Because of the current estate tax exemption amount ($11.7 million in 2021), many estates no longer need to be concerned with federal estate tax. Years ago, a much smaller exemption amount put more pressure on estate plans to avoid it. Now that many estates won’t be subject to estate tax, you can devote more energy [...]
How to Use QuickBooks' New Customer Groups You can now create groups of customers and automate the process of sending payment reminders. QuickBooks has a new set of tools that can help you deal with what is probably one of your most pressing problems: getting customers to pay. Here’s how to use this new feature. [...]
Divorce is difficult for almost everyone. Being organized can help facilitate the process. A financial expert can help you with the first step, which is generally to compile a marital balance sheet. This document shows the assets owned and the liabilities owed by the couple. Typical assets include the money in savings and checking accounts: [...]
Many banks conduct regular “stress” tests to predict the impact of adverse external events on their earnings, capital and loan portfolios. Banks use the results to shore up any revealed weaknesses. Investors should periodically perform similar stress tests on their investment portfolios. Stress testing is the ultimate “what if” analysis. It uses modeling techniques to [...]
Like most business owners, you’ve probably heard about 100% bonus depreciation. It’s available for a wide range of qualifying asset purchases. But there are many important details to keep straight. Here are five key points about this powerful tax-saving tool. It’s scheduled to phase out. Under current law, 100% bonus depreciation will be phased out [...]
During the pandemic, more than a few families have hired household workers while schools in many areas have gone virtual and some day care centers have had limited availability. If you’ve done so, be sure you know the nuances of the “nanny tax.” WITHHOLDING TAXES For federal tax purposes, a household worker is anyone who [...]