A capital gain is a profit, made when you as an individual or business sell a capital asset such as investments or real estate for a higher cost than its purchase price. A capital loss is incurred when there’s a decrease in the capital asset value compared with its purchase price. Almost everything you own […]
Your company is growing, and now you have an office full of employees and the questions that come along with that responsibility, such as figuring out each person’s tax liability based on their W-4 forms and calculating overtime for nonexempt staff. If you are feeling overwhelmed, consider outsourcing this task to a third-party provider? Not […]
You hate writing checks to the Internal Revenue Service on April 15. But what can you do now to trim this year’s tax bill? In this article, we will provide strategies to limit your tax obligations and reduce the chance of an unpleasant surprise. Last year, if you may have owed money to the IRS, […]
Rules regarding expensing and deduction are complex and managers should keep an eye on the latest rules to ensure their businesses are in compliance and are taking full advantage of the provisions. This article can be used as a reference to the newest expensing rules. First off, businesses can immediately expense more under the new […]
Payable-on-death (POD) accounts are a type of bank account that, at the owner’s death, allow the remaining money in the account to pass directly to the beneficiaries named by the account owner, offering an easy way to keep money out of probate. What are the benefits to payable-on-death accounts? This article will break it down. […]
As your child prepares to go off to college and you are considering applying for a student loan, what do you need to know in order to offer them advice as they get ready to head to college? Let’s take a closer look. Shop around for a loan Don’t take the first loan you’re offered. […]
It is important to prepare your financial statements in accordance with an accounting framework that’s appropriate for your business. Most of the time, you’ll opt for a CPA to produce your financial statements because getting an accountant’s blessing is especially useful when you are applying for more credit from a bank. This is important for […]
How do you get from the dream to fundraising to business plan to opening? Successful business owners recount how their meetings with potential investors helped them revise their business plan, refining the numbers and focusing on the culture they wanted to create. First and foremost, lay the proper groundwork before launch. Develop a plan so […]
Did you know that it’s been estimated that fewer than one in three Americans have what’s called a living will or advance health care directive? If you find yourself on life support, who will make decisions for you? Living wills are important because they detail how you would like to be cared for if you […]
You may be trying to wrap your head around how to figure out basis of property that you receive as a gift. There are many things to consider including the adjusted cost basis to the donor just before they made the gift to you, the fair market value (FMV) at the time you were gifted, […]