by Paula Kennedy, EA | Aug 24, 2023 | Blog, Tax, Uncategorized
If your employer provides life insurance, you probably find it to be a desirable fringe benefit. However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications. You’re...
by Brian Hare, CPA, CGMA | Nov 7, 2018 | Business
In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some...
by Brian Hare, CPA, CGMA | Feb 9, 2018 | Estate Planning, Tax
For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses. It’s been particularly valuable for business owners, whose families might not have the liquid assets they need to pay...
by Brian Hare, CPA, CGMA | Nov 6, 2017 | Business, Uncategorized
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...
