Grantor and Crummey trusts can be good options to fund a grandchild’s education
Do you wish to play an active role in funding your grandchildren’s college educations? As you examine the financing options, don’t forget about their impact on your estate plan. Two trust types to consider are grantor and Crummey trusts. Grantor trusts A trust can be established for your grandchild, and assets contributed to the trust, […]
Private foundations aren’t only for the rich and famous
If creating a family legacy of charitable giving is important to you, a private foundation might be the right estate planning vehicle. And this option isn’t just for billionaires. You may be able to effectively establish a foundation with an initial contribution as low as $250,000. Tax impact A private foundation is a tax-exempt entity […]
Now’s the time to start thinking about “bunching” — miscellaneous itemized deductions, that is
Many expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into a single year may allow you to exceed this “floor.” So now is a good time to add up your potential deductions to date to […]
Prepaid tuition vs. college savings: Which type of 529 plan is better?
Section 529 plans provide a tax-advantaged way to help pay for college expenses. Here are just a few of the benefits: • Although contributions aren’t deductible for federal purposes, plan assets can grow tax-deferred. • Some states offer tax incentives for contributing in the form of deductions or credits. • Indiana offers a tax credit […]
Related-party transactions: Think like an auditor
Issues between related parties played a prominent role in the scandals that surfaced more than a decade ago at Enron, Tyco International and Refco. Similar problems have arisen in more recent financial reporting fraud cases, prompting the Public Company Accounting Oversight Board (PCAOB) to unanimously approve a tougher audit standard on related-party transactions and financial […]
Evaluating cyberthreats
How much does a data breach cost? The average total cost of a data breach has risen to roughly $4 million, according to a 2016 survey of IT security professionals by the Ponemon Institute (a research center dedicated to privacy, data protection and information security policy). That figure has grown 29% from 2013. The study […]
Business owners: Put your successor to work before you set sail
A hastily chosen or ill-prepared successor can lead a company astray or, in worst cases, mismanage it into bankruptcy. Before you set sail into retirement or perhaps on to your next great professional adventure, make absolutely sure that your chosen replacement is ready to, well, succeed. Build stakeholder confidence Perhaps the simplest, most important thing […]
4 pillars of robust business growth
Many businesses start life small and simple. But with growth comes the need for a stronger company infrastructure and increased operational sophistication. As you pursue a more robust business process pillars, focus on these 4 pillars: 1. Organizational management Implement a formalized system for measuring performance that begins with written job descriptions and training. Issue […]
Throw a company picnic for employees this summer and enjoy larger deductions
Many businesses host a picnic for employees in the summer. It’s a fun activity for your staff and you may be able to take a larger deduction for the cost than you would on other meal and entertainment expenses. Deduction limits Generally, businesses are limited to deducting 50% of allowable meal and entertainment expenses. But […]
10/20 – Are you taking full tax advantage of your business property?
