Taming the tax tangle if you’re retiring soon
February 5, 2025 | Janet Kanan, EA
Are you retiring soon? Read this article to find out the tax implications and what you can do to be prepared.
Read MoreTax Reform and the Gift, Estate and GST Taxes
December 4, 2017 | Brian Hare, CPA, CGMA
As Congress and President Trump pursue their stated goal of passing sweeping new tax legislation before the end of the year, many taxpayers are wondering how proposed tax reform will affect estate planning; specifically, the future of gift, estate and (generation-skipping-transfer) GST taxes. Potential estate tax law changes are emerging Under current law, the combined federal […]
Estate planning & a Letter of Instructions
December 4, 2017 | Brian Hare, CPA, CGMA
When you draft an estate plan, the centerpiece is your will or living trust. Such a document determines who gets what, where, when and how, as well as tying up the loose ends of your estate. A valid will or living trust can be supplemented by other legally binding documents, such as trusts (or additional […]
Beware this W-2 Scam
November 30, 2017 | Brian Hare, CPA, CGMA
Here is an excerpt from the IRS Newswire, cautioning us to be aware of this W-2 Phishing scam: The W-2 scam has emerged as one of the most dangerous and successful phishing attacks as hundreds of employers and tens of thousands of employees fell victim to the scheme in the past year. This scam is […]
Make Tax-Free Cash Gifts before Year End
November 28, 2017 | Brian Hare, CPA, CGMA
As the holiday season quickly approaches, gift giving will be top of mind. While gifts of electronics, toys and clothes are nice, making tax-free cash gifts using your annual exclusion is beneficial for both you and your family. Even in a potentially changing estate tax environment, making annual exclusion gifts before year end can still benefit your estate […]
Flexible Spending Accounts offer Flexibility
November 28, 2017 | Paula Kennedy, EA
Business owners have to make tough choices when it comes to providing benefits to their employees. Many companies, especially newer or smaller ones, may understandably prioritize flexibility. No one wants to get locked into a benefits offering that’s cumbersome to administer and expensive to maintain. There’s one possibility that has the word “flexible” built right […]
4 Tips to Help Improve Your Email Marketing
November 28, 2017 | Ryan Burke, CPA, MSF
No business owner wants to send out spam. Even the term “email blast,” the practice of launching a flurry of targeted messages at customers and prospects, has mixed connotations these days. Still, email remains a viable and even necessary communications channel. Here are four tips to help improve your email marketing and keep them out of recipients’ […]
Minimize Inventory to Improve Cash Flow
November 28, 2017 | Brian Hare, CPA, CGMA
Your business financials — where they stand currently and where they might be going next year — are incredibly important. Obviously, sales and expenses play enormous roles in the strength of your position. But a fundamental and often-overlooked way of making your cash flow statement shine is to minimize inventory or services so you have […]
Who Should Own Your Life Insurance Policy?
November 6, 2017 | Brian Hare, CPA, CGMA
If you own life insurance policies at your death, the proceeds will be included in your taxable estate. Ownership is usually determined by several factors, including who has the right to name the beneficiaries of the proceeds. The way around this problem is to not own the policies when you die. However, don’t automatically rule […]
Take A Flexible Approach to Estate Tax Planning
November 6, 2017 | Brian Hare, CPA, CGMA
Events of the last decade have taught us that taxes are anything but certain. Case in point: Congress is mulling abolishing gift and estate taxes as part of tax reform. So how can people who hope to still have long lifespans ahead of them plan their estates when the tax landscape may look dramatically different […]
Cash Balance Plans can Accelerate Retirement Planning
November 6, 2017 | Brian Hare, CPA, CGMA
Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and profit-sharing plans can hamper retirement-planning efforts. One solution may be a cash balance plan. Defined benefit plan with a twist […]