Small businesses: Can’t offer an FSA? Consider a QSEHRA
Posted September 25, 2019 / No comments
Like many small business owners, you may be unable to sponsor a major medical plan at this time. Perhaps you’ve thought about sponsoring a health Flexible Spending Account (FSA) instead. Unfortunately, under federal regulations, you may not be able to do that either. There is, however, a relatively new option available to you. Compliance rationale
Read MoreBudgeting is key to a successful start-up
Posted September 24, 2019 / No comments
More than half of recent college graduates plan to start a business someday, according to the results of a survey published in August by the American Institute of Certified Public Accountants (AICPA). Unfortunately, the AICPA estimates that only half of new businesses survive the five-year mark, and only about one in three reach the 10-year
Read MoreWhen is tax due on Series EE savings bonds?
Posted September 24, 2019 / No comments
You may have Series EE savings bonds that were bought many years ago. Perhaps you store them in a file cabinet or safe deposit box and rarely think about them. You may wonder how the interest you earn on EE bonds is taxed. And if they reach final maturity, you may need to take action
Read More5 ways to withdraw cash from your corporation while avoiding dividend treatment
Posted September 23, 2019 / No comments
Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent of your corporation’s “earnings and profits.” But it’s not deductible by the corporation. Different approaches
Read MoreHow to treat your business website costs for tax purposes
Posted September 23, 2019 / No comments
These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But determining the proper tax treatment for the costs involved in developing a website isn’t so easy. That’s because the IRS hasn’t released any official guidance on these costs yet. Consequently, you must apply
Read MoreKeep your head in the game to attract IT talent
Posted September 21, 2019 / No comments
There’s little doubt that nearly every type of employer will continue to rely on technology to beat — or even just keep up with — their competition. This means not only acquiring the right hardware and software, but also hiring and retaining the brightest IT people. Indeed, organizations that fall behind in tomorrow’s marketplace may
Read MoreManagement letters: Have you implemented any changes?
Posted September 20, 2019 / No comments
Audited financial statements come with a special bonus: a “management letter” that recommends ways to improve your business. That’s free advice from financial pros who’ve seen hundreds of businesses at their best (and worst) and who know which strategies work (and which don’t). If you haven’t already implemented changes based on last year’s management letter,
Read MoreThe Crummey trust: Still relevant after all these years
Posted September 20, 2019 / No comments
Traditionally, trusts used in estate planning contain “Crummey” withdrawal powers to ensure that contributions qualify for the annual gift tax exclusion. Today, the exclusion allows you to give up to $15,000 per year ($30,000 for married couples) to any number of recipients. Now that the gift and estate tax exemption has reached an inflation-adjusted $11.4
Read MoreUncle Sam may provide relief from college costs on your tax return
Posted September 17, 2019 / No comments
We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private not-for-profit four-year institutions. These amounts don’t include room and board, books, supplies, transportation
Read MoreControl how your charitable gifts are used by adding restrictions
Posted September 14, 2019 / No comments
If philanthropy is an important part of your estate planning legacy, consider taking steps to ensure that your donations are used to fulfill your intended charitable purposes. Outright gifts can be risky, especially large donations that will benefit a charity over a long period of time. Even if a charity is financially sound when you
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