If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless the correct steps are taken. This issue is more likely to happen with a financially troubled corporation. What can’t you […]
Solo business owner? There’s a 401(k) for that
If you own a successful small business with no employees, you might be ready to set up a retirement plan. Now a 401(k) might seem way out of your reach — only bigger companies can manage one of those, right? Not necessarily. Two ways to contribute With a solo 401(k), the self-employed can make large […]
The advantages of using an LLC for your small business
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might […]
How to address your frequent flyer miles in your estate plan
If you’re a frequent traveler, you may have accumulated hundreds of thousands or even millions of frequent flyer miles. The value of these miles may be significant, so it’s important to determine whether you can include them in your estate plan and share them with your loved ones. Learn your options Your ability to transfer […]
That email or text from the IRS: It’s a scam!
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly. Important: The IRS will never contact you by email, […]
Moving Mom or Dad into a nursing home? 5 potential tax implications
More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking about taxes. But there may be tax consequences. Let’s take a look at five possible tax breaks. 1. Long-term medical care The costs of qualified long-term care, including nursing home care, […]
The time to make health care decisions is when you’re healthy
When it comes to estate planning, your ultimate goal likely is to provide for your family after your death. To achieve this goal, consider placing assets in an irrevocable trust to protect against creditors and drafting a will to clearly state who gets what. But estate planning isn’t just about what happens to your assets […]
Tax Preparation vs. Tax Planning vs. Tax Strategy: What’s the Difference?
Now that tax season is behind us, we thought it would be beneficial to highlight the differences between tax preparation, tax planning and tax strategy. This should help you evaluate the level of services you may need for your specific situation. Tax Preparation Tax preparation is the process of gathering your financial information and completing […]
Asset protection: How to shield your wealth from lawsuits and creditors
Much of estate planning focuses on transferring your wealth to loved ones in a tax-efficient manner. But for some people, it’s equally important to protect that wealth against frivolous lawsuits or baseless creditors’ claims. If your business, professional or personal activities expose your assets to attack by litigants or creditors, consider incorporating asset protection strategies […]
IRS provides transitional relief for RMDs and inherited IRAs
The IRS has issued new guidance providing transitional relief related to recent legislative changes to the age at which taxpayers must begin taking required minimum distributions (RMDs) from retirement accounts. The guidance in IRS Notice 2023-54 also extends relief already granted to taxpayers covered by the so-called “10-year rule” for inherited IRAs and other defined contribution plans. […]
