Taking Distributions From Your Traditional IRA
August 22, 2019 Knowledge Center
Taking Distributions From Your Traditional IRA

If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles. Knowing the fine points of the IRA distribution rules can make a significant difference in how much you and your family […]

Understanding the Contents of a Will
August 20, 2019 Knowledge Center
Understanding the Contents of a Will

You probably don’t have to be told about the need for a will. But do you know what provisions should be included and what’s best to leave out? The answers to those questions depend on your situation and may depend on state law. Basic provisions Typically, a will begins with an introductory clause, identifying yourself […]

Is It Time to Hire a CFO or Controller?
August 16, 2019 Knowledge Center
Is It Time to Hire a CFO or Controller?

Many business owners reach a point where managing the financial side of the enterprise becomes overwhelming. Usually, this is a good thing — the company has grown to a point where simple bookkeeping and basic financial reporting just don’t cut it anymore. If you can relate to the feeling, it may be time to add […]

“Innocent Spouses” May Get Relief from Tax Liability
August 15, 2019 Knowledge Center
“Innocent Spouses” May Get Relief from Tax Liability

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after either spouse to collect the entire tax — not just the part that’s attributed to one spouse or the other. This includes […]

The Tax Implications of Being a Winner
August 13, 2019 Knowledge Center
The Tax Implications of Being a Winner

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune.   Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re […]

4 Common Mistakes When Outsourcing HR Functions
August 7, 2019 Knowledge Center
4 Common Mistakes When Outsourcing HR Functions

For many small and even some midsize employers, keeping up with the regulatory and administrative functions of human resources (HR) isn’t easy. Sometimes most or all the work is assigned to an office manager who isn’t specifically trained to handle HR and may inadvertently make costly slip-ups. And even if the organization manages to stay […]

Naming a Trustee May Be One of the Most Important Decisions of Your Life
August 2, 2019 Knowledge Center
Naming a Trustee May Be One of the Most Important Decisions of Your Life

When it comes to estate planning, trusts are appealing for many reasons. They can enable you to hold and transfer assets for beneficiaries, avoid probate and reduce estate tax exposure. But they can be complicated to set up. One of the major decisions you’ll need to make when establishing a trust is who will act […]

A Buy-Sell Agreement Can Provide the Liquidity to Cover Estate Taxes
July 27, 2019 Knowledge Center
A Buy-Sell Agreement Can Provide the Liquidity to Cover Estate Taxes

If you own an interest in a closely held business, it’s critical to have a well-designed, properly funded buy-sell agreement. Without one, an owner’s death can have a negative effect on the surviving owners. If one of your co-owners dies, for example, you may be forced to go into business with his or her family […]

Summer: A Good Time to Review Your Investments
July 22, 2019 Knowledge Center
Summer: A Good Time to Review Your Investments

You may have heard about a proposal in Washington to cut the taxes paid on investments by indexing capital gains to inflation. Under the proposal, the purchase price of assets would be adjusted so that no tax is paid on the appreciation due to inflation. While the fate of such a proposal is unknown, the […]

Volunteering for Charity: Do You Get a Tax Break?
July 16, 2019 Knowledge Center
Volunteering for Charity: Do You Get a Tax Break?

If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property generally are tax deductible for itemizers, it may […]

Is your Accounting Software Living up to the Hype?
July 12, 2019 Knowledge Center
Is your Accounting Software Living up to the Hype?

Accounting software typically sells itself as much more than simple spreadsheet or ledger. The products tend to pride themselves on being comprehensive accounting information systems — depending on the price point, of course. So, is your accounting software living up to the hype? If not, there are a couple of relatively simple steps you can […]

4 Negative Outcomes of Jointly Owning Property with a Family Member
July 9, 2019 Knowledge Center
4 Negative Outcomes of Jointly Owning Property with a Family Member

A common estate planning mistake that people make is to own property jointly with an adult child or other family member. True, adding a loved one to the title of your home, bank account or other property can be a simple technique for leaving property to that person without the need for probate. But any […]