BE READY FOR ANYTHING WITH REGULAR BUSINESS VALUATIONS

By | July 15th, 2019|Accounting and Auditing, Business|

Do you know the current value of your business?  Even if you’re not considering selling your company or otherwise transferring its ownership right now, it could happen sooner than you think. In some cases, an ownership transfer becomes suddenly appealing when a company struggles to the extent that a sale becomes the best avenue for [...]

Comments Off on BE READY FOR ANYTHING WITH REGULAR BUSINESS VALUATIONS

ESTATE PLANNING PORTABILITY LIVES ON UNDER THE TCJA

By | July 8th, 2019|Accounting and Auditing, Estate planning, Taxation|

When the TCJA was passed, the big estate planning news was that the federal gift and estate tax exclusion doubled from $5 million to an inflation-indexed $10 million. It was further indexed for inflation to $11.18 million for 2018 and now $11.4 million for 2019. Somewhat lost in the clamor, however, was (and is) the [...]

Comments Off on ESTATE PLANNING PORTABILITY LIVES ON UNDER THE TCJA

ENSURING YOUR LONG-TERM CARE POLICY IS TAX-QUALIFIED

By | July 1st, 2019|Accounting and Auditing, Retirement, Taxation|

A long-term care insurance policy supplements your traditional health insurance by covering services that assist you or a loved one with one or more activities of daily living.  Such activities include eating, bathing, dressing, toileting and transferring (in and out of bed, for example). Long-term care coverage is relatively expensive, but it may be possible [...]

Comments Off on ENSURING YOUR LONG-TERM CARE POLICY IS TAX-QUALIFIED

VACATION HOMES: DO YOU UNDERSTAND THE TAX NUANCES?

By | June 24th, 2019|Accounting and Auditing, Taxation|

Owning a vacation home can offer tax breaks, but they may differ from those associated with a primary residence.  The key is whether a vacation home is used solely for personal enjoyment or is also rented out to tenants. SORTING IT OUT If your vacation home is not rented out, or if you rent it [...]

Comments Off on VACATION HOMES: DO YOU UNDERSTAND THE TAX NUANCES?

CONSIDER THE TAX ADVANTAGES OF QUALIFIED SMALL BUSINESS STOCK

By | June 17th, 2019|Accounting and Auditing, Business, Taxation|

While the Tax Cuts and Jobs Act (TCJA) reduced most ordinary-income tax rates for individuals, it didn’t change long-term capital gains rates. They remain at 0%, 15% and 20%. The capital gains rates now have their own statutory bracket amounts, but the 0% rate generally applies to taxpayers in the bottom two ordinary-income tax brackets [...]

Comments Off on CONSIDER THE TAX ADVANTAGES OF QUALIFIED SMALL BUSINESS STOCK

TCJA INSPIRES MANY BUSINESS OWNERS TO RECONSIDER ENTITY CHOICE

By | June 10th, 2019|Accounting and Auditing, Business, Taxation|

For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) created a flat 21% federal income tax rate for C corporations were taxed at rates as high as 35%. Meanwhile, the TCJA also reduced individual income tax rates, which apply to sole proprietorships and owners of pass-through entities, including partnerships, [...]

Comments Off on TCJA INSPIRES MANY BUSINESS OWNERS TO RECONSIDER ENTITY CHOICE