Could Medicare Premiums Lower Your Taxes?
Health care is a top concern for many Americans, especially people who are age 65 and older. While these individuals qualify for basic Medicare insurance, they may need to pay additional premiums to get the level of coverage they desire. Those premiums can add up to a substantial annual sum, especially if you’re married and both you…
The Benefits of Philanthropy
If you own a family business, there’s a good chance the company and your family are an integral part of the community. And that means public relations aren’t just part of the job — they’re fundamental to your company’s success. As a result, volunteering or donating to local organizations can benefit not only the community but…
Struggling Firms Get a Second Chance
For many business owners and executives, filing for Chapter 11 bankruptcy proceedings seems like admitting defeat, but it shouldn’t be that way. The bankruptcy code exists to provide second chances. Chapter 11, which covers business reorganizations, allows struggling companies to right themselves so that they may once again be profitable engines of the nation’s economy. No…
Understanding the Benefits of S Corporations
Whether you’re setting up a new company or you’ve been in business for years, you need to evaluate which legal structure is best for your enterprise. No one option is best for every type of operation. The right choice depends on several factors including the number of owners, taxes and your business goals. These concerns lead…
Warning: E-Scooters May Pose Risks to Your Business and Its Employees
From Wall Street to Main Street, electric scooters are making a quiet (but sometimes dangerous) debut. This eco-friendly method of transportation enables riders to navigate traffic-clogged urban streets quickly and inexpensively. However, the emergence of so-called “e-scooters” could also have important drawbacks when they’re used for business purposes. Next-Generation Transportation Solutions Smartphone apps have revolutionized transportation…
Building Your Legacy
The desire to leave a legacy may be the height of altruism for it’s a gift to the future, the benefit of which you may never witness, nor ever feel it’s appreciation by others. Creating your legacy does not happen overnight, and it doesn’t come without a strategy and hard work. Create Your Vision You should…
No Current Deductions Before Business Commences
Starting up a business and wondering about how tax deductions will be handled? The most important thing to understand is that most expenses incurred before a business begins functioning cannot be deducted or amortized until the year when the business does become active. Business Expense Basics Section 162 of the Internal Revenue Code allows current deductions for so-called…
Scope Changes Must Be Authorized
Know the titles of acquisitions officials. There are many acquisition officials who might be involved during the negotiation, administration and settlement of a government contract. But there is one fact you should know. Contracting Officers are the individuals who have been granted explicit authority to enter into, administer and terminate contracts. They are the only individuals with this…
Answer an Important Question: Are Your Directors Independent?
Not-for-profit organizations that file IRS Form 990 must indicate the number of independent voting members or directors of the governing body. (This is entered on Parts 1 and VI.) The IRS is not the only group interested in these facts. Two other groups also focus on the number of independent directors: state attorneys general and prospective…
Giving Information Can Lead to Lawsuits
Legal hassles can arise when you give references for former employees. These former employees might turn around and sue your organization for defamation. Here’s a quick review of the ins and outs of giving references for former employees. First the facts: Defamation involves communicating false information. Defamation with malice involves communicating information — even true information when…