Tax saving strategies

Tax Saving Strategies for Mid-Year

In the quest to reduce your tax bill, year end planning can only go so far. Tax saving strategies take time to implement, so review your options now. These 3 tax saving strategies for mid-year can be very effective: 1. Consider your bracket The…
vacation home

Tax Consequences of Vacation Homes

Do you own a vacation home that you rent out and use personally?  Make sure you understand the potential tax consequences of vacation homes: If you rent it out for less than 15 days: You don’t have to report the income. But expenses…
GST Tax

Beware the Generation-Skipping Transfer (GST) Tax?

As you plan your estate, don’t overlook the generation-skipping transfer (GST) tax. Despite a generous $5.49 million GST tax exemption, complexities surrounding its allocation can create several tax traps for the unwary. Beware the Generation-skipping…
Stretch IRA

Turning Your IRA into a Stretch IRA

The IRA’s value as a retirement planning tool is well known: IRA assets compound on a tax-deferred (or, in the case of a Roth IRA, tax-free) basis, which can help build a more substantial nest egg. But if you don’t need an IRA to fund your…
Retirement savings

Are Your Retirement Savings Safe from Creditors?

A primary goal of estate planning is asset protection. After all, no matter how well your estate plan is designed, it won’t do much good if you wind up with no wealth to share with your family.  Are your retirement savings safe from creditors? If…
holding joint title

Holding Joint Title to Property with Children

Holding joint title on property with one or more children or other heirs is a common estate planning “shortcut.” But like many shortcuts, it can produce unintended — and costly — consequences.  Know what to expect before owning assets…
Lost Sales Opportunities

Lost Sales are Lost Opportunities

“Sorry, we don’t carry that item.” Or perhaps, “No, that’s not part of our service package.”  How many times a year do your employees utter these words or ones like them? Lost sales are lost opportunities. The specific number is…
Company disaster

Is Your Company Prepared for any Disaster?

What could stop your company from operating for a day, a month or a year? A flood or fire? Perhaps a key supplier shuts down temporarily or permanently. Or maybe a hacker or technical problem crashes your website or you suddenly lose power.…
too much cash

Does Your Business Have Too Much Cash?

Does your business have too much cash? From the time a business opens its doors, the owner is told “cash is king.” It may seem to follow that having a very large amount of cash could never be a bad thing. But, the truth is, a company that’s…
phishing
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Phishing Scams and Tax Professionals: Increase Security and "Don't Take the Bait"

The IRS warns that tax professionals are increasingly the targets of phishing scams. Increase cyber security and beware of email that appears to be from friends, customers or companies. In conjunction with their Security Summit, the IRS…