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%…
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….
Standard Deduction & Personal Exemptions
Tax Manager Stephen Boisvert, CPA, MST, CExP discussed the main changes to the standard deductions and personal exemptions under the Tax Cuts and Jobs Act (TCJA). The webinar also offers valuable insight on potential tax planning opportunities. For specific questions, use the Contact Us link below to get in touch with a subject matter expert….
Tax Rate Changes
Learn how the recent changes to the tax rates structure in the Tax Cuts and Jobs Act (TCJA) may impact you in the coming tax year with this short on-demand webinar by Tax Manager Stephen Boisvert, CPA, MST, CExP. For specific questions, use the Contact Us link below to get in touch with a subject…
Stay on Top of Retirement Tax Angles
Compounding of earnings and starting to save early have a tremendous positive effect on how much you accumulate for retirement. But to make the most of compounding, you also need to be smart about taxes.If you don’t plan ahead, the federal and state governments could collect a huge portion of your retirement savings. Uncle Sam can…
Do You Owe the AMT?
American educational reformer Horace Mann called education “the great equalizer.”1 In football, it’s been said that turnovers are the great equalizer. And anyone who’s ever watched CBS’s “The Amazing Race,” knows airport delays are the equalizer in a race around the world. In taxes, there’s also an equalizer of sorts. It’s called the alternative minimum tax (AMT)….
How Will Working after Retirement Affect Your Social Security Benefits?
In one survey, 79% of current workers stated they plan to work for pay after retiring.1 And that possibility raises an interesting question: How will working affect Social Security benefits? To answer that question requires an understanding of three key concepts: full-retirement age, the earnings test, and taxable benefits. Full Retirement Age Most workers don’t face an…
Estate Tax Planning Tips for Single People
Estate planning is an important part of your overall wealth management strategy, especially if you’re unmarried. Single parents may worry about who will care for their minor children and whether their surviving kids’ financial needs will be met until adulthood. Likewise, wealthy single people have less flexibility when it comes to shielding transfers from gift and…
Tax Cheer for Holiday Gifts to Employees
With the holidays fast approaching, you might want to reward your employees for all their hard work in 2018. Gift-giving ideas include gift cards, holiday turkeys and achievement awards. Although your intent may be essentially the same in all these situations, the tax outcome for recipients of your goodwill may be quite different. Typically, it depends on the…