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Calculating your retirement cash flow needs
A staple in retirement planning is the search for your number. That is, how much money do you need to accumulate in savings and investment accounts so you can afford to stop working? Life expectancy is increasing, so the amount you have when you retire might have to...
3 breaks for business charitable donations you may not know about
Donating to charity is more than good business citizenship; it can also save tax. Here are three lesser-known federal income tax breaks for charitable donations by businesses. Food donations Charitable write-offs for donated food (such as by restaurants and grocery...
3 types of information your nonprofit’s board needs
Information is power. And regularly supplying information to your not-for-profit’s board of directors is the key to the board properly fulfilling its duties. This doesn’t mean you have to share every internal email or phone message. Board members should, however,...
Small business owners can succeed while doing good
The federal Small Business Administration reports that about 75% of small business owners donate some portion of their profits to charity each year. The average contribution is around 6% of earnings. Fulfilling philanthropic intentions has emotional rewards. And there...
Are income taxes taking a bite out of your trusts?
If your estate plan includes one or more trusts, review them in light of income taxes. For trusts, the income threshold for triggering top tax rates is $12,500 for 2017. These top rates are as follows : Top income tax rate of 39.6%, Top long-term capital gains rate of...
Loaning money to your small business? The details matter
It’s common for closely held businesses to transfer money into and out of the company, often in the form of a loan. However, the IRS looks closely at such transactions. Are they truly loans, or actually compensation, distributions or contributions to equity? Loans to...
Pay attention to the details when selling an investment
The tax consequences of the sale of an investment, as well as your net return, can be affected by a variety of factors. You’re probably focused on factors such as how much you paid for the investment vs. how much you’re selling it for, whether you held the investment...
Choosing the best way to reimburse employee travel
If your employees incur work-related travel expenses, small businesses can tax-efficiently reimburse employee travel costs by using the right method. But to secure tax-advantaged treatment for your business and your employees, it’s critical to comply with IRS rules....
Solo 401(k) plans for companies without employees
Among major corporations, 401(k) plans have become common. But even the smallest of businesses can have a 401(k) plan for retirement. One-participant 401(k) plans, known by names such as Solo 401(k) and Uni-k, are available. For some small business owners and...
Consider the taxes before making an employee a partner
In today’s competitive environment, offering employees an equity interest in your small business can be a powerful tool for attracting, retaining and motivating quality talent. If your business is organized as a partnership, however, there are some tax traps you...
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