529 College Savings Plans Are Worth a Close Look
Q. It’s time for us to begin saving for our child’s education. We’ve heard a great deal about Section 529 college savings plans. What are the advantages? A. The advantages can be significant. Sec. 529 plans include both prepaid tuition programs and college savings plans. Because you mentioned the latter specifically, let’s focus on those. Basically, a college…
7 Strategies to Boost Collections and Strengthen Cash Flow
It’s been said that cash flow is the lifeblood of any business. Well, perhaps the best way to get and keep those dollars pumping through your company’s veins is to strengthen the collections procedures you use as part of your accounts receivable process. Prompt collection of receivables is important in any economic environment, but it’s especially…
6 Tax Angles to Layoffs
After a robust job market over the last few years, layoffs are now on the rise. Through November 2023, employers have announced nearly 690,000 job cuts this year, an increase of 115% over the same period last year, according to outplacement firm Challenger, Gray & Christmas. This is the highest January-through-November total since 2020. Prior to…
Planning for Inheriting Assets
Planning Is Essential if You’re Inheriting Assets If you’re in line to receive a significant inheritance, your feelings may range from exhilaration to relief, not to mention a great deal of sadness for the loved one who has passed. Indeed, a large infusion of cash or assets can be overwhelming. Generally, when you receive an inheritance,…
Beware of the Wash Sale Rule When Harvesting Tax Losses
Beware of the Wash Sale Rule When Harvesting Tax Losses If you lose money on a stock investment in a taxable brokerage firm account, the good news is that you can usually harvest a tax-saving capital loss deduction by selling that stock before year end. However, the wash sale rule might come into play, causing your…
Builder’s Risk Insurance: What You Need to Know
Builder’s risk insurance provides protection for a structure that is damaged during construction. These policies are usually broad. In fact, the coverage is generally extensive enough to include construction equipment and machinery, as well as materials, fixtures and appliances — all vital parts of a completed structure. It can also cover temporary structures, such as office…
NEW Retirement Account Catch-Up Contribution Rules
Update on New Retirement Account Catch-Up Contribution Rules The Setting Every Community Up for Retirement Enhancement (SECURE) Act brought numerous changes to the retirement and estate planning landscape in late 2019. Congress followed up with the SECURE 2.0 Act in late 2022. This law introduced some additional taxpayer-friendly changes, including an increase in the limits for…
What Employers Should Know about Health Savings Accounts
What Employers Should Know about Health Savings Accounts Health Savings Accounts (HSAs) are a tax-smart way to cover an individual’s uninsured medical expenses, as well as certain other out-of-pocket medical, dental, vision, hearing, long-term care expenses and insurance premiums. Your business can set up HSAs for qualifying employees. Then the business can fully or partially fund…
Federal Tax Obligations When a Business Shuts Down
Federal Tax Obligations When a Business Shuts Down Is it time to close your small business? Unfortunately, closing isn’t as simple as handing over the keys to a landlord or even selling a building you own. You still have various responsibilities to meet as you wind down, including some tax and legal obligations. Income Tax Requirements…
Smart Ways to Handle Remote Workers
Given the power and accessibility of technology, many companies have been allowing employees to work from home for years — either some or all of the time. The COVID-19 crisis accelerated this trend, as many businesses closed offices and facilities and some employees are still working from home. Working from home isn’t possible for every job,…
