Business owners who want to sponsor a retirement plan for employees (including owner-employees) have many options from which to choose. Knowing the basics and working with your CPA, can help entrepreneurs make an astute decision. One choice is a “profit-sharing” plan. Despite its name, your company...
The IRS has released their inflation adjusted figures for the 2018 calendar year for annual contribution limits to health savings accounts (HSA) and the minimum and maximum out-of-pocket expense amounts for high-deductible health plans Individuals who participate in a high-deductible health plan (HDHP) are permitted...
The 2018 projections represent the largest year-over-year inflation adjustment since 2007. Because the tax savings have already been factored into current law, there won’t be an extra budgetary expense on any other tax reform measures that could pass. There’s also the possibility that Congress could...
At a time when many not-for-profits fear cuts in government grants and donations, expanding the use of volunteers may help them remain successful. Here are ways to maximize volunteers’ effectiveness: Follow policies and procedures used for employees. This includes policies for background checks, onboarding, training, and liability...
Medicare is a complex program with many rules, regulations, and moving parts. If clients fail to enroll at the right time, they can face serious penalties. If they don't buy sufficient insurance to cover the program's many gaps, they may be hit with heavy out-of-pocket...
No matter who crunches the numbers, there's one thing retirees can expect: high health care bills. Along with housing, health care is among the biggest of retirement expenses, and yet it's one that not enough people plan for. According to a 2016 survey from Nationwide Retirement...
Several tax attributes and related tax planning opportunities are lost when a taxpayer dies. However, careful and thoughtful pre-planning for clients who are elderly or nearing death can result in substantial tax savings. PASSIVE ACTIVITY LOSSES A decedent's suspended passive activity losses are allowed on the final...
Many who are involved with fundraising through a volunteer or booster club may be unaware of the related tax implications. These clubs have come under intense scrutiny recently from the Internal Revenue Service and the courts, so it is important to know the rules. Common assumptions about...
Whether you’re part of the “on-demand” workforce or a business that outsources work to this type of contractor, it’s apparent from a recent study that this new “economy” is having a huge effect on a new generation of entrepreneurs. In the updated forecast by Intuit®...
The present is getting better. The future, not at all. Even as more Americans say the economy is improving, a clear majority remain fearful about their children’s financial prospects, according to a study released in early June. The pessimism is not limited to the United States, either,...