR CREDIT AND DEBIT CARDS A BIT BETTER
Virtually everyone has a credit and debit card these days. But many people still live in fear of these plastic necessities because they’re unfamiliar with the fine print of the arrangements involved. This article explores the potential liability of both credit and debit cards, and...
23
Apr
NO KIDDING: CHILD CREDIT TO GET EVEN MORE VALUABLE
The child credit has long been a valuable tax break. But, with the passage of the Tax Cuts and Jobs Act (TCJA) late last year, it’s now even better — at least for a while. This article provides some details that every family should know....
09:00 /
Taxes
16
Apr
WHAT IS “REASONABLE COMPENSATION,” ANYWAY?
The issue of reasonable owners’ compensation often comes up in federal tax inquiries, shareholder disputes and divorce cases. Determining what’s reasonable, and therefore defensible in court, requires a financial expert. This article describes some of the ways that such experts do their work....
13
Apr
THE NEW DEAL ON EMPLOYEE MEALS (AND ENTERTAINMENT)
As a matter of convenience, many of today’s employers provide meals to employees. A recent tax law change, however, may curtail this practice because it limits the tax benefits. This brief article looks at the changing deductibility rules brought forth by the recently passed Tax...
09:00 /
Taxes
09
Apr
TAX CALENDAR
This calendar notes important tax deadlines for the second quarter of 2018....
01:00 /
Taxes
26
Mar
THE CHANGING FACE OF PERSONAL EXEMPTIONS AND
Changes lie ahead for two fundamental elements of individual tax planning: personal exemptions and the standard deduction. This brief article clarifies key amounts for both the 2017 tax year and for 2018 through 2025....
09:00 /
Taxes
19
Mar
HEED THE WARNING SIGNS OF W-2 PHISHING SCAMS
A growing number of businesses have been victimized by W-2 phishing scams by which criminals trick business owners or employees into divulging sensitive personal data. This article explores how the crime works and what employers can do to stop it....
09:00 /
Legal
12
Mar
BUSINESS OWNERS: BRUSH UP ON BONUS DEPRECIATION
Business owners who go shopping for company assets this year should brush up on the enhanced bonus depreciation tax breaks created under the Tax Cuts and Jobs Act passed late last year. This article explains how the rules differ under previous tax law and the...
05
Mar
DYNASTY TRUSTS ARE MORE VALUABLE THAN EVER
The Tax Cuts and Jobs Act, signed into law this past December, has brought great changes to estate planning. In doing so, it bolstered the potential value of dynasty trusts. This article explains why these trusts are well worth considering for tax purposes, while a...
23
Feb
TAKE A LOOK AT THE DOMESTIC PRODUCTION ACTIVITIES DEDUCTION
The domestic production activities deduction provides a tax break for certain “domestic production activities.” Unfortunately, many businesses tend to overlook it because they believe the tax break applies only to a few industries. This article points out that the deduction remains available to a wide...
09:30 /
Taxes
16
Feb
MAKING 2017 RETIREMENT PLAN CONTRIBUTIONS IN 2018
The clock is ticking down to the tax filing deadline. The good news is that individuals may still be able to save on their impending 2017 tax bills by making contributions to certain retirement plans. This article looks at deadlines, limits and phaseout ranges for...
09
Feb
DO YOU KNOW THE TAX IMPACT OF YOUR COLLECTIBLES?
They say one person’s trash is another person’s treasure. This may hold true when it comes to collectibles — those various objects d’art for which many people will pay good money. This article touches on some of the important points regarding how the sale or...
09:00 /
Taxes
02
Feb
WHEN AN ELDERLY PARENT MIGHT QUALIFY AS YOUR DEPENDENT
It’s not uncommon for adult children to help support their aging parents. Those in this position might qualify for an adult-dependent exemption on their 2017 tax returns. This article explores the basic qualifications and some important factors related to this tax break....
13:44 /
Taxes
26
Jan
STILL IMPORTANT: THE TAX IMPACT OF BUSINESS TRAVEL
With conference calls and Web meetings increasingly prevalent, business travel isn’t what it used to be. But many companies still send employees out on the road. This article describes important concepts related to travel, such as travel expenses as a fringe benefit, establishing an accountable...
19
Jan
HELP PREVENT TAX IDENTITY THEFT BY FILING EARLY
Many people might not start thinking about filing a tax return until close to this year’s April 17 deadline. But there’s another date to keep in mind: the day the IRS begins accepting 2017 returns in 2018. As this article explains, filing as close to...
12
Jan
OWNER-EMPLOYEES NEED TO STAY UP TO SPEED ON EMPLOYMENT TAXES
Keeping up with the complexity of the Internal Revenue Code is challenging enough for employed individuals. But for owner-employees, the difficulty level is particularly high. This article explains how your business structure determines the rules you must abide by....
08
Jan
4 FINANCIAL PLANNING TIPS FOR SECOND MARRIAGES
Every year, a substantial percentage of weddings aren’t first-time nuptials but second (or subsequent) marriages. This brief article offers four tips to help such partners better manage the situation....
29
Dec
EDUCATE EMPLOYEES ON REQUIRED MINIMUM DISTRIBUTION RULES
Businesses with employees headed for retirement can provide a helpful service by educating these workers on rules regarding required minimum distributions (RMDs). If violated, these rules could trigger hefty penalties. This article explains RMD requirements for IRAs and 401(k)s. A sidebar looks at other RMD...
18
Dec
DAPTS OFFER A HOMEGROWN APPROACH TO ASSET PROTECTION
The most effective way to protect assets from future creditors is to transfer them to children or other family members with no strings attached. But, understandably, many wealthier individuals want to retain some control over their wealth. This article looks at one potential option of...
11
Dec
5 COMMON MISTAKES WHEN APPLYING FOR FINANCIAL AID
Given the astronomical cost of college, even well-off parents should consider applying for financial aid. A single misstep, however, can harm a child’s eligibility. This article looks at five common mistakes....
04
Dec
ENSURING YOUR YEAR-END DONATIONS ARE TAX DEDUCTIBLE
Many people decide to make donations at the end of the year. When doing so, it’s important to know the rules about whether such contributions will be considered tax deductible for 2017. This brief article discusses two important concepts: delivery dates and qualified charities....
11:57 /
Taxes
29
Nov
HANDLE WITH CARE: MUTUAL FUNDS AND TAXES
Many people overlook tax considerations when planning their mutual fund investments. This article offers some tax-savvy tips, including avoiding year-end investments and watching out for reinvested distributions. A sidebar explains why tax-inefficient funds should be directed to nontaxable accounts....