Summary: The depreciation tax break can be nice, but it’s one of the more complicated parts of the tax code. It’s easy to make a mistake, as the IRS draws some fine lines. Click through for the details so you neither violate the rules nor leave money on the table. Depreciation is an annual tax deduction […]
Summary: Escrow accounts allow homeowners to set aside money each month to cover insurance premiums and property taxes. Click through for some thoughts on the pluses and minuses so you can find out whether an escrow account makes sense for you. With the flexibility offered by an outsourced chief financial officer, you’ll have access to expertise […]
Summary: You’ve heard of outsourcing accounting, payroll, IT, and marketing — but outsourcing your chief financial officer? It may sound outlandish, but this could very well be the solution that you need. Click through to give your business access to financial expertise and related best practices. With the flexibility offered by an outsourced chief […]
Summary: Does the fear of receiving a notice from the Internal Revenue Service regarding an audit keep you awake at night? Click through for insight into how you can avoid an IRS audit. While you cannot fully control whether the IRS audits you come tax season, there are measures you can take in an effort to […]
Summary: Whether you sell gardening supplies or computer components, inventory can be a nightmare, especially in this era of disruptions related to COVID-19. Click through for some tips to manage your inventory in a productive way. Do you always have the necessary products available when you need them? Have you lost out on business because items […]
Summary: In these rapidly changing times, you may want to rehire, at least on a temporary basis, staff who have formally retired. But does that change their pension status? Click through to learn how to follow the complex tax rules in this situation. If you find yourself short-staffed, there’s no harm in calling a former employee […]
Summary: The Foreign Account Tax Compliance Act requires that U.S. individuals who hold foreign financial assets must report those assets to the IRS. Click through for an overview of your responsibilities under FATCA rules. Under the Foreign Account Tax Compliance Act, U.S. taxpayers holding financial assets outside the U.S. must report those assets to the IRS […]
Summary: Are you settling an estate for someone who didn’t leave a will? This can lead to problems, but they’re not insurmountable. Click through to become familiar with intestate succession laws that control who inherits property if no will exists. Did a close relative die and not leave a will? You will face some complexities, but […]
Summary: Contributing to your workplace retirement plan, avoiding withdrawals, paying off debts, and setting up multiple sources of income are four ways to retire sooner. Click through for more ideas on how to put your work life behind you at a younger age. Retiring early is a goal for many people. However, according to findings from […]
Summary: Each year, employees may undergo life changes that could affect their income tax withholding. This is why it’s important to remind your employees to review their withholding every year, especially as they’re currently filing income tax returns. Click through to learn what employees should do once a year. The IRS says, “All taxpayers […]