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Management

Timing Strategies Could Become More Powerful in 2017, Depending on What Happens with Tax Reform

Timing Strategies Could Become More Powerful in 2017, Depending on What Happens with Tax Reform

Projecting your business income and expenses for this year and the next allows you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it’s better to defer tax. If tax reform legislation is signed into law this might end up being especially true this year. Timing strategies for businesses Here are two timing strategies that can help businesses defer taxes: Defer income to next year. If your business uses the cash method of accounting, you can defer billing for your products or services. Or, if you use the accrual method, you can delay shipping...

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Investors: Beware of the wash sale rule

Investors: Beware of the wash sale rule

A tried-and-true tax-saving strategy for investors is to sell assets at a loss to offset gains that have been realized during the year. If you’ve cashed in some big gains this year, consider looking for unrealized losses in your portfolio and selling those investments before the end of the year to offset your gains. This can reduce your 2017 tax liability. But what if you expect an investment that would produce a loss if sold now to recover and possibly thrive in the future? Or perhaps you simply want to minimize the impact on your asset allocation. You may think you can simply sell the...

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Why You Should Boost Your 401(k) Contribution Rate Between Now and Year End

Why You Should Boost Your 401(k) Contribution Rate Between Now and Year End

An important step to reducing taxes and saving for retirement is to contribute to a tax-advantaged retirement plan. If your employer offers a 401(k) plan, contributing to that is likely your best first step. If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and the end of the year. Because of tax-deferred compounding (tax-free in the case of Roth accounts), boosting contributions sooner rather than later can have a significant impact on the size of your nest egg at retirement. Traditional 401(k) A traditional 401(k) offers many...

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Should Your Business Use Per Diem Rates For Travel Reimbursement?

Should Your Business Use Per Diem Rates For Travel Reimbursement?

Travel per diem rates have been updated and will go into effect on October 1st. To simplify record keeping, 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 their business-travel expenses, reimbursements are generally tax-free to the employees and deductible by the employer. But keeping track of actual costs can be a headache. With the per diem rates, employees just need to document the time, place and business purpose of the travel. They don’t have to keep...

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Save More for College Through the Tax Advantages of a 529 Savings Plan

Save More for College Through the Tax Advantages of a 529 Savings Plan

With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. An option that can be especially beneficial, if the children in question still have many years until they’ll be starting their higher education, is a Section 529 plan. Tax-deferred compounding 529 plans are typically state-sponsored, and the savings-plan option offers an opportunity to potentially build up a significant college nest egg because of tax-deferred compounding. These plans can be particularly powerful if contributions begin when the child is quite young. Although...

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Tax Planning Critical When Buying a Business

Tax Planning Critical When Buying a Business

When you acquire a company, your to-do list is long. This means you can’t devote all of your time to the deal’s potential tax implications. However, neglecting tax issues during the negotiation process, could lead to serious negative consequences. To improve the odds of a successful acquisition, it’s important to devote resources to tax planning before your deal closes. Complacency can be costly During deal negotiations, you and the seller should discuss such issues as whether and how much each party can deduct their transaction costs and how much in local, state and federal tax obligations...

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