It is widely agreed that all small businesses, no matter which industry, go through similar definable stages of growth. Researchers have found that each growth stage has certain “personality traits,” so to speak, which distinguish one growth stage from another. There are discernable characteristics of each growth stage which, if recognized and understood, can be useful for understanding and identifying the organization’s progress.
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At first glance it might seem more than just a little odd that a large number of debtors surveyed were reluctant to take advantage of alternative “non-government” financing options—i.e. refinancing their student loans for a more attractive interest rate. This begs the question: why won’t a larger number of student loan debtors take advantage of refinancing alternatives that would lower their effective interest rate?
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A 529 College Savings Plan is a plan operated by a state or educational institution, with tax advantages and potentially other incentives to make it easier to save for college and other post-secondary training for a designated beneficiary, such as a child or grandchild.
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Owning a business is a dream shared by many. The dream of an independent professional lifestyle, self-made financial success, and “being the boss” is not uncommon. Unfortunately, the proportion of those entrepreneurs who have invested valuable time, money, and heart-felt emotions in search of the independent “being the boss” lifestyle have fallen short of the mark. Also unfortunate is how the pain and suffering endured throughout the effort of trying to start one’s own business is not confined to just the individual investor but also to the rest of the family.
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Many of us will eventually face what it’s like to engage a professional caregiver to help care for the needs of someone we love. It’s not an easy task, and sometimes it can be frightening as we entrust the life of a loved one to someone outside of the family. The process of finding the right person to help our loved one securely stay in their home can seem like a daunting undertaking. Even though the benefits of having help are obvious, the idea of inviting a stranger to live in your home and take care of a loved one makes many people feel uncomfortable.
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In recent history there has been a growing amount of concern over the financial illiteracy of our nation’s high school students. One aspect of the problem is that parents and students both assume they know what financial literacy entails, when in truth they only have part of the picture.
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All too often anyone you talk to who has student loan debt will tell you the same thing: they feel that they are making little to no progress in paying this debt off.
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Congratulations if you happen to be one of the fortunate taxpayers to receive a tax refund this year! The typical refund averages around $3,000, an amount that isn’t exactly chump change, and you’re probably wondering what you should do with all that money.
We suggest that you take the time to evaluate the recommendations below, and then develop a plan for what you’re going to do with your refund.
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Have you just closed on the purchase of your first home? If so, then a congratulations is in order! After years of dreaming and planning for what it would be like to finally have your very own home the dream has become a reality. You can now claim your own little piece of heaven!
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A Roth IRA is a form of individual retirement plan that resembles, except for certain key elements, the traditional IRA individual retirement plan. The more notable differences between the traditional IRA and the Roth IRA lie in the rules that govern their contributions and withdrawals.
Unlike traditional IRAs, contributions to a Roth IRA are “after tax.” This means that contributions to a Roth IRA are not tax deductible but are subject to tax.
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In a previous article posted in February 2016 we discussed the Family and Medical Leave Act of 1993 (FMLA). In this article, we will discuss what the Paid Family Leave Act (PFL) is and how it works as an adjunct to the FMNA. The FMNA and PFL work together; they do not cancel each other out or replace the other.
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Before entering a discussion of ways to grow your business it would be worthwhile to investigate what growth really is.
One of my favorite business axioms is “the only constant is change.” When discussing the topic of growth, what we’re really talking about is change. Growth refers to an organization’s ability to manage and implement changes within the organization.
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Big changes are coming to over-time policy. As noted in Accounting Today, in 2015 the Department of Labor proposed a rule change that will have a monumental impact on the way employers compensate their employees for over-time. The rule change raises the overtime exemption threshold under the Fair Labor Standards Act (FLSA). The final version of this rule change is not expected to be released until late 2016.
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Crowdfunding is a tool that provides an alternative to more traditional forms of financing available from banks and other institutions. It has evolved to answer the needs of investors and entrepreneurs who have a desire to participate in a variety of investment opportunities but are severely limited by the amount of cash or credit they have available.
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Income tax reform and President Trump are not exactly my two favorite topics. However, understanding the impact on various income tax deductions and tax credits brought about by President Trump’s attempt to “make things better” vis-à-vis tax reform should not be ignored. One thing is for sure, the impact of Trump’s tax reform will almost certainly be “give and take.”
Although nothing is yet known for certain, some tax deductions and credits may be traded for lower overall rates in the reform plans of the Trump administration and the Republican congressional leadership.
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The IRS issued a worrisome warning on Tuesday, March 1, 2016: payroll and human resources departments should beware of an email phishing scheme in which cybercriminals pose as company executives (including CEOs) and ask for confidential employee information, such as Forms W-2, Wage and Tax Statement, as well as employees’ Social Security numbers, address, date of birth, and salary.
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Are you seeking financial relief from a tax liability for an amount less than the full amount owed? The Internal Revenue Service has published the following Tax Topic 204 as a guide for taxpayers seeking relief from a tax liability for an amount less than the full amount owed.
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The following questions and answers provide information to individuals of the same sex who are lawfully married (same-sex spouses). These questions and answers reflect the policy outlined in Revenue Ruling 2013-17 in 2013-38 IRB 201.
Q1. When are individuals of the same sex lawfully married for federal tax purposes?
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Do you feel overwhelmed around tax time when trying to select a qualified and suitable tax return preparer? The Internal Revenue Service has published the following Tax Topic 254 as a guide for taxpayers when selecting a tax return preparer.
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The following 2016 information is an update of the “Preview Of Some Key 2016 Tax Figures” article originally published last October (2015). The October 2015 publication was presented using estimated figures for 2016.
However, the IRS has recently released official 2016 tax figures. This being the case, what better time is there to start thinking about implementing a tax planning initiative focused on tax year 2016 activity? The following up-to-date figures will assist you with that initiative:
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Pursuant to the terms and requirements of the Affordable Care Act (“ACA”), Forms 1095B and 1095C must be prepared and filed by certain employers and provided to employees by a statute specific time in order to be in full compliance with the ACA.
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The following discussion is an excerpt taken from a press release made available by the White House Office of the Press Secretary addressing “New Steps to Advance Equal Pay on the Seventh Anniversary of the Lilly Ledbetter Fair Pay Act”:
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Near the end of last year (December 2015), as PR News Wire notes, Congress passed and President Obama signed into law the Protecting Americans from Tax Hikes (PATH) Act, a broader bipartisan tax bill that extended (and in certain instances, made permanent) over 50 expiring provisions of the tax code.
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The primary authoritative support concerning the valuation and reporting and recordkeeping of charitable donations is addressed in the Internal Revenue Service -- Publications 526 and 561.
Publication 561 focuses on the topic of “Determining The Value Of Donated Property.” Publication 526 addresses basically all other relevant topics of concern regarding Charitable Donations. This article focuses primarily on Charitable Contribution issues other than valuation, such as reporting to the IRS.
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The Family and Medical Leave Act of 1993 (FMLA) entitles eligible employees of covered employers to take unpaid, job-protected leave for specified family and medical reasons with continuation of group health insurance coverage under the same terms and conditions as if the employee had not taken leave. Employees are also entitled to return to their same or an equivalent job at the end of their FMLA leave.
This article intends to shed some light about the following:
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Perhaps the most significant transaction faced by any business owner is the sale of his or her business. Inevitably, a variety of factors will play a role both before and after consummating the transaction. Most, if not all, of these factors will have a direct bearing on the success of the adopted exit strategy which will translate into the maximum possible return, or profit, to the seller.
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Over the last several years there has been increased popularity and attention given to “leasing” as a financing alternative over the outright purchase alternative when acquiring an automobile.
There’s no question that leasing offers some significant benefits over an outright purchase, otherwise it wouldn’t be so popular. This blog, however, is intended to be a wake-up call for those who don’t fully comprehend some of the negative aspects and consequences of leasing a car instead of purchasing a car outright.
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In our March 2014 newsletter, we provided a discussion entitled “What Are The Chances of Being Audited.” The article focused on the relative possibility of an audit given different levels of income. To more completely address the question of “What Are The Chances of Being Audited,” this article goes beyond income level and addresses the impact of different types of transactions and deductions on the relative chance for a tax audit.
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For quite some time, jurisdictions have had laws on the books requiring that employers grant employees sick leave without pay. Mandatory compensation while away for sick leave had never really been an issue. Over the past few years, however, momentum has been increasing to make it the law that workers be compensated while away from work for time taken off for sick leave.
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Whether the funding is for kick-starting a great idea for a new business or achieving a competitive advantage that will fuel future growth, little else matters as much as having the cash to make your entrepreneurial dreams a living reality.
In order to thrive, businesses typically require hard assets such as equipment, access to real estate for things such as office and warehouse space, computer equipment, etc. In addition to these hard assets are softer assets such as employees comprising the business's work force.
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