Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) plan may be just what you need, and now may be a great time to establish one. A SEP plan has high contribution limits and is simple to set up. Best of [...]
Contrary to popular belief, there’s nothing in the U.S. Constitution or federal law that prohibits multiple states from collecting tax on the same income. Although many states provide tax credits to prevent double taxation, those credits are sometimes unavailable. If you maintain residences in more than one state, here are some points to keep in [...]
As tax season ramps up, so do the efforts of scam artists looking to steal people’s financial data and money. Such fraudulent activities often target older adults. Whether you’re in this age bracket or worry about senior parents and other relatives, here are seven ways to prevent elder financial abuse: Keep both paper and online [...]
The Tax Cuts and Jobs Act (TCJA) made many changes to tax breaks for individuals. Let’s look at some specific areas to review as you lay the groundwork for filing your 2018 return. PERSONAL EXEMPTIONS For 2018, through 2025, the TCJA suspends personal exemptions. This will substantially increase taxable income for large families. However, enhancements [...]
How to Apply Finance Charges in QuickBooks You may hate to have to do it, but assessing finance charges for late payments may improve your overall cash flow. There are a myriad of ways to bring in customer payments faster and improve your cash flow. You can: Get a merchant account and let customers pay [...]
Are you considering transferring real estate, a family business or other assets you expect to appropriate dramatically in the future? If so, installment sale may be a viable option. Its benefits include the ability to freeze asset values for estate tax purposes and remove future appreciation from your taxable estate. GIVING AWAY VS. SELLING From [...]