Author Archives: ABIP



ABIP

Are you ready to expand to a second location?
in News

Are you ready to expand to a second location?

Are you thinking about expanding your business to a second location? If so, make sure your company is truly ready. First ask whether you can duplicate the success of your current location at another one. Also look into how an expansion might create conflicts between the two locations. Explore the financial aspects, too. How will you fund the expansion? Can your cash flow keep up...

Read More

0
12 Sep 2018
3 reasons you should continue making lifetime gifts
in News

3 reasons you should continue making lifetime gifts

The TCJA doubled the lifetime gift and estate tax exemption this year to an inflation-adjusted $11.18 million. But it can still pay to make lifetime gifts. First, gifting removes future appreciation from the estate, saving estate tax for taxpayers with very large estates. Second, the higher exemption isn’t permanent, so taxpayers who don’t have to worry about estate tax now might have to when the...

Read More

0
28 Aug 2018
At your own risk: The pitfalls of DIY estate planning
in News

At your own risk: The pitfalls of DIY estate planning

There’s no law that says you can’t prepare your own estate plan. It’s easy to do so, thanks to an abundance of online services that automate the creation of a will. But unless your estate is small and your plan is exceedingly simple, the pitfalls of DIY estate planning can be many. A common mistake is to neglect the formalities associated with the execution of...

Read More

0
21 Aug 2018
Protect your peace of mind with a trust protector
in News

Protect your peace of mind with a trust protector

Do you need a trust protector? Maybe, if you aren’t completely confident the trustee will carry out your wishes. A trustee manages the trust on a day-to-day basis, while the protector oversees the trustee and weighs in on critical decisions, such as investment transactions involving large dollar amounts. Although it’s tempting to provide a protector with a broad range of powers, this can hamper the...

Read More

0
14 Aug 2018
Is there a weak link in your supply chain?
in News

Is there a weak link in your supply chain?

Every company should watch out for weak links in its supply chain. Examples include: 1) legal risks; a supplier could be embroiled in a lawsuit or violation, 2) political risks; a supplier may operate in a politically unstable region (even nationally), and 3) transportation risks; weather or other disasters could compromise a supplier’s shipping routes. To cope, consider strategies such as diversifying your suppliers to...

Read More

0
03 Aug 2018
Business deductions for meal, vehicle and travel expenses: Document, document, document
in News

Business deductions for meal, vehicle and travel expenses: Document, document, document

Some common deductions for businesses are meal (generally 50%), vehicle and travel expenses. Deductibility depends on a variety of factors, but proper documentation is one of the most critical. Following some simple steps can help ensure your deductions will pass muster with the IRS. First, keep receipts, canceled checks or similar documentation. Also, track the business purpose of each expense (and don’t wait until year...

Read More

0
27 Jul 2018
Basis consistency rules may come into play if you’re administering an estate or inheriting property
in News

Basis consistency rules may come into play if you’re administering an estate or inheriting property

The income tax basis of inherited property is prohibited from exceeding the property’s fair market value as determined for estate tax purposes. Why does this matter? It prevents beneficiaries from arguing that the estate undervalued the property and, therefore, they’re entitled to claim a higher basis for income tax purposes. The higher the basis, the lower the taxable gain on any subsequent sale of the...

Read More

0
19 Jul 2018
Key Design USB stick isolated on white background
in News

3 keys to a successful accounting system upgrade

Today’s accounting software can perform adequately for years, but improved features are being created all the time. Here are three key considerations to help you decide when to upgrade: 1) Your users’ tech savvy needs to align with the system’s level of sophistication. 2) Costs matter: Set a firm budget and focus on only needed functions. Also look into add-ons such as free trials, initial...

Read More

0
12 Jul 2018
Page 1 of 612345...Last »