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5 last minute tax tips to consider for the new year!

The clock is ticking down to 2018 … but you still have a few weeks left to make some last-minute tax moves. Take a look at these five tips and save a little more this year. 1. Check the amount of 2017 tax you have prepaid through withholding and quarterly estimates ASAP. If you’ve underpaid, […]

Are you a renter?
Here are 7 tips to be smarter about it.

Renting an apartment, condo or house; leasing a piece of equipment; renting business property; and leasing a car all involve the common practice of renting something that is owned by someone else. To make sure you always have a good experience, here are some hints to becoming a smarter renter. Read all agreements. Read the […]

How to finally conquer your financial
document clutter

Financial records are notorious for being messy. Bills, paycheck stubs, tax returns and bank statements have a way of getting tucked into random places. Luckily, there are a few pretty painless ways to organize your important documents. Put all your financial records in one dedicated spot To ensure that bills are paid on time, bank […]

GROWING A BUSINESS FROM REVENUE TO EXIT

Most businesses start with an idea that is brought to market. Customers purchase the product or service and the business begins to grow. Eventually, if the company grows enough it acquires ‘value’. And it is that ‘value’ that a buyer will purchase in an exit transaction. This newsletter is written to help business owners think […]

How to get the most bang for your tax buck
for your meal expenses.

Everyone loves a free meal – especially employees. However, your business tax return will be affected differently depending on the circumstances of the mealtime experience. While you can generally deduct only half the cost of meals related to your business activities, the tax code includes specific exceptions that allow a deduction of 100 percent of […]

Do you have too much of your employer’s
company stock in your 401(k)?

Employees often have too much of their employer’s company stock in their 401(k) or other retirement plan. That’s because employees tend to feel like they know their companies best. Here’s the problem: they may be overlooking the risks of having too much of an investment in any one company. Here are some of the risks […]

Cutting business costs is no easy tasks
but here are 4 smart ways to save money.

Keeping costs under control is crucial in today’s challenging business environment. Without a doubt, one of the quickest ways for a business to cut costs is through staff reduction. But cutting jobs is not always the best cost-cutting strategy. Drastic job cuts can lead to a vicious cycle of reduced productivity, followed by even slower […]

EXIT DEALS HAPPEN WHEN PARTIES BECOME
‘EQUALLY UNHAPPY’

Business owners who are considering an exit from their business should consider the negotiations that are likely to ensue through the process. This newsletter is written to help owners of privately-held businesses anticipate and prepare for what lies ahead with an exit transaction and, by understanding the other party’s concerns, to anticipate how the negotiations […]

Get paid tips? Learn how to create a good system for your reporting needs.

If you are like millions of taxpayers who work in the service industry, you may receive tips. The tax code is clear; if you receive tips you must report them as income. Some employers have systems to make this easy, while others do not. Here are some suggestions: Think 1-2-3. Proper tip reporting has three […]

Thinking about selling your company?
Here is where to start.

If you’re thinking of selling your company, a proper appraisal is a necessary starting point to ensure your business is priced properly and you will be able to attract potential buyers. Well before you’re ready to sell your company, you’ll want to determine its fair market value as a starting point for negotiations. Of course, […]

The rules for withdrawing from a 529 college savings plan

After years of putting money in your 529 college savings plan, you’re ready to start taking withdrawals to pay tuition bills.Do you know the rules for keeping the withdrawals tax-free? Here’s an overview of three types of 529 plan distributions. • Qualified withdrawals. When you take money from the account to pay for college education […]

4 Steps to Prepare for an IRS Audit

Most of us will never be audited. But when it does happen, it might feel a little scary. The truth of the matter is IRS auditors do audits every day. They know what to look for and can ask questions that you may easily answer incorrectly. Here’s how you can be more prepared if it […]

What is Fair Market Value (FMV) Anyway? Tips to defend in case of an IRS Audit

So what is fair market value (FMV)? According to the IRS, it’s the price that property would sell for on the open market. This is the price that would be agreed on between a willing buyer and a willing seller. Neither would be required to act, and both would have reasonable knowledge of the relevant […]

6 Receipts You Need to Keep for your Taxes

When it comes to taking qualified deductions on your federal tax return, three things must happen: -Recognize that an expense might be deductible on your tax return. -Keep a record of the expense in an organized fashion. -Obtain the proper (and timely) documentation to support your deduction. This might be obvious to most people, but […]

Thinking of structuring your cash transactions?
DON’T!

If people manipulate cash transactions to avoid required bank reporting to the Treasury Department, they are using the technique of structuring their transactions. In an effort to identify questionable illegal transactions, financial institutions are required to report any monetary amounts over $10,000 to the Treasury Department. If someone knowingly structures transactions to avoid this reporting, the Bank […]

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