Taking the long view of long-term care insurance
For many people, the possibility that they’ll incur significant long-term care (LTC) expenses is one of the biggest threats to their estate plans. A practical solution is to purchase an LTC insurance policy. This insurance generally provides benefits when you can no longer perform several basic activities of daily living. Contact the estate planning advisors at SEK with questions.
You don’t have to be in business to deduct certain vehicle expenses
Business driving may come to mind when you think about tax deductions for vehicle-related expenses. However, individuals may also be able to deduct them in certain circumstances. Questions? Contact the tax advisors at SEK.
Clearing the cobwebs from your nonprofit’s program offerings
Whether your nonprofit’s program budget will be smaller or larger in 2025, this is a good time to review current offerings to assess which are effective and which aren’t. You may even find your organization is ignoring important needs in your community. Contact the nonprofit advisors with questions on the best methods to do so.
Give your finances a quick once-over with QuickBooks Online
Got 15 minutes? That’s all it should take to log into QuickBooks Online and get a quick read on the state of your finances. Read here for more. Following these steps can be very helpful if you’re new to QuickBooks Online and don’t have a good grasp of its features yet.
Self-employed? Build a nest egg with a solo 401(k) plan
If you own a small business with no employees (other than your spouse) and want to set up a retirement plan, consider a solo 401(k) plan. This is also an option for self-employed individuals or business owners who wish to upgrade from a SIMPLE IRA or SEP plan. Questions? Contact the business tax advisors at SEK.
Giving season’s here! It’s time to engage donors for your nonprofit
At year end, particularly in December, more charitable donors give to not-for-profits. Whether this is for tax reasons or simple generosity, your nonprofit needs to use every available strategy to convince donors that you want and need their support. Contact the nonprofit advisors at SEK with questions about planned gifts.
Business owner? A buy-sell agreement should be part of your estate plan
If you hold an interest in a business that’s closely held or family owned, a buy-sell agreement should be a component of your estate plan. The agreement provides for the orderly disposition of each owner’s interest after a “triggering event.” It’s essential to revisit the agreement’s valuation provision to ensure that it reflects the business’s current value. Contact the business and estate planning advisors at SEK with questions.
Maximize your year-end giving with gifts that offer tax benefits
As year end approaches, you may be thinking about tax strategies. One way to reduce potential estate taxes is to give cash gifts before Dec. 31 using the annual exclusion. In 2024, the exclusion amount is $18,000. We can also prepare a gift tax return for you. Contact the CPAs and tax advisors at SEK with questions.
Making defined-value gifts may benefit your estate plan
Making hard-to-value gifts, such as interests in a closely held business, can raise the concern of the IRS. To help avoid an unexpected outcome, consider making a defined-value gift. It’s a gift of assets valued at a specific dollar amount rather than a certain number of stock shares or FLP units or a specified percentage of a business entity. Contact the CPAs and tax advisors at SEK for more estate planning tips.
Amanda Woller, QKA®, MBA earns Qualified 401(k) Administrator Credential
SEK, CPAs & Advisors is pleased to announce Amanda Woller, QKA®, MBA, Senior Administrator, has successfully completed the certification process with the American Society of Pension Professionals and Actuarie