Good Timekeeping Is Always Worth Your While
Maintaining detailed time records for staff may not be your favorite task. Unfortunately, it’s not negotiable. Timekeeping — for volunteers and individuals paid for their work — is necessary for most not-for-profit organizations. However, there are ways to make the job less onerous. Why Timekeeping Is Critical Understanding why timekeeping matters can help you put…
New ACA Legal Battle Could Affect Individual and Employer Health Coverage
The Affordable Care Act (ACA) has been controversial since it was enacted in 2010. The latest legal attack calls into question whether insurance carriers will still be required to issue coverage to individuals without regard to pre-existing medical conditions, and the degree of pricing flexibility that carriers will have based on the demographics of a…
Ensure You Qualify for Charitable Donation Deductions
Giving to charity can provide you with a warm feeling as well as a nice tax break. But you’ve got to itemize deductions on your tax return. And, like most tax breaks, charitable deductions come with a number of rules you must follow to actually claim the write-off. Here are the details. 8 Steps to…
Getting a Head Start on College Savings
The U.S. Department of Agriculture estimates parents spend about $285,000 to raise a child to the age 17.1 That’s more than one and one-half times the median value of a home in the United States.2 And if you’ve already traded that super-charged convertible dream for a minivan, you can expect your little one’s college education…
Owning a Home Has Tax Advantages But There Are Limits
It’s true that owning a home instead of renting can result in extra deductions at tax time. The cost of ownership is reduced by any tax savings that you are eligible for — but they may not be as much as you expect. Here’s the story if you’re a first-time homeowner or thinking about buying…
Can Group and Private Disability Policies Work Together?
According to The Council for Disability Awareness, a 35-year-old male has a 21% chance of becoming disabled for three months or longer, with the average disability lasting almost seven years.1 Loss of income for such a duration has the potential to cause significant financial hardship. And while Social Security Disability Insurance may help, it’s critical…
Manage Debts to Protect Bottom Line
Paying your company debts is just as important as collecting your own accounts receivable and they need just as much management. The good thing is, you actually have a surprising amount of control over how and when your company’s debts are paid and that provides several advantages. Payment Controls First, adopt good internal controls for…
IRS Explains Rules for Tax-Free Perks
Which fringe benefits are taxable and which are not? Sometimes even IRS agents have difficulty telling them apart. To help its field force, the IRS has a training manual on the tax treatment of fringe benefits. The 119-page manual is designed to help IRS personnel determine the taxability, withholding, and reporting requirements for employee fringe benefits. Of…
Today’s Electronic Trail Makes it Tougher to Hide Assets … and Secrets
With today’s technology, what we do today can echo into the future — and leave enough evidence to be used during court proceedings. The technology used by couples heading towards divorce may lead to remarkable discoveries that can dramatically tip the balance in favor of one spouse or the other. With so much evidence available…
Business Sale: Who Owns Professional Goodwill?
When a professional corporation sells its assets or liquidates, one important tax issue is whether the corporation or the shareholder-employees own any appreciated professional goodwill (with a fair market value in excess of tax basis). For tax purposes, goodwill is an intangible asset. It represents the value of a trade or business based on expected…