What We Say
Your Weekly ReadShould your business use per diem rates for travel reimbursement?
Updated travel per diem rates go into effect October 1. To simplify recordkeeping, they can be used for reimbursement of ordinary and normal business expenses incurred while employees travel away from home. Per diem advantages As long as employees properly account for...
Yes, you can undo a Roth IRA conversion
Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover that...
Create a nonprofit executive search plan before you need it
Selecting a new chief executive or other senior staffer is one of the most important decisions your not-for-profit board is likely to face. Even if there’s no immediate hiring need, it’s smart to prepare for the process. That way, you’ll be ready to execute an...
Tax planning critical when buying a small business
If you acquire a small business, your to-do list will be long. This means you cannot devote all of your time to the deal’s potential tax implications. However, if you neglect tax issues during the negotiation process, the negative tax consequences can be serious. To...
Potential tax pitfalls of donating real estate to charity
Charitable giving allows you to help an organization you care about. And in most cases, you enjoy a valuable income tax deduction. If you’re considering a large gift, a noncash donation such as appreciated real estate can provide additional benefits. For example, if...
Larger deduction for meals might be available to businesses
When businesses provide meals to their employees, generally their deduction is limited to 50%. But there are exceptions. One is if the meal qualifies as a de minimis fringe benefit under the Internal Revenue Code. A recent U.S. Tax Court ruling could ultimately mean...
Tax credits vs. tax deductions—which one is better for you?
Many people prize tax deductions. The promise of a deduction can affect decisions in many areas, including charitable contributions, home buying, and investing in rental property. However, tax deductions offer only partial relief because they reduce income, not the...
Nonprofits: Harness the power of the personal appeal
You’ve probably heard it before: People don’t give to causes — they give to those asking on behalf of a cause. That’s why a personal appeal continues to be such a powerful not-for-profit fundraising tool. In fact, requests from friends or family members typically...
Revisit the penalty on individuals without health insurance
Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage...
How Small Business Retirement Plans Compare
If your small business does not have a retirement plan, or if you are not pleased with the one you currently have, this summary can help you see how your retirement plan choices stack up. Safe harbor 401(k)s As 401(k) plans have gained popularity, many employees or...
Washington, NC 27889
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Friday
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