OnTarget CPA Blog
10 Dec Workers age 50 and up: Boost retirement savings before year end with catch-up contributions
Whether you didn’t save as much for retirement as you would have wished earlier in your career or you’d simply like to make the most of tax-advantaged savings opportunities, if you’ll be age 50 or older on December 31, consider making “catch-up” contributions to your...
10 Dec Relocating into or out of a community property state requires extra estate planning
When a married couple lives in a community property state, the money earned and property acquired by either spouse during their marriage generally belongs to the “community.” This means that each spouse has an undivided one-half interest in the property (regardless of how property is titled)....
10 Dec Family matters: Stepchildren and your estate plan
If you have unadopted stepchildren, estate planning is critical to ensure that your property is distributed the way you desire. Stepchildren generally don’t have any inheritance rights with respect to their parents’ new spouses unless the spouse legally adopts them. If you have stepchildren and...
10 Dec Keeping your family business in the family
A successful family business can provide long-term financial security for you as its owner, as well as for your loved ones. To improve the chances that your company will continue to benefit your heirs after you’re gone, take steps now to keep it in the...
04 Dec Reporting UTPs
Navigating the tax code — and staying atop the latest tax law developments — can be challenging for business owners. In turn, financial reporting for uncertain tax positions (UTPs), such as pending IRS audits or lawsuits, is complicated and subjective. Here’s some guidance to help...
04 Dec 5 Last-minute tax savings opportunities
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01 Dec Ensure your year-end donations will be deductible on your 2016 return
Donations to qualified charities are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and how much you give. To ensure your donations will be deductible on your 2016 return, you...
30 Nov Could a tax-free exchange help cover LTC insurance costs?
No estate plan is complete without considering long-term care (LTC) expenses and how to pay for them. LTC insurance is an option, but these policies can be expensive. One solution is to use a total or partial tax-free exchange of an existing life insurance policy...
30 Nov Roth 401(k) conversions may suit your Millennial employees
Could your company’s benefits package use a bit of an upgrade? If so, one idea to consider is adding an option for employees to convert their regular 401(k)s to Roth 401(k)s. Under a Roth 401(k), participants make after-tax contributions to a qualified plan and receive tax-free...