Tips for College Graduates on Making Financial Decisions
Graduation can be one of the most exciting — and intimidating — times in your life. You’re officially an adult, and with that new-found independence comes financial responsibilities. No pressure, but the decisions you make today about spending and saving can mean the difference between struggling for the rest of your life and building a solid…
Dealing With College Costs
Don’t let the high cost of a college education prevent you from developing an effective strategy to deal with those costs. Before you can determine how much to save for your kids’ college educations, there are several decisions to make: Does each child require the same level of support? While parents typically want to treat children…
Ideas to Strengthen Your Business in 2019 and Beyond
New Year’s is traditionally a time to make resolutions for the upcoming months. Once you set your personal goals, it’s time to get serious about your business goals. Here are ten resolutions you might consider making — and sticking to — to put you on track to prosper in 2019. Compare 2018 financial performance to the budget. Did you meet the…
Important Tax Figures for 2019
The following table provides some important federal tax information for 2019, as compared with 2018. Many of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/ Medicare 2019 2018 Social Security Tax Wage Base $132,900 $128,400 Medicare Tax Wage Base No limit No limit Employee portion of Social Security 6.2%…
Keep Your Gear in Top-Notch Condition and Save Money
If your company has contracts for maintaining and servicing your equipment and vehicles, chances are, you’re spending more than you need to. A sure-fire way to save money is to hire your staff to do the work for you. Not only will in-house maintenance cut costs, it’s more convenient and boosts efficiency. For example, your business…
Tread Carefully If Firing an Employee on FMLA Leave
Deciding to terminate an employee is generally risky. But the risk level associated with terminating an individual who has requested leave under the Family and Medical Leave Act (FMLA) is markedly greater, as illustrated in one court case. Plaintiff Terminated The employer was a not-for-profit organization that provided programs and services to people with developmental disabilities….
Tax Court Rules Attorney’s Charitable Gift is Not Valid
Attorneys are frequently given documents and copies of materials that may have value for historic purposes. Can they donate them to charitable organizations, such as libraries, and claim a tax deduction? The U.S. Tax Court answered that question in a case involving Timothy McVeigh, who was convicted and executed for his role in the April 1995…
Are You Owed Money from a Business that Filed for Bankruptcy?
Suppose you have been doing business with a company that owes you money or has been late in paying for services that you have provided. You might have even filed a lawsuit to obtain the payments. But then you receive a notice that the company has filed for bankruptcy. This article will explain some of the…
How a Budget Can Contribute to Your Success
One reason many people disdain the budgeting process is that they associate budgets with restraint — that is, not spending money for something because it’s not in the budget. However, if you’re calling the shots, you can blow your budget as much as you want on the spending side. And there are times when it’s essential…
Family Ties are Severed in Stock Sale
Under tax law, there are several provisions that treat transactions between “family members” differently. Although it may seem simple to determine who your relatives are, two brothers found out in Tax Court that they aren’t related for purposes of one such provision. The 2005 case involved a net operating loss (NOL) claimed by the family corporation….