If you are a person who has assets of significant value, you want to pass this wealth on to your heirs. To do so while minimizing estate taxes and providing the assets to your heirs tax-free, it is vital you understand tax strategies that work best in these situations. Along with common strategies such as gifting and making direct payments to colleges, universities, and other educational institutions, other possibilities may exist based on low interest rates and the volatility of the stock market.
Read More
If like many business owners across the U.S. you relied on a loan from the Paycheck Protection Program to keep your business afloat during the COVID-19 pandemic, you were certainly glad to have this financial assistance. However, when the time comes for you to file your taxes, you may have many questions as to your tax obligation regarding your loan. Since most tax issues are quite complex, the PPP loan only makes things a bit more muddled and confusing. To make sure you have a good understanding of your state and federal tax obligation for your PPP loan, here's what you need to know.
Read More
With tuition rates and fees going up every year, seeing your child graduate with their college degree may sometimes feel like an impossible dream. However, it doesn't have to be like this. In fact, if you start planning early on and explore various options, you may find that paying for your child's education may be easier than you expected. To make sure the money is there when it's time for your child to start college, here are a few savvy money moves for your consideration.
Whole Life Insurance Policy
Read More
When the golden years approach, many soon-to-be retirees start looking for better horizons. A higher quality of life often means relocating to a new state. When it comes time for you to retire, you may get the relocation bug, like many other retirees before you. While a considerable number of retirees stay right where they are, thousands of retirees decide to up stakes and move. There are many reasons why retirees move. They include:
Wanting to Downsize
Read More
You may have noticed a lot of talk lately about something called, “universal basic income.” The increase in online chatter about universal basic income, or UBI, is likely connected to the government handing out stimulus money during the pandemic.
Read More
In case you haven't noticed over the years, the federal government tends to move at a very slow pace. This is particularly true of the IRS, where speed is something that rarely, if ever happens. Unfortunately, this is very frustrating when it involves your tax refund. As the COVID-19 pandemic has taken hold across the United States, it has slowed the IRS down even more. Thus, you may be wondering why your tax refund is taking so long to process.
Read More
The pandemic has wreaked havoc with many family’s finances. To help with this, the federal government has made it much easier for many parents to take advantage of the child tax credit and advance child tax credit. But, as with anything concerning your taxes and the IRS, there are various guidelines you must follow to ensure your information is correct, and so that you get the tax credit you expect. To help guide you through this process, we have compiled some of the most common questions and answers pertaining to this important topic.
What are Advance Child Tax Credit Payments?
Read More
When the COVD-19 pandemic hit, thousands of small businesses were shutting their doors, laying off workers, and wondering if they would ever open up again. However, once Congress passed the CARES Act, businesses could take out loans that would prop them up and survive the pandemic. Best of all, these Paycheck Protection Program (PPP) loans were set up to be forgivable. However, forgiveness is not set in stone with these loans, meaning business owners who perhaps let deadlines lapse may be on the hook for whatever amount of money they borrowed.
Read More
Financial fraud is rampant around the world, but citizens of the U.S. have arguably experienced more than their fair share due to our reputation as a wealthy country. Simply by being a U.S. resident, your odds of being targeted for financial fraud may be higher than if you lived in a second or third world country. And, while technology has added much to our lives, it’s also opened doors to hackers and other nefarious criminals whose sole mission is to come up with devious plans to part you from your money.
Read More
Are you thinking of selling your small business? Whether you’re selling it to raise cash for something else, because you want to get out of the business world or because it’s the right time to sell due its overwhelming success, it pays to consider the tax ramifications. Handling tax issues correctly when selling your small business will save you money and keep you secure from any potential problems with the tax man.
Negotiate Sales of Assets Independently
Read More
As you know, most income you earn or receive over the course of a year is subject to being taxed. While in many situations the taxes are paid through withholding, other situations may require you to make estimated tax payments. Most often, this occurs when an insufficient amount of taxes are withheld from your salary, you receive other forms of income, or you own a business. When you don't pay your fair share of taxes, the IRS can subject you to penalties that may quickly accumulate.
Read More
One of the best ways to put away money for your retirement is with a Roth IRA. A Roth IRA differs from a traditional IRA in that a Roth IRA lets your money grow tax-free, plus allows for tax-free withdrawals. Knowing that, it’s easy to understand why this is such a popular savings option for so many people. But, as with any type of retirement plan where contributions and distributions are part of the mix, the IRS has a complex set of rules that can be ever-changing from year to year.
Read More
Many ambitious entrepreneurs launch an online business using their own funds. They use personal savings or max out credit cards. Tactics like these are even lauded. You can find many articles on the internet that encourage entrepreneurs to do whatever it takes to launch their business online. Entrepreneurs who “risk it all” are called brave and “hungry.” But don’t rush to take advice that puts your own financial security on the line. Instead, run through the ideas outlined below for launching an online business.
Read More
Do you feel the urge to start your own business? Whether you’re thinking of an online business or something firmly planted in the brick and mortar realm, you’ll be glad to know there are plenty of resources available to you. Most of the following resources are free. Some require a small investment. All of them are valuable and indispensable to entrepreneur-minded folks like you.
1. SBA
Read More
While only a few months ago it may not have seemed possible, most states are now lifting mask and social distancing mandates, meaning life where you live and elsewhere in the nation is slowly but surely returning to normal. However, the COVID-19 pandemic took quite a toll on businesses, yours included. Therefore, while you're optimistic about the future, you know you have plenty of work ahead of you to re-energize your business.
Read More
If you are like many people, you may be involved in cryptocurrency trading, such as Bitcoin. If this is the case, don't assume that you have found a Shangri-La that means any money you earn is not sought after by the IRS to be taxed. In fact, the opposite is true, since the IRS has for several years been on an all-out offensive to track down those who may have unreported cryptocurrency transactions. If you are curious about how your involvement in cryptocurrency will impact your taxes, here is everything you need to know.
Crypto Transactions are Not Anonymous
Read More
Brainstorming is a fun and effective way to stimulate the creative side of your brain. If you want to leverage the post-pandemic surge in business, you may be thinking about starting a business. But ideas can be hard to come by; especially when you feel that time is of the essence. The pressure to come up with a viable business idea within a certain timeframe can make it even harder to think creatively. Thankfully, there are tools available to help you brainstorm your next business idea.
What Does It Mean to Brainstorm?
Read More
If you are a business owner and have thousands of customers buying your product or service on a daily basis, this sounds like a great formula for success. However, there’s more to the success formula than sales. You need to pay attention to your customer acquisition cost. If it costs too much to acquire your customers, this will cut into your profits. If your customer acquisition cost is too high, you and your business have a serious problem that needs to be corrected as quickly as possible.
Read More
As a business owner, you have put in many long hours making sure your business is successful. But if you want to keep it growing in the years ahead, you will need to develop a brand strategy that will keep your business and its products or services appealing to both new and existing customers. Contrary to what many may think, defining and managing your brand will allow you to project the image you desire, which is especially important in today's age of social media. If you are preparing to develop a brand strategy for your business, follow these steps to turn your vision into reality.
Read More
If you have a specific societal problem you would like to address, such as a charitable cause, educational issue, or even helping unwanted dogs and cats find their forever homes, you may be thinking about starting a non-profit organization. While you will be able to do much good, it is important you know all the major steps involved in your project. Though certain disadvantages exist, just as there are with any venture, the pros outweigh the cons. Now that you know what you want to do, here are some of the biggest benefits to forming a non-profit.
Read More
If you are an employer and want to gain instant popularity with your employees, hand out bonuses at the end of the year, or any other time, for that matter. Along with showing your appreciation for their hard work, bonuses also demonstrate that you are willing to share your company's success with all those who are making it happen. According to recent surveys, almost 80% of all businesses in the U.S. plan to give their employees some form of a bonus during a typical year. But before handing out employee bonuses, here are some things you and your employees should know.
Read More
Now that you are close to retiring, you need to decide where you wish to spend your post-work life. Even if you have planned well and have plenty of financial resources at your disposal, you also realize that money doesn't go as far as it did years ago. Therefore, you need to find a place to live that has low tax rates and other benefits that will make your retirement much more secure from a financial standpoint. If you are ready to find your retirement haven, keep these common tax considerations in mind as you make your retirement destination choice.
Read More
While most people are accustomed to being in debt for homes, cars, and other things, being in debt to the IRS is a different matter altogether. Since the federal government does not appreciate it when folks don't pay the amount of taxes they owe, the penalties for tax debt are often severe. Unfortunately, many people try to ignore their tax debt problems, hoping they will magically disappear. Instead, they only get worse. If you are in trouble with the IRS, here are some tips for how to deal with your tax debt.
Make It Your Top Priority
Read More
As the COVID-19 pandemic has raged across the U.S.
Read More
Financial fraud is rampant around the world, but citizens of the U.S. have arguably experienced more than their fair share due to our reputation as a wealthy country. Simply by being a U.S. resident, your odds of being targeted for financial fraud may be higher than if you lived in a second or third world country. And, while technology has added much to our lives, it’s also opened doors to hackers and other nefarious criminals whose sole mission is to come up with devious plans to part you from your money.
Read More
The volume and importance of your accounts receivables balance varies significantly by business type. A hair salon where customers pay at the time of service likely doesn’t have a large amount of accounts receivable. A manufacturing company that ships product before payment, and extends generous payment terms, likely has a
If extending terms, sending invoices, and waiting for payment impacts your cash flow, it’s important that you develop a system to manage your accounts receivable.
Creating a System
Read More
Whether you are a business owner or an individual, meeting with your CPA is of course important when it comes to your taxes or other financial matters. However, even if you consider yourself to be well-versed in accounting, there are usually a few terms tossed your way that may leave you confused. Rather than sit there and continue to wonder what it is your CPA is talking about and how it will impact your situation, here are 15 of the most common accounting terms explained in easy-to-understand language.
1. Book Value
Read More
If there is one thing you as a taxpayer want to avoid, it is being audited by the IRS. While the chances of it are usually very slim, there are certain red flags that do get the attention of IRS officials now and then. Whether it is tax returns for individuals or those connected to a business, an IRS audit will be very detailed, time-consuming, and could potentially lead to criminal charges being filed against you, depending of course on the alleged violations.
Read More
People become small business owners through several methods. Some inherit a family business when a parent or relative retire. Others launch an innovative new product and find themselves running a company without ever planning on it. But for some, those with money to invest upfront, they intentionally enter the small business world by becoming a franchise owner.
Read More
For some businesses, the COVID-19 pandemic changed things overnight. Employees went home with their laptops and some haven’t returned to the office in over a year. What people thought would be temporary is looking very permanent.
Corporations have closed headquarters and terminated their leases early, and one survey of small business owners found that only one in five plans to reopen their physical store. As you think about the future, do you need an office?
Read More
