Is it better to use joint ownership or a trust to pass down a home?
When leaving a home to your children, it is possible to avoid probate by using either joint ownership or a revocable trust, but which is the better method? If you add your child as a joint tenant on your house, you will both have an equal ownership interest in the property. If one joint tenant dies, his […]
Keep Your Social Security Number Safe
Identity thieves are very active right now Countries and citizens around the world are banding together to defeat the coronavirus. While your attention is concentrated on protecting your family, friends and community, identity thieves are seeing an opportunity to swipe your confidential information. Very few things in life create a higher degree of stress and […]
Is Your General Ledger Squeaky Clean?
Spring cleaning for your business should include cleaning up your general ledger With spring now here, it’s natural to start thinking about doing some spring cleaning. But don’t limit the cleanup effort to your house — your business’s accounting system and general ledger needs cleaning, too! Here are five areas of your financial statements that […]
Spare Change Goes Digital
A clever new way to save… With close to 85% of purchases made with credit or debit cards, many people have forgotten the satisfying clinking sound of tossing a penny, nickel, dime or quarter into a glass jar of spare change. But all that is starting to change! Clever new savings ideas In today’s world […]
Tax Quiz: Who’s the Highest?
Take this trivia quiz and test your state tax knowledge! Here’s a quiz to test your state tax IQ and give you some fun facts about the taxes paid by friends in other states. Thinking about buying a new house? Which state has the highest property taxes? a. Texas b. New Jersey c. Illinois d. […]
New Law Requires Small Business to Provide Paid Leave
Families First Coronavirus Response Act provides worker benefits The Families First Coronavirus Response Act is a new program that offers COVID-19 assistance for both employees and employers. This new law provides businesses with fewer than 500 employees the funds to provide employees with paid leave, either for the employee’s own health needs or to care […]
Tax Deadlines Move to July 15
The April 15 federal income tax filing due date has been moved to July 15, the U.S. Treasury Department and IRS recently announced. Here is what you need to know: The due dates for all tax payments normally due April 15 have been pushed back 90 days to July 15, regardless of the amount owed. […]
April 2020
This month: April 15 (Extended to July 15) – Individual tax returns due – C corporation tax returns due – First-quarter 2020 estimated tax due April 12 – Easter Sunday The IRS rolled out deadline extensions and new programs to help individuals and businesses navigate the COVID-19 pandemic. A recap of these announcements is […]
IRS settles abusive insurance schemes
The IRS recently offered settlements to a select number of taxpayers involved in what are known as “micro-captive” insurance schemes. Tax law generally allows businesses to create “captive” insurance companies to protect against certain risks. In abusive “micro-captive” structures, accountants or wealth planners convince owners of closely held entities to engage in schemes that actually […]
New rules for required minimum distributions
The amount of time banks and other financial institutions have to notify people with retirement accounts about new rules for taking required minimum distributions (RMDs) has been extended. Under IRS Notice 2020-06, financial institutions have until April 15 to notify certain people with retirement accounts that no RMD is due for 2020. The new rule […]
