January 16 Individual taxpayers’ final 2017 estimated tax payment is due. January 31 File 2017 Forms W-2 (“Wage and Tax Statement”) with the SSA and provide copies to your employees. File 2017 Forms 1099-MISC (“Miscellaneous Income”) reporting nonemployee compensation payments in box 7 with the IRS and provide copies to recipients. Most employers must file [...]
Disaster planning is usually associated with businesses. But individuals need to prepare for worst-case scenarios, as well. Unfortunately, the topic can seem a little overwhelming. To help simplify matters, here are 5 keys to disaster planning that everyone should consider: Insurance. Start with your homeowner’s coverage. Make sure your policy covers flood, wind and [...]
We live in an increasingly specialized society. As such, there’s a growing subset of the workforce with distinctive skill sets that can perform high-quality services. Through independent contractor relationships, companies are able to access these services without the long-term entanglements of traditional employment. And yet, risk remains. Classifying a worker as an independent contractor frees [...]
Your efforts toward ensuring your financial security might be focused on building up your assets through wise investing or growing your business. But protecting the assets you already have is just as important. And if you serve as a director or officer of a company, or even sit on the board of a nonprofit, your [...]
Health care costs continue to be in the news and on everyone’s mind. As a result, tax-friendly ways to pay for these expenses are very much in play for many people. The three primary players are Health Savings Accounts (HSAs), Flexible Spending Arrangements (FSAs) and Health Reimbursement Arrangements (HRAs). All provide opportunities for tax-advantaged [...]
If you’re an investor looking to save tax dollars, your kids might be able to help you out. Giving appreciated stock or other investments to your children can minimize the impact of capital gains taxes. For this strategy to work best, however, your child must not be subject to the “kiddie tax.” This tax applies [...]