If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways: In this article, we’re going to focus on buying assets. Asset purchase tax basics You must allocate the total purchase price to the specific assets acquired. The amount allocated to each asset becomes the […]
Tax tips when buying the assets of a business Read More »
If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum distribution (RMD) rules after reaching a certain age. If you inherit a tax-favored retirement account, including a traditional or Roth IRA, you’ll also have to deal with these rules. Specifically, you’ll have to: 1)
Update on retirement account required minimum distributions Read More »
What has your organization done to minimize the risk of financial misstatement? The median loss from these schemes is a whopping $766,000, according to a recent study. Financial statement audits, surprise audits and forensic accounting investigations can identify your organization’s vulnerabilities to these schemes and help prevent and detect them. One area auditors target is
Why auditors monitor journal entries Read More »
If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. How can you protect your deduction? First, be aware that in
When do valuable gifts to charity require an appraisal? Read More »
Looking for a recruiting (and retention) edge? Consider spiffing up your employee benefits menu. Many benefits valued by nonprofit staffers are surprisingly low-cost.
Even a lower-cost benefits menu can help you attract talent Read More »
If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in
If you have a child or grandchild planning to attend college, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for them, allow prepayment of higher education costs on a tax-favored basis. There are two types of programs: Earnings build up tax-free
Unlock your child’s potential by investing in a 529 plan Read More »
With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2024. You may not itemize because of the high 2024 standard
Make year-end tax planning moves before it’s too late! Read More »
If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important to avoid certain risks and charge an adequate interest rate. Basics of this strategy Interest rates have increased over the last couple years. As a result, shareholders
Consider borrowing from your corporation but structure the deal carefully Read More »
Bookkeeping refers to the systematic storing of financial documentation and recording of daily financial transactions. Bookkeepers record journal entries for each transaction using accounting software. They also may be responsible for sending invoices, processing payments and payroll, conducting banking activities, and reconciling accounts. The records maintained by the bookkeeper are used to generate historic and
Bookkeeping provides a solid foundation for financial reporting Read More »