TAX DOCUMENT RETENTION GUIDELINES FOR SMALL BUSINESSES

By |2022-08-18T08:44:22-04:00August 19th, 2019|Accounting and Auditing, Business|

You may have breathed a sigh of relief after filing your 2018 income tax return (or requesting an extension).  But is your office strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records?  Or perhaps your computer desktop is filled with a multitude of digital tax-related [...]

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CONSIDER THE FLEXIBILITY OF A SELF-DIRECTED IRA

By |2022-08-18T08:44:23-04:00August 12th, 2019|Accounting and Auditing, Retirement|

Traditional and Roth IRAs can be relatively “safe” retirement-savings vehicles, depending on what they’re invested in.  But a drawback is that they limit your investment choices.  A self-directed IRA gives you more flexibility in your investment choices but comes with greater risk as well. GAINING MORE CONTROL A self-directed IRA is simply an IRA that [...]

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NO SURPRISES: WHY YOU SHOULD CHECK YOUR TAX BRACKET

By |2022-08-18T08:44:24-04:00July 29th, 2019|Accounting and Auditing, Taxation|

Many taxpayers learned some tough lessons upon completing their 2018 tax returns regarding the changes brought forth by the Tax Cuts and Jobs Act (TCJA).  If you were one of them, or even if you weren’t, now’s a good time to check your bracket to avoid any unpleasant surprises next April. Under the TCJA, the [...]

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BE READY FOR ANYTHING WITH REGULAR BUSINESS VALUATIONS

By |2022-08-18T08:44:26-04:00July 15th, 2019|Accounting and Auditing, Business|

Do you know the current value of your business?  Even if you’re not considering selling your company or otherwise transferring its ownership right now, it could happen sooner than you think. In some cases, an ownership transfer becomes suddenly appealing when a company struggles to the extent that a sale becomes the best avenue for [...]

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ESTATE PLANNING PORTABILITY LIVES ON UNDER THE TCJA

By |2022-08-18T08:44:26-04:00July 8th, 2019|Accounting and Auditing, Estate planning, Taxation|

When the TCJA was passed, the big estate planning news was that the federal gift and estate tax exclusion doubled from $5 million to an inflation-indexed $10 million. It was further indexed for inflation to $11.18 million for 2018 and now $11.4 million for 2019. Somewhat lost in the clamor, however, was (and is) the [...]

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ENSURING YOUR LONG-TERM CARE POLICY IS TAX-QUALIFIED

By |2022-08-18T08:44:28-04:00July 1st, 2019|Accounting and Auditing, Retirement, Taxation|

A long-term care insurance policy supplements your traditional health insurance by covering services that assist you or a loved one with one or more activities of daily living.  Such activities include eating, bathing, dressing, toileting and transferring (in and out of bed, for example). Long-term care coverage is relatively expensive, but it may be possible [...]

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