What are the duties of an executor?
A key decision you must make when drafting your estate plan is who to appoint as the executor. Your first inclination may be to name a family member. But this can cause complications. Frequently, a professional advisor whom you trust is a good alternative. Contact the estate planning advisors at SEK with your questions.
Make year-end tax planning moves before it’s too late!
It’s an ideal time to begin making moves that could reduce your tax bills for 2024 and 2025. If you itemize deductions, you may be able to deduct medical expenses, state and local taxes up to $10,000, charitable donations, and eligible mortgage interest. Contact the CPAs and tax advisors at SEK for assistance.
Is your business required to report employee health coverage?
Certain employers are required to report information about employees’ health coverage. Is your business required to comply? Read this article to find out or contact the CPAs and business advisors at SEK.
How to protect your nonprofit’s credit cards from misuse
Without a credit card use policy, you could have trouble responding satisfactorily if a staffer misuses your organization’s card. You may also have a hard time recovering funds lost as a result of improper charges. So it’s important to craft a policy explicitly stating that employees can’t use a work-issued card for personal expenses. Contact the CPAs and nonprofit advisors at SEK for help preventing fraud.
Q&A: Paying contractors through QuickBooks Online
Payroll is probably the most difficult element of running a small business. Especially if your business is hiring independent contractors. QuickBooks Online can simplify the payments process. It can also track contractor payments, create 1099-NECs easily, and ensure correct classification for the IRS - who cares a lot.
A real-life example of why a holographic will isn’t enough
Many states permit holographic wills. But while holographic wills can be cheap and easy to produce, they tend to invite challenges and interfamily conflict. Also, because an attorney doesn’t prepare them, holographic wills tend to be less thorough and often contain ambiguous or unclear language. Contact the estate planning advisors at SEK for more information.
Are your nonprofit board meetings as focused as they could be?
Your nonprofit’s monthly board meetings may not be running as efficiently as possible. If that is true for you, you may want to consider planning agendas, assignments, and timetables. You may also want to consider following up with members after these meetings. Contact the nonprofit advisors at SEK for more information.
A spendthrift trust can act as a wealth preserver
A spendthrift trust can be an invaluable tool for preserving wealth for your heirs. It prohibits a beneficiary from directly tapping its funds or transferring its rights to someone else. Instead, the trust beneficiary relies on the trustee to provide payments based on the trust’s terms. Contact the CPAs and estate planning advisors at SEK if you have questions regarding a spendthrift trust.
2024 Q4 tax calendar: Key deadlines for businesses and other employers
Mark your calendar: It’s time for businesses to start thinking about the fourth quarter 2024 tax filing deadlines.
Estate planning for residential real estate with a qualified personal residence trust
If you own your principal residence, it may be beneficial to transfer ownership of your home to a qualified personal residence trust (QPRT). Using a QPRT, you can continue to live in the home for the duration of the trust’s term. When the term ends, the remainder interest passes to designated beneficiaries. Contact the CPAs and estate planning advisors at SEK for more details.