Article Highlights: Noncash Charitable Contributions Establishing Donation Value Fair Market Value Documentation Requirements Appraisal Requirements Tax legislation passed in late 2017 nearly doubled the standard deduction for years 2018 through 2025, and now about 90% of individuals filing a tax return are taking advantage of the higher standard amount and are not itemizing their deductions. For the 10% of filers still itemizing, one of [...]
In the bustling world of small businesses, where every decision can significantly impact your bottom line, overstaffing can be a major problem. One of the main reasons for this is that hiring too many employees can happen before you even realize it – you might be trying to overcompensate for prior staffing issues but end up with too many people on your payroll instead. [...]
Article Highlights: Charitable Deduction AGI Limitations Donations of Unused Employer Time Off Contributions of Appreciated Assets IRA to Charity Contributions Non-cash Contributions Avoiding Fraudulent Charities There are some unique ways to make charitable contributions that can provide tax advantages to the donor. Before deciding about your charitable giving for the year, you may benefit from this article on ways to contribute that will help [...]
Article Highlights: Overview Eligible Education Expenses Credit Qualifications American Opportunity Credit Lifetime Learning Credit Qualifications Who Gets the Credit If you think that education credits are just for sending your children to college, think again; the credits are available to you, your spouse (if you are married), and your dependents. Even if you or your spouse only attend school part time, you still may [...]
For many business owners, the future is uncertain. Would you like to ensure the long-term success of your enterprise, reducing stress and providing peace of mind? That's where succession planning comes in. Every successful business gets to that point thanks to careful planning and strategic foresight. While most business owners focus on maximizing present success, it's equally crucial to consider the future. Here, we [...]
As the winds of economic uncertainty continue to blow, many businesses find themselves sailing through turbulent waters. With high interest rates and mounting consumer debt, fears of an impending recession loom large. But amid these challenges lies an opportunity for businesses to not only survive but thrive. Here, we offer a compass to guide you through these uncertain times and help recession-proof your business. [...]
Article Highlights: If You Can’t Pay Automatic Extension in Federally Declared Disaster Areas Family Loans Home Equity Loans and HELOCs Credit Card Short-term Payment Plan IRS Installment Agreement Retirement Funds Filing Extensions Enforced Collections Offer-in-Compromise About 3 out of 4 American taxpayers receive a refund each year when they file their income tax returns, but there are those who for one reason or another [...]
Article Highlights: Alabama Federal Court Decision Corporate Transparency Act Purpose Court Ruled Act Overreached Implications Financial Crimes Enforcement Network (FinCEN) FinCEN March 5, 2024, Announcement Status of Reporting Pending Appeals by the Treasury Department In a landmark decision on March 1, 2024, a federal district court in Alabama declared the Corporate Transparency Act (CTA), a piece of legislation aimed at combating money laundering, unconstitutional. [...]
Article Highlights: Extensions Balance-Due Payments Contributions to Roth or Traditional IRAs Individual Refund Claims for the 2020 Tax Year Missing Information As a reminder to those who have not yet filed their 2023 tax returns, April 15, 2024, is the due date to either file a return (and pay the taxes owed) or file for an automatic extension (and pay an estimate of the [...]
One fundamental financial practice that often gets overlooked, yet holds immense importance, is the separation of personal and business finances. By maintaining distinct bank accounts and credit cards for business transactions, small business owners can streamline bookkeeping processes, ensure accurate expense tracking, and foster clarity in financial management. Importance of Separating Personal and Business Finances: The intertwining of personal and business finances can lead [...]
