4 reasons why avoiding probate is a smart estate planning move
Probate is a legal procedure in which a court establishes the validity of a will, determines the value of an estate, resolves creditors’ claims, provides for the payment of taxes and other debts, and transfers assets to heirs. While it may sound straightforward, probate can come with several drawbacks that make it worthwhile to avoid when possible. Here’s why. Ask our estate planning advisors for further information.
How do I classify an employee as exempt?
One of the many responsibilities of management is ensuring employees are paid correctly under wage and hour law. A common area of confusion is determining whether an employee can be classified as exempt from overtime pay under the Fair Labor Standards Act (FLSA).
Give members reasons to continue supporting your nonprofit
Don’t just stand by if your nonprofit’s members aren’t renewing or automatic monthly donors are dropping off. Give stakeholders reasons to support you even if they’re concerned about economic uncertainty. Conduct new ways to communicate the valuable benefits of supporting your nonprofit.
Do you need to add users in QuickBooks Online?
QuickBooks Online supports more targeted user roles than it used to. Here’s how it works. Plus, 5 other ways to keep your data safe.
Startup costs and taxes: What you need to know before filing
If you’re an entrepreneurs, you may not know that many expenses incurred by start-ups can’t currently be deducted on your tax return. Some likely must be amortized over time. You may be able to deduct up to $5,000 currently, but other rules and requirements apply. Contact our business tax advisors if you have tax questions about a start-up business.
Is college financial aid taxable? A crash course for families
If your college student is fortunate enough to receive some financial aid, what are the tax implications? It depends. Gift aid, which is money that a student doesn’t have to work for, is often tax-free. But there are certain requirements. Contact our tax advisors with questions about what’s taxable and what’s not.
Stop procrastinating and get to work on your estate plan
For many people, creating an estate plan falls into the category of important but not urgent. As a result, it gets postponed indefinitely. However, not having an estate plan can have dire estate tax consequences in the event of your unexpected demise. Contact our estate planning advisors today to get started.
Nonprofits: Get the word out about IRA qualified charitable distributions
Qualified charitable distributions (QCDs) have been beneficial for donors and nonprofits for almost 20 years. Enhancements in the SECURE 2.0 Act have made QCDs even more appealing, but you may need to educate your supporters about them. Contact the CPAs and nonprofit advisors at SEK to learn more.
Keep these DOs and DON’Ts in mind when deducting business expenses
If you’re claiming business expense deductions for meals, a home office, vehicles and other items, the IRS may closely review them. It’s important to comply with the strict tax law substantiation requirements for these expenses. Contact our business tax advisors with business expense deductions questions.
How The One, Big, Beautiful Bill proposes to change the gift and estate tax exemption
Under the Tax Cuts and Jobs Act (TCJA), the federal gift and estate tax exemption amount is scheduled to revert to pre-TCJA levels after 2025. This has caused uncertainty for individuals whose estates may be exposed to gift and estate taxes. The good news is that the U.S. House of Representatives passed The One, Big, Beautiful Bill to permanently increase it to $15 million. The bill is now being considered by the U.S. Senate. Ask our estate planning advisors what this means for you.