With summer headed toward its inevitable close, you may be tempted to splurge on a pricy “last hurrah” trip. Or perhaps you’d like to buy a brand new convertible and feel the warm breeze in your hair. Whatever the temptation may be, if you’ve pondered dipping into your 401(k) account for the money, make sure [...]
Business owners should always know their options when it comes to their company and its relation to their estate plans. Let’s take a look at some commonly chosen vehicles for transferring ownership interests in a business. THE GREAT GRAT With a grantor retained annuity trust (GRAT), you transfer business interests or other assets to [...]
One of the great things about setting up a home office is that you can make it as comfy as possible. Assuming you’ve done that, another good idea is getting comfortable with the home office deduction. To qualify for the deduction, you generally must maintain a specific area in your home that you use regularly [...]
Love and marriage – according to the song, they go together like a horse and carriage. But matrimony can leave some couples singing a sad tune when they encounter the ominously name “marriage penalty.” However, for other couples, marriage brings tax-saving opportunities. IN A NUTSHELL When tax brackets for married couples aren’t twice as big [...]
The funny thing about customers is that they can keep you in business – but they can also put you out of it. The latter circumstance often arises when a company overly relies on a few customers that abuse their credit to the point where the company’s cash flow is dramatically impacted. To guard against [...]
Many families hire people to work in their homes, such as nannies, housekeepers, cooks, gardeners and health care workers. If you employ a domestic worker, make sure you know the tax rules. IMPORTANT DISTINCTION Not everyone who works at your home is considered a household employee for tax purposes. To understand your obligations, determine [...]