We all understand that when we borrow money, we’re legally obligated to repay it. What happens when you’re forgiven in part and don’t have to pay back the full amount? After many huzzahs, you discover that it’s not entirely forgiven. The amount of the canceled debt is taxable, and you must report it on your […]
You may have a good reason to change your payday, but before you make your move, be sure to take into account various rules and implications. 1. Fair Labor Standards Act The FLSA requires prompt payment of wages but does not specifically address pay frequency or payday changes. However, a 2nd U.S. Circuit Court of […]
Ever wonder how a financial planner is different from a stockbroker? Stockbrokers are also seen as market mavens who trade stocks. Planners aren’t accountants, either (although some accountants do work as financial planners) — they aren’t called upon just to lower your tax bill and they aren’t insurance agents who try to sell you complicated […]
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During National Entrepreneurship Month, we celebrate those who have courageously stepped out to start their own business ventures. When starting a new business, there are a number of entity choices to select from. Some can easily be ruled out due to the details of your operation, but others will leave you wondering which is right […]
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According to the U.S. Department of the Treasury, the My Retirement Account (myRA) program will end. Created just a few years ago in 2014, the Treasury has decided this short-lived Roth IRA backed by the government is not cost-effective, and will be eliminated as a part of the Trump Administration’s effort to slim down wasteful […]
Payroll processing is a cumbersome but necessary part of operating your business. It includes many tasks such as issuing checks every pay period, comprehensive recordkeeping, making payroll tax deposits, and filing quarterly and annual returns. There are many simple – and tricky! – filing mistakes that can be costly and contribute to the endless details […]
Real estate owners who rent their properties often incur tax losses due to depreciation write-offs and other allowable deductions, but the ability to deduct those losses might be postponed indefinitely by changes to PAL rules. In general, these rules limit deductions for rental property PALs to the amount of income that you have from other […]
Read More… from PAL Rulings & Rental Properties: Tax Court Rulings that can Affect Your Property
Are you a passive investor in a business or rental activity? You aren’t involved directly in day-to-day operations of the project, but are still invested in its success. In general, it is a little easier to determine if you would be identified as a “passive” or “nonpassive” investor since the IRS has prescribed seven tests to […]
Read More… from Passive Activity Loss: How Recent Changes Can Affect You
You may think your company saves money by handling bookkeeping, accounting, and payroll services in-house, but many businesses find that’s not the case. Running a small business requires expertise and a level of commitment that only you can bring to the table. As you’ve probably discovered though, there is a ton of (boring but) necessary […]
Read More… from Outsourcing Accounting, Bookkeeping, and Payroll: Is it Worth it?
If you weren’t already aware, in general, contributions made to a Traditional IRA (individual retirement account) are tax-deductible if you or your spouse are not covered by a retirement plan at work. For 2016 and 2017, the annual contribution limit for a traditional IRA is $5,500, or $6,500 if you’re age 50 or older. Contribution […]
Read More… from Taxes and Traditional IRAs: What You Need to Know