By Dana Teller
Published: July / August 2010
Sweeping the nation, the green effect has not only proven motivational, but also financially rewarding. With eco-friendly awareness at the forefront of everyone’s mind, individuals and businesses are discovering they can make a difference while simultaneously reducing their fuel and energy costs. Even so, many companies continue to resist joining the going-green movement, so a strategic question for them might be: Can being environmental also be fundamental? The answer is yes. Despite their arduous and costly stigma, green decisions and sustainable practices minimize costs in the long run. With numerous energy efficiency tax incentives included in the American Recovery and Reinvestment Act of 2009 (the “Recovery Act”), going green is more beneficial than ever. So reuse, recycle and reduce your tax liability. The Recovery Act created several new business tax incentives, and also amended certain incentives established in prior acts. Let’s take a look at the green menu:
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By Mark Kingery
Published: May / June 2010
With all the hoopla surrounding March Madness (no pun intended) and the new health care legislation, you might not have noticed that the President recently signed into law the “Hiring Incentives to Restore Employment Act of 2010” ,(“HIRE”) which offers tax relief to encourage private-sector employers (including nonprofit organizations) and public higher education institutions (collectively “Employers”) to create new jobs. So if you are looking for that last little reason to take the risk associated with hiring then read on.
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By Dave Hovey
Published: March / April 2010
If you are one of those tortured souls that has never been able to roll over retirement funds to a Roth IRA (a “Roth”), then you may finally be in luck because in 2010, more taxpayers will be allowed to convert qualified retirement funds into a Roth. Previously, only taxpayers with modified adjusted gross income (“MAGI”) of $100,000 or less were allowed to roll-over such amounts to a Roth IRA and married persons filing separately were not able to make such rollovers at all. You can now roll over certain amounts in qualified employer sponsored retirement plan accounts such as 401(k) s and profit sharing plans, as well as regular IRAs, into Roth’s, regardless of your MAGI. What's so attractive about a Roth? Here's a summary:
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By Chuck Crouse
Published: January / February 2010
Few people realize that, even though they may have a modest estate, their families may owe hundreds of thousands of dollars in estate taxes because they own a life insurance policy with a substantial death benefit. This is so because life insurance proceeds, while not subject to federal income tax, are considered part of your taxable estate and are subject to federal estate tax. Even though federal tax legislation enacted in 2001 repeals the estate tax, the repeal is not effective until 2010 and is likely to change. In the meantime, the rules on the estate tax taxation of life insurance benefits remain in force.
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By David Hovey
Published: November / December 2009
In December of 2003, President George W. Bush signed into law the Medicare Prescription Drug, Improvement, and Modernization Act of 2003. In addition to making sweeping changes to the Medicare program, the Act created Health Savings Accounts (“HSAs”) effective January 1, 2004. So now that we have HSAs, along with the previously available HRAs, MSAs, and FSAs, how is one to understand what all of these mean and ultimately which is the best for him or her? The tax advantages conferred upon HSAs are significant, but before we dig into the details, let’s go back and briefly review the others so we can better understand the new benefits offered by HSAs.
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Have you reported your foreign bank accounts to Uncle Sam lately?
By Loribel Jacobs
Published: September / October 2009
Do you have a bank account in a foreign country? Are you the beneficiary of a foreign bank account? Are you a partner or shareholder in an S corporation that has a foreign bank account? If you're not sure, you should find out because Uncle Sam wants to know and if he finds out and you didn't self report it, you could face some hefty fines. This does not mean that it is illegal to have an account outside the United States or that the government discourages it. There are many everyday situations where it makes sense, personally and for business. The point is to disclose the account on your U.S. income tax return and, in some cases when the aggregate value exceeds $10,000, on the FBAR.
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Take Uncle Sam on Your Next Business Trip
By Mary Smith
We all enjoy a good meal or an evening of entertainment especially when we receive a substantial tax deduction for those expenses. There are some guidelines to follow to qualify for such deductions, and some of these expenses will be 100% deductible while others may be only 50% deductible and some may not be deductible at all. Read More...
By Sharon Walker
Many of us have dreamed about the possibility of having a business in our homes. The transformation of these dreams to reality will undoubtedly increase as the Internet, and technology in general, provide new opportunities. In addition to cost savings, a home-based business can result in some nice tax deductions. Read More...
By Tatiana Gilbertson
Published: January / February 2009
Over the past few decades, the amount of women-owned businesses has increased at a rate of more than four times the national average. It is mostly because of the changes in women's educational and career achievements. This change started in the 1960's when women began to prepare themselves for a career rather than a job. The trend continues today as many more women are surpassing men in educational achievements. Through education and experience, women have gained the confidence to bring their visions to fruition and open their own businesses. Read More...
By Chuck Crouse
Published: November / December 2008
As we deal with the past few months of turmoil in the financial markets, it is safe to say that many people have been suffering, whether it’s dealing with the prospects of a foreclosure; lack of available credit to grow or sustain a business; higher costs of goods; or just slower sales(home builders and ancillary industries). The affect of this suffering certainly adds stress to bodies and minds of entrepreneurs who are often already stressed from spending extra hours working or dealing with complex issues involved in running a business that is our livelihood. For these very reasons, it is important to keep looking to the future and to organize our financial houses to not only weather these uncertain times, but to calm us and let us prosper. Read More...
“It’s Just Business”
By Jennifer Parrilla
Published: September 2008
So, you have this fantastic idea for a business with all of the details worked out except for one; you need money to get the whole thing off the ground. But where do you go? At this point, your business isn’t more than an idea on paper and no bank will touch you with a ten foot pole. What about Uncle Monty? He’s pretty financially savvy and he may be interested in your business idea. Your buddy Bryan might want a piece of the action as well. Both may have a few extra bucks lying around, and better yet they might be interested in investing in you and your idea. But, before you crash the next BBQ with pleas for money, there are a few things to consider. Read More...
By Susan Williams
Published: June / July / August 2008
Franchising, which is now used in more than 70 industries, generates more than $1 trillion in annual U.S. sales. This business model dates back to the 1850’s in the United States with a couple of early successful franchises including Coca-Cola and the telegraph system controlled by Western Union. Subsequently in the 1930’s, such industry stalwarts like A&W Root Beer and Howard Johnson’s adopted a franchising model, but franchising of hotels and fast food restaurants really exploded as our interstate system was being developed in the 1950s. Read More...
By Lynne Smith
Published: April / May 2008
An employer’s choice to provide various benefits to its employees by sponsoring an employee benefit plan can be a valuable decision providing incentives that contribute to the overall welfare of its employees and often times leading to increased employee satisfaction and retention. However, employers should be aware of the nature and complexities of their responsibilities when a plan is put in place. Read More...
By Paul Bayer
Published: February / March 2008
April 15th (March 15th for Corporations) often comes too soon for most taxpayers. When the pressure of filing your tax return by Tax Day is looming and you’re not ready, consider filing an extension. In recent years, the IRS has made it much easier to extend your return for six months. There are several benefits of extending your return. Read More...
HSA’s: Less is More. Less Premium,
By Jessica Thomas
Published: January 2008
Healthcare costs continue to escalate while insurance carriers and consumers look for ways to reduce those costs. High Deductible Health Plans (HDHP) combined with Health Savings Accounts (HSA’s) is one way to decrease healthcare costs to employers, consumers, and even to insurance carriers. Healthy consumers as well as those needing extensive healthcare services can often enjoy some savings. Read More...
Tax planning – it’s that time of year again!
By Tatiana Gilbertson
Published: December 2007
Where does the time go? With the end of the year fast approaching, it’s time to start your year-end tax planning. There are some simple steps that every individual and business should take to ensure they get maximum benefit on their 2007 tax return. Whether you file an individual or business return, thoughtful planning can help reduce your tax liability. Review the following “must do” items to make sure you’ve done what you can to minimize your taxes. Just remember that making smart economic decisions should not be forgotten when planning. Don’t go out and buy that expensive vehicle for your business just for a tax deduction! Read More...
By Tatiana Gilberston
Published: November 2007
We know it’s hard to believe, but the year-end holidays are quickly approaching, and that means it’s time to think about gift giving and bonuses. These gifts and bonuses offer a great opportunity to achieve goodwill by rewarding certain employees, and even better – while you receive all the credit for these gifts, your Uncle Sam generally will pay a portion of the related costs. Read More...
But You Can Still Deduct Some Expenses
By: Paul Bayer
Published: October 2007
It has been said the two best days in a boat owner’s life are the day he buys a boat and the day he sells it. The latter can be particularly true for business owners who expect to reap substantial tax deductions from their boats, and subsequently find out that the IRS specifically denies deductions for the cost of “entertainment facilities”, which by definition includes boats. However, some deductions are allowed that make boat ownership a bit more enjoyable. Read More...
By: Paul Bayer
Published: September 2007
Generally any cash gifts to an individual in excess of $12,000 are subject to an annual "gift tax". There is however a lifetime exemption of $1,000,000 on gifts (per donor) that exceed this annual limit. Many people have accumulated significant wealth over their lifetime and may wish to reduce their estate before their death to ensure they pass along the maximum financial benefit to their heirs. One way to do this is to "gift” cash each year as mentioned above. This method of reducing their estate is limited by the gift and generation skipping transfer tax limitations. Read More...
By: Tatiana Gilbertson
Published: August 2007
Because of advances in communication, information processing and transportation technology, today’s economy is much different than our economy of a few decades ago. These factors, and the lowering of trading barriers, have resulted in a global economy that has introduced hundreds of new competitors to the mix. This increase in competition is one of the primary reasons that companies focused on sustaining profitability and market share continue to invest significant sums to improve their existing products and processes and/or create new products and processes. These expenditures are generally classified as research and development (R&D) and in 2006 U.S. R&D spending was $330 billion, making us the largest R&D spenders in the world. Read More...
