Are you timing business income and expenses to your tax advantage?
Typically, it’s better to defer tax. One way is through controlling when your business recognizes income and incurs deductible expenses. Here are two timing strategies that can help businesses do this: Defer income to next year. If your business uses the cash method of accounting, you can defer billing for your products or services. […]
A quick look at the President-elect’s tax plan for businesses
The election of Donald Trump as President of the United States could result in major tax law changes in 2017. Proposed changes spelled out in Trump’s tax reform plan released earlier this year that would affect businesses include: • Reducing the top corporate income tax rate from 35% to 15%, • Abolishing the corporate […]
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The wrong life insurance beneficiary can wreak havoc with your estate plan
Life insurance can be a powerful financial and estate planning tool, but its benefits may be reduced or even eliminated if you designate the wrong beneficiary or fail to change beneficiaries when your circumstances change. Here are common pitfalls to avoid: Naming your estate as beneficiary. Doing so subjects life insurance proceeds to unnecessary […]
3 ways to get started on next year’s budget
As the year winds down, business owners have a lot to think about. One item that you should keep top of mind is next year’s budget. A well-conceived budget can go a long way toward keeping expenses in line and cash flow strong. The question is: Where to begin? Well, to answer this question, […]
It’s time to “harvest” investment losses
If you hold investments outside of tax-advantaged retirement plans, you may be able to take steps before year end to reduce your 2016 tax liability. Offsetting gains with losses Suppose you’ve sold investments at a loss this year but you have other investments in your portfolio that have appreciated. If you believe those appreciated […]
Tips for efficient year-end physical inventory counts
Do you dread the year-end physical inventory count? Business owners and managers often view these procedures as time consuming and disruptive. But a well-executed inventory count is more than a matter of compliance. It can also provide valuable insight into improving operational efficiency. Here’s how to run your count to maximize the benefits and […]
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Have you addressed elderly parents in your estate plan?
Your estate plan likely accommodates your spouse, children and grandchildren. But have you overlooked your parents? How can you best handle their financial affairs in the later stages of life? You may want to incorporate their needs into your own estate plan while tweaking, when necessary, the arrangements they’ve already made. Here are four […]
Couples with a noncitizen spouse play by different estate planning rules
Many traditional estate planning strategies are based on the assumption that everyone involved is a U.S. citizen. But if you or your spouse is a noncitizen, special rules apply that require additional planning. General rules If you’re a U.S. resident, but not a citizen, you’re treated similarly to a U.S. citizen by the IRS. […]
