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Business Owners: Failure to Substantiate Donations Can Be Costly

Business Owners: Failure to Substantiate Donations Can Be Costly

Charitable donations offer tax-saving opportunities for businesses, but accurate documentation is critical to securing deductions. This article reviews the IRS substantiation requirements for charitable contributions and highlights a recent case where a company lost a significant deduction due to missing documentation. It emphasizes the need for contemporaneous written acknowledgements and accurate records to comply with IRS rules. Read the full article to avoid common pitfalls and protect your tax benefits.
Understanding the Rules for Deducting Start-Up Costs Under Federal Tax Law

Understanding the Rules for Deducting Start-Up Costs Under Federal Tax Law

Launching a new business comes with significant expenses, but careful planning can help business owners take advantage of tax deductions for start-up costs. This article explains how business start-up expenses are classified under Section 195 of the tax code and how to qualify for the $5,000 first-year deduction. It also covers amortization rules for expenses exceeding the deduction limit. Read the full article to learn more about optimizing tax benefits as you get your business off the ground.
Estate Planning for Business Owners: The Importance of Knowing Your Company’s Value

Estate Planning for Business Owners: The Importance of Knowing Your Company’s Value

Business owners should take advantage of the current federal gift and estate tax exemption before it decreases in 2026. To ensure effective estate planning, it’s essential to know your business’s current value. This article explores key valuation factors, explains the importance of using a qualified business appraiser, and highlights the benefits of transferring ownership shares now. Read the full article to understand how these strategies can protect your wealth and optimize your estate plan.
Emergency Savings Accounts: A New SECURE 2.0 Benefit for Employees

Emergency Savings Accounts: A New SECURE 2.0 Benefit for Employees

Employers now have the option to offer pension-linked emergency savings accounts (PLESA) to help employees during financial emergencies. These accounts, available through 401(k), 403(b), and 457(b) plans, allow non-highly compensated employees to contribute up to $2,500 annually. The SECURE 2.0 law, effective January 1, 2024, aims to provide accessible savings without requiring proof of an emergency. Read the full article for details on contribution limits, withdrawals, and tax treatment.
Is Your Small Business Eligible for the QBI Deduction? Here are Key Insights

Is Your Small Business Eligible for the QBI Deduction? Here are Key Insights

Are you a small business owner wondering if you can benefit from the QBI deduction? This article breaks down the essential aspects of the qualified business income deduction, detailing who qualifies, what constitutes a specified service trade or business, and the various limitations that may apply. Gain insights into how you can potentially maximize your deductions before they expire in 2025, and learn the importance of consulting a tax professional for tailored advice on your tax strategy.
Master Your Budget: Simple Steps to Monitor Household Subscription Expenses

Master Your Budget: Simple Steps to Monitor Household Subscription Expenses

This article addresses the challenge of managing household expenses in an era of rampant subscription services. It highlights the impact of inflation on personal finances and offers actionable steps to identify and eliminate unnecessary subscriptions. By utilizing budgeting apps or manually reviewing bank statements, you can regain control of your budget and ensure you’re only paying for what you truly use. Read the full article for detailed insights and practical tips.
Debunking Capital Campaign Myths: What Your Nonprofit Needs to Know

Debunking Capital Campaign Myths: What Your Nonprofit Needs to Know

Launching a capital campaign may seem daunting due to widespread myths, but your nonprofit can succeed with the right strategy. This article dispels common misconceptions and offers practical advice on leading a successful campaign, from securing early lead gifts to crafting a compelling message. Learn how your organization can make a significant impact with a well-executed fundraising effort. Read the full article to discover more.
Avoiding Surprises: The Tax Impact of Selling Your Home and How to Prepare

Avoiding Surprises: The Tax Impact of Selling Your Home and How to Prepare

Selling your home in a high-market environment could lead to significant gains, but understanding the tax implications is crucial. This article explores how to maximize the federal income tax gain exclusion, detailing the ownership and use tests, special considerations for married couples and surviving spouses, and the anti-recycling rule. Learn about the option to elect out of the gain exclusion, the prorated gain exclusion for premature sales, and how taxes on gains exceeding the exclusion are calculated. Read the full article for comprehensive insights and strategies.
Understanding Tax Basis: Key Steps for Sellers of Appreciated Real Estate

Understanding Tax Basis: Key Steps for Sellers of Appreciated Real Estate

Selling a highly appreciated home can lead to significant tax implications, but understanding how to compute your tax basis can help mitigate these. This article explores the federal income tax gain exclusion for principal residences, the necessary ownership and use tests, and how to adjust your tax basis with eligible costs and improvements. It also covers the handling of energy-efficient expenditures and seller-paid closing costs. Ensure you keep detailed records to support your calculations and consult your tax advisor for personalized guidance. Read the full article for comprehensive strategies.
Smart Homebuying Moves: Utilizing 401(k) Loans and Mortgage Recasting to Secure Your New Home

Smart Homebuying Moves: Utilizing 401(k) Loans and Mortgage Recasting to Secure Your New Home

If you're eyeing a new home but are constrained by liquidity tied up in your current property, a 401(k) loan combined with mortgage recasting might be the solution. By borrowing from your 401(k) to cover the down payment and managing two mortgages temporarily, you can streamline your transition to a new home. Once your old home is sold, use the sale proceeds to pay off the 401(k) loan and recast your new mortgage for a lower monthly payment. This strategy can be effective, but it requires careful planning and understanding of both recasting and refinancing options.
Get Your Estate Plan in Order: Key Components and Strategies

Get Your Estate Plan in Order: Key Components and Strategies

Creating an estate plan is crucial for managing your assets and ensuring your wishes are honored. This article provides a comprehensive guide to drafting a will, choosing an executor, assigning a power of attorney, and setting up health care directives. It also offers insights into tax-advantaged gifts and the use of trusts to achieve various objectives. Learn how to cross estate planning off your to-do list and secure your legacy effectively. Read the full article for detailed guidance.
Essential Strategies for Safeguarding Your Employees’ Confidential Information

Essential Strategies for Safeguarding Your Employees’ Confidential Information

Protecting your employees' confidential information is vital to prevent data breaches and identity theft. This article outlines practical steps for safeguarding sensitive data, including developing an information retention policy, restricting access, and upgrading cybersecurity measures. Stay ahead of potential threats by following these guidelines to ensure the safety and privacy of your workforce. Read the full article for detailed strategies.
8 Financial Strategies Every Woman Should Know for a Secure Future

8 Financial Strategies Every Woman Should Know for a Secure Future

Women are making significant strides in financial control, yet challenges remain. This article explores eight essential financial steps for women to secure their financial future. From establishing personal credit and managing debt to planning for retirement and creating a lasting legacy, these tips offer practical guidance for enhancing financial independence. Read the full article to learn how to take charge of your finances and achieve long-term stability.
Effective Tactics to Lower Your AMT Liability Under the TCJA

Effective Tactics to Lower Your AMT Liability Under the TCJA

The alternative minimum tax (AMT) continues to affect taxpayers, even with recent changes under the Tax Cuts and Jobs Act (TCJA). This article details the fundamentals of AMT, highlights risk factors like in-the-money stock options and private activity bond interest, and offers practical strategies to reduce your AMT exposure. Discover how to optimize your tax planning and take advantage of available credits to minimize the impact of AMT on your finances.
Six Common Retirement Plan Errors to Avoid Before Federal Review

Six Common Retirement Plan Errors to Avoid Before Federal Review

Self-auditing your retirement plan is a proactive step to ensure compliance and avoid federal scrutiny. This article highlights six common faults found by the IRS and the Department of Labor, such as late deposits, ERISA violations, and improper account management. By addressing these issues, companies can protect their retirement savings and maintain regulatory compliance. Read the full article to learn more about safeguarding your retirement plan.