Articles
Common IRS Notices and Their Purpose
If you receive a notice in the mail from the IRS, don’t panic. A simple notice does not automatically mean you are under an audit. Actually, your chances of audit are slim. However, the content of the notice is still important. Most IRS notices require a response...
4 Easy Ways to Reduce Business Expenses
Small cost-effective changes can have a large impact on company success. Even the smallest reduction in expenses will increase profitability, free up capital for growth, and improve your bottom line. With these 4 tips, you can easily reduce expenses without reducing...
What to Do After the IRS Contacts You
You open the mailbox, sort through your mail and toss the junk aside. Then, in big bold letters, you see the three scary letters – I-R-S. Last year, more than 1.6 million taxpayers received similar notices from the IRS. While most notifications are due to math errors,...
How social security benefits are taxed
Are you wondering if your social security retirement, survivor, and disability benefits will be subject to federal income tax on your 2016 return? Generally, when these benefits are taxed is determined by your "provisional income." Provisional income (PI) is the...
Avoid hiring mistakes in your start-up
Staffing errors can spell disaster for your start-up. Here are three to watch out for. Staffing the firm with friends and family. While this strategy may work in some circumstances, hiring pals and relatives often spells trouble. For one thing, friends and family...
Don’t include the IRS on your gift list
Suppose a relative gives you an expensive painting. Several years later, your relative dies and you decide to sell the painting. Your accountant says you'll owe capital gain tax on the sale, and asks for your basis in order to reduce the amount on which you'll pay...
Downtime is not wasted time
Does a suggestion to boost productivity with time off sound counterintuitive? Research has shown that giving workers – and perhaps yourself, as a business owner – time off to recuperate from work demands can be energizing. Here are three ways your business can...
Higher self-employment taxes coming in 2017
Did you know the national average wage index went up? You might have missed the news, but it's likely you will notice one impact: higher self-employment taxes. How are the two related? The index is used to calculate the social security wage base, which is the amount...
Teach your kids that credit cards are useful but not free
While credit cards can be very useful financial tools, the borrowed money is not "free." Here are two opportunities to share that lesson with your kids. When choosing a card. Show your kids the entire credit card lifecycle. Explain that when evaluating credit cards, a...
Prepare in advance for required IRA distributions
Once you reach age 70½, the required minimum distribution (RMD) rules say you have to withdraw at least a minimum amount from your retirement plans each year. Since the withdrawals are considered ordinary income, planning in advance can help you prepare for the impact...
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