Are you eyeing your portfolio with year-end investment loss harvesting in mind? Before you place those sell orders, take a moment to review the “wash sale” rules. A wash sale occurs when you sell a stock, bond, or mutual fund and buy the same or a substantially identical security within 30 days before or after the sale. When this happens, you’re barred from deducting a tax loss on the sale. Instead, your cost basis of the

Although the employer mandate for providing health insurance coverage to workers under the Affordable Care Act (ACA) was postponed for one year – until January 1, 2015 – the rules for individuals remain in place, at least for the foreseeable future. What are your main rights and responsibilities under the ACA? Here’s a brief summary. Essentially, unless you are already covered by an employer’s plan, Medicare, or Medicaid, you’re required to obtain coverage on your own

When Congress tried unsuccessfully to expand the Form 1099 filing requirements a couple of years ago, at least one thing was accomplished. It raised awareness of an important IRS business reporting rule. And at $100 per infraction, the penalty for ignoring this regulation can be painful. That’s right; the IRS can fine you $100 for each 1099 form that you fail to file, up to a maximum penalty of $1.5 million. The most common Form 1099

Income tax, payroll tax, capital gains tax – the fiscal-cliff law passed in January changed many areas of the Internal Revenue Code, including one you might not have focused on lately: estate and gift taxes. Here’s what you need to know. What’s the current estate and gift tax exclusion? The exclusion is the amount you can transfer during your lifetime and via your will before estate or gift tax is due. It consists of two items.

Regardless of the type of business you’re running – whether it’s selling electronics, making furniture, or servicing automobiles – monitoring a few key financial indicators is often all that’s needed to keep your company growing and prosperous. On the other hand, neglecting a firm’s vital signs can lead to management by crisis and corrective action that’s too little, too late. A prudent business owner won’t wait until the end of the year (or even the end

October 1 – Generally, the deadline for businesses to adopt a SIMPLE retirement plan for 2013. October 15 – Filing deadline for 2012 individual tax returns on automatic six-month extension of the April 15 deadline. October 15 – If you converted a regular IRA to a Roth in 2012 and now want to switch back to a regular IRA, you have until October 15, 2013, to do so without penalty.

Most entrepreneurs eventually think about selling their businesses, whether as a prelude to retirement or to pursue other activities. In doing so, they often underestimate the effort required for a satisfactory outcome and overestimate the value and salability of their enterprises. If you’re contemplating selling, here are some common mistakes to avoid. 1. Overestimating the value of your business. Your price should be based on the fair market value of the business in its current form.

Are you looking for a way to give your employees a tax-free benefit that is also tax-deductible for your business? Why not consider an accountable plan? An accountable plan is an arrangement that lets you reimburse your employees for expenses incurred on behalf of your company, such as driving to the post office or supply store. With a properly administered plan, you can deduct the reimbursements on your business tax return; yet the payments are not

—  September 16 – Third quarter installment of 2013 individual estimated income tax is due. —  September 16 – Filing deadline for 2012 tax returns for calendar-year corporations that received an automatic extension of the March 15 filing deadline. —  September 16 – Filing deadline for 2012 partnership tax returns that received an extension of the April 15 filing deadline. —  October 1 – Generally, the deadline for businesses to adopt a SIMPLE retirement plan for