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Follow IRS rules to ensure you receive your charitable tax deductions
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Follow IRS rules to ensure you receive your charitable tax deductions

Donating to charity can reduce your taxable estate and benefit your favorite organizations. By making donations during your lifetime, you can claim income tax deductions. For your donations to be deductible, they must meet certain IRS criteria. For example, contributions generally are deductible only in the tax year they’re made: If you pledged $5,000 in October 2017 but paid only $1,500 of your pledge by...

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22 Feb 2018
Use benchmarking to swim with the big fish
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Use benchmarking to swim with the big fish

Benchmarking can help your company swim with the big fish without getting gobbled up. It’s the practice of comparing your performance to that of similar businesses to identify strengths and weaknesses. Quantitative benchmarking uses key performance indicators (formulas or ratios) to calculate comparisons. Meanwhile, qualitative benchmarking compares operating practices (such as production techniques, quality indicators and training methods). You can even benchmark internally to see...

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14 Feb 2018
Only certain trusts can own S corporation stock
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Only certain trusts can own S corporation stock

S corporations must comply with strict requirements or risk losing their tax-advantaged status. In an estate planning context, it’s critical that any trusts that will receive S corporation stock through the operation of your estate plan be eligible shareholders. Potentially eligible trusts include grantor trusts, testamentary trusts, QSSTs and ESBTs. If you have S corporation stock that will be distributed to a trust, we can...

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09 Feb 2018
Claiming bonus depreciation on your 2017 tax return may be particularly beneficial
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Claiming bonus depreciation on your 2017 tax return may be particularly beneficial

Bonus depreciation allows businesses to offset the costs of investing in equipment and other qualified assets more quickly. Claiming bonus depreciation on your 2017 tax return may be particularly beneficial. Why? Deductions save more tax when rates are higher, and most businesses’ tax rates will go down in 2018 under the Tax Cuts and Jobs Act. How much can you save? The break allows additional...

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06 Feb 2018
Life insurance can be a powerful estate planning tool for nontaxable estates
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Life insurance can be a powerful estate planning tool for nontaxable estates

Life insurance can offer significant estate planning benefits even if estate tax isn’t a concern for your family. For example, you can use life insurance to replace wealth that’s lost to long term care (LTC) expenses for you or your spouse. Although LTC insurance is available, it can be expensive, especially if you’re already beyond retirement age. For many people, a better option is to...

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01 Feb 2018
Not necessarily a luxury: Outsourcing
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Not necessarily a luxury: Outsourcing

In today’s increasingly specialized economy, outsourcing has become common. Engaging outside help could cut in-house management expenses by reducing overhead, staffing and training costs. Outsourcing also frees up employees’ time for core tasks and avails you of the provider’s expertise. But there are risks. Surrendering control of a business function to the wrong vendor could lead to internal conflicts and public embarrassment. You’ll need a...

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16 Jan 2018
New tax law gives pass-through businesses a valuable deduction
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New tax law gives pass-through businesses a valuable deduction

Owners of “pass-through” businesses may see some major (albeit temporary) relief under the Tax Cuts and Jobs Act (TCJA) in the form of a new deduction for a portion of qualified business income (QBI). For tax years beginning after Dec. 31, 2017, and before Jan. 1, 2026, owners of entities such as sole proprietorships, partnerships, S corporations and LLCs generally can deduct 20% of QBI,...

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09 Jan 2018
The TCJA temporarily expands bonus depreciation
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The TCJA temporarily expands bonus depreciation

The Tax Cuts and Jobs Act (TCJA) significantly enhances bonus depreciation. You might even be able to benefit when you file your 2017 tax return. Generally, for qualified property placed in service between Sept. 28, 2017, and Dec. 31, 2022, the first-year bonus depreciation percentage increases to 100%. In addition, the 100% deduction is allowed for not just new but also used qualifying property. The...

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04 Jan 2018
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