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Tax Saving Moves for the Rest of 2008
As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill this year, and possibly the next. Factors that compound the challenge include the stock market’s swoon, the difficult economic climate we’re in right now, and the strong possibility that there will be tax changes in the works next year.
In fact, there might even be another economic stimulus package carrying tax changes
enacted before the end of this year. Continue reading
September 2008 Client Information Bulletin
In this bulletin – 1) Danger Ahead: Five Signals for Business Owners, 2) Two New Tax Laws Target Special Groups, 3) What To Do When an Employee Resigns, 4) No Tax Strings To Customer Rebates, 5) Five Ways To Deduct Daily Business Travel, 6) Facts and Figures Continue reading
June 2008 Client Information Bulletin
In this bulletin – 1) Six ways to build up college savings, 2) Step Up to higher section 179 deductions, 3) Wash sale rule extended to IRA’s, 4) Funding the cure for computer viruses, 5) How to start a Non Profit organization, 6) Facts and Figures Continue reading
Review of the Economic Stimulus Act of 2008
On February 13, 2008, President Bush signed the Economic Stimulus Act of 2008 into law. The law was passed in response to the anticipated recession as well as the subprime mortgage crisis. The aim of this bill is to increase consumer and business spending as well as provide relief for the victims of the subprime mortgage crisis. Continue reading
Start Your Business: 7 Things Every New Business Owner Should Consider
Hundreds of thousands of new businesses are started in the United States every year. Most begin with some good ideas and some real passion on the part of the entrepreneurs who start them. What many are lacking, though, is a thorough examination of the essentials that make a business work. Maybe that is why so many new businesses fail within the first five years. In my long experience as a certified public accountant, I have identified several key things that new business owners do not always consider, but that can make a profound difference in how well the business does. Continue reading
An Education About College Funding
This year my family has faced a big change – the kind of change that every family with children is eventually going to face. Our oldest daughter Amanda went off to college. Aside from that lingering feeling that somebody is missing when we sit down to a family dinner, we had a much bigger dilemma: how we were going to cover the costs in the most effective way possible. Continue reading
December 2007 Client Information Bulletin
In This Bulletin – 1) Seven Reasons for a Business Valuation 2) Answer to Question on The Family Leave Law 3) Common Tax Breaks for Telecommuters 4) Avoid Clouds in Brainstorming Sessions 5) Putting a 401(k) on Autopilot 6) Facts and Figures Continue reading
September 2007 Client Information Bulletin
In This Bulletin – 1) Roundup of New and Small Business Changes 2) Planning ahead for ROTH IRA tax break 3) Four ideas for boosting retail sales 5) Employee Taxes : Are you on the hook? 6) How to improve web accessibility 7) Facts and Figures Continue reading
Why Put Off Until Tomorrow: The Latest on Deferred Compensation
Deferred compensation works well as a means to reward key employees. It also can have certain benefits for business owners of various stripes. However, Section 409A of the Internal Revenue Code, enacted as part of the American Jobs Creation Act of 2004, has muddied the waters a bit over the past couple of years. It imposes a variety of requirements on many different types of arrangements, including some that are not immediately recognizable as deferred compensation schemes. On April 10, 2007, the IRS issued the final regulations for Section 409A. This Bulletin covers the highlights. Continue reading
Have Your Cake, Eat It and Leave Some for the Next Guy
In the world of financial planning, few things are “no-brainers.” Most approaches have obvious major drawbacks or contingencies. However, there’s one strategy that we have found consistently useful. If you want to ensure that your heirs get the maximum benefit from an asset – such as a marketable security or real estate – you intend to leave them, you might consider forming a Grantor Retained Annuity Trust (GRAT) or a similar instrument. Continue reading