Archive

31Dec2015

Coverdell and 529 Education Savings Plans

Article Highlights: Coverdell Education Savings Accounts Qualified State Tuition Programs (Sec 529 plans) Savings Contribution Limits Gift Tax Issues The tax code provides two primary advantageous ways of saving for your children’s education. We frequently get questions about the differences between the programs and about which program is best-suited for a family’s particular needs. The
  • 31 Dec, 2015
  • Jacqueline Cran
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29Dec2015

Don’t Be a Victim to IRS E-Mail and Phone Scams

Thieves use taxpayers’ natural fear of the IRS and other government entities to ply their scams, including e-mail and phone scams, to steal your money. They also use phishing schemes to trick you into divulging your SSN, date of birth, account numbers, passwords and other personal data that allow them to scam the IRS and
  • 29 Dec, 2015
  • Jacqueline Cran
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21Dec2015

The New Tax Legislation

Article Highlights: Individual Provisions Business Provisions Energy Provisions Congress has reached a bipartisan agreement on tax extenders, aptly named “Protecting Americans from Tax Hikes Act of 2015”. Much to everyone’s surprise, some were made permanent while others were only extended for a period of time. Congress also modified several provisions and added new ones to
  • 21 Dec, 2015
  • Jacqueline Cran
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18Dec2015

Are Legal Expenses Tax Deductible?

Article Highlights: Legal Fees Associated With Personal, Living, or Family Issues Legal Fees Associated With Business and the Production of Taxable Income Examples of Legal Fees and Their Deductibility The Tax Benefit of Legal Fee Deductions A frequent question that arises is – are legal expenses tax deductible?  The answer to that question can be both
  • 18 Dec, 2015
  • Jacqueline Cran
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15Dec2015

It’s Time for Year-End Tax Planning

Article Highlights: Capital Gains and Losses Roth IRA Conversions Recharacterizing a Roth Conversion Minimum Required Distribution Annual Gift Tax Exemption Expensing Allowance (Sec 179 Deduction) Self-employed Retirement Plans Increase Basis For the past few years, year-end tax planning has been challenging due to the lateness of action by Congress. This year is no different because
  • 15 Dec, 2015
  • Jacqueline Cran
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12Dec2015

Don’t Be Scammed By Fake Charities

Article Highlights: Scammers and charitable contributions How to check on legitimate charities Disaster scammers As the end of the year approaches, you will probably be besieged by requests from charitable organizations for contributions. The holiday season is the favorite time of the year for charities to solicit donations. But you should be aware that it
  • 12 Dec, 2015
  • Jacqueline Cran
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10Dec2015

Six Best Practices in Billings and Collections

One area where most small-business owners can improve their cash flow is in billings and collections. A thorough credit check before you offer payment terms is not enough. Here are six best practices that can make a real difference in your cash balance at the end of every month. 1. Get it right. One legitimate
  • 10 Dec, 2015
  • Jacqueline Cran
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07Dec2015

IRS Releases Retirement Plan Limits for 2016

Article Highlights: 2016 Retirement Plan Limits 401(k) Plans Tax Sheltered Annuities Traditional & Roth IRAs Self-Employment Plans (SEPs) Keogh Profit Sharing Plans Simple Plans Saving for retirement is one of the most important things you should do. Even though retirement may seem far away now, that time will eventually arrive and you will want to
  • 7 Dec, 2015
  • Jacqueline Cran
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03Dec2015

Have You Taken Your Required Minimum IRA Distribution?

  Article Highlights: Required Minimum IRA Distributions When the Distributions Must Begin RMD Distribution Tables Figuring the Amount of the IRA Distribution IRA-to-Charity Transfers As year-end approaches, this is a good time to make sure you have taken your required minimum IRA distribution (RMD) for 2015. What is an RMD, you ask? The tax code
  • 3 Dec, 2015
  • Jacqueline Cran
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