When they’re old enough to understand the concepts, some children start investing in the markets. If you’re helping a child learn the risks and benefits of investments, be sure you learn about the tax impact first. POTENTIAL DANGER For the 2016 tax year, if a child’s interest, dividends and other unearned income total more [...]
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 [...]
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 [...]
With tax time long over and midyear officially here, it’s a great time to organize your financial records. And the key word here is indeed “organize.” Throwing all your important documents into a drawer won’t help much when an emergency occurs and you (or a family member) need to find a certain piece of paper. [...]
As a business owner, you’ve probably heard plenty about depreciation-related tax breaks. But, often, such discussions focus only on the tax benefits of buying assets such as heavy equipment, office furniture and computers. Don’t forget that the Internal Revenue Code also allows depreciation breaks for a company’s real property. SECTION 179 Section 179, for example, [...]