Can you turn business losses into tax relief?
Having a tough year? Find out how net operating losses (NOL) can convert today’s setbacks into brighter tax savings in the future. Also, read more about the changes and limits on the Tax Cuts and Jobs Act (TCJA). Contact our business tax advisors with questions.
Why choosing the right trustee matters
When drafting a trust, you must appoint a trustee. This can be an individual or a financial institution. Several qualities help make someone an effective trustee. Read here to know what to look for in a trustee. Contact our estate planning advisors for guidance.
Still have questions after you file your tax return?
If you’ve successfully filed your tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. Here are answers to some questions that we’re frequently asked about tax returns at this time of year.
Automate that! How AI and other software can help improve efficiency in your nonprofit
To improve your nonprofit’s efficiency, reduce repetitive work, improve donor engagement and optimize fundraising, consider increasing automation. Technology investments might seem like a luxury when your resources are limited, but they ultimately can pay off with increased financial support. Contact our nonprofit advisors for help with your nonprofit's efficiency goals.
3 ways to receive payments in QuickBooks Online
Got customer payments coming in? QuickBooks Online has multiple ways to accept and record them. Continue reading or contact our QuickBooks advisors for help.
Determine a reasonable salary for a corporate business owner
Are you a corporate business owner? Make sure your compensation passes IRS scrutiny! Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions or reclassify payments, potentially leading to penalties, back taxes and interest. Contact our business advisors for guidance on setting or reviewing your compensation.
Members of the “sandwich generation” face unique estate planning circumstances
Members of the sandwich generation find themselves simultaneously caring for aging parents while supporting their own children. Not surprisingly, they face unique financial and emotional pressures. Consider these next steps to aid in these challenges. Contact our estate planning advisors to learn about additional estate planning techniques for your unique situation.
The “wash sale” rule: Don’t let losses circle the drain
If you make an ill-fated investment in a taxable account, you may be able to harvest a tax-saving capital loss by selling the losing stock. However, for federal income tax purposes, the “wash sale” rule could disallow your tax loss. Contact our tax advisors with questions.
Mine your nonprofit’s audit report for good suggestions
Even if your not-for-profit isn’t required to conduct annual audits, it’s a smart policy to adopt. In addition to encouraging transparency and reassuring donors, audits produce reports you can use to adjust policies and procedures for better, less-risky operations. Your executives and board members can also review audit reports and correct any deficiencies or weaknesses in internal controls. Contact our nonprofit advisors for help with audits and internal controls.
An education plan can pay off for your employees — and your business
Your business can set up a Sec. 127 educational assistance plan to give each eligible employee up to $5,250 a year, free from federal income tax and payroll tax. The plan must meet certain requirements. Contact our tax advisors to learn more.