Sweat the small stuff: Don’t forget to address personal items in your estate plan
It’s natural that your estate planning efforts focus on big-ticket items, such as real estate, business interests, retirement assets and brokerage accounts. But don’t ignore the “small stuff,” like artwork, jewelry, furniture, antiques, clothing and collectibles. These items may not be as insignificant as you think. What’s it worth? You may be surprised to find […]
Should you offer spousal health care coverage?
When looking to manage benefits costs, employers have many ideas to consider. One in particular is whether and how to offer health care insurance to their employees’ spouses. The Affordable Care Act doesn’t require spousal coverage. It only requires coverage for dependent children. But many employees may frown on seeing spousal coverage suddenly become expensive […]
The basics of pushdown accounting
Both public and private companies can elect to use “pushdown” accounting when there’s a merger, acquisition or other change-in-control event. What does this mean — and when might this alternative reporting method be advantageous? Understanding your options Pushdown accounting refers to the practice of adjusting an acquired company’s standalone financial statements to reflect the acquirer’s […]
What’s the best entity choice for your business?
A principal consideration for any new or existing business is choosing an appropriate legal entity. Available options in most states include C corporations, S corporations, general and limited partnerships, limited liability companies (LLCs), limited liability partnerships (LLPs) and sole proprietorships. Tax implications Each entity type has advantages and disadvantages. It’s important to consider the tax […]
What the self-employed need to know about employment taxes
In addition to income tax, you must pay Social Security and Medicare taxes on earned income, such as salary and self-employment income. The 12.4% Social Security tax applies only up to the Social Security wage base of $118,500 for 2016. All earned income is subject to the 2.9% Medicare tax. The taxes are split equally […]
The tax and estate planning pitfalls of retiring overseas
Have you dreamed of spending your golden years in a tropical paradise or a culture-rich European city? If so, it’s important to understand the potential tax and estate planning implications so there are no surprises. These include: 1. Double taxation. If you’re a citizen of the United States, you’ll remain subject to U.S. taxes even […]
Think Big Is The Best First Step Toward Growing Your Business
Questions arise all the time among business owners. The Best First Step Toward Growing Your Business is one of those questions. The saying to “think big” is a great starting point. Nearly every business owner wants to grow his or her company. But with growth comes risk, and that can keep you from taking the […]
Experience Has Taught Well To Watch Your Balance Sheet
Experience has taught well to watch your balance sheet. This is a financial tool for business owners that any company around longer than a year will come to rely heavily upon. Face value You can’t always take a balance sheet at face value, because it may omit certain valuable assets and costly future obligations. Here […]
Deducting Business Losses Backed by Science
There is a science to pulling together business losses that can be deducted from a business owner’s taxes. The role the owner takes in that business is a key determining factor. You can only deduct losses from an S corporation, partnership or LLC if you “materially participate” in the business. If you don’t, your losses […]
What you need to know about estimated tax payments
What you need to know about estimated tax payments sounds like a government issue. This is actually a tax planning issue for most business owners. Paying the proper amount of tax by the annual federal income tax filing deadline isn’t enough to avoid interest and penalties; you must also meet requirements for paying tax throughout […]
