Alternative Minimum Tax — What’s It Like Today?
The Tax Cuts and Jobs Act made many changes to the individual tax law, including the alternative minimum tax. One of the goals of the new tax law was to reduce the impact of the AMT or even to [...]
Social Security Administration Announces Changes for 2019
According to the Social Security Administration, Social Security and Supplemental Security Income benefits for more than 67 million Americans will increase 2.8 percent in 2019. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2018. [...]
IRS Issues Guidance on Meal and Entertainment Deductions
The Internal Revenue Service has issued guidance on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act. The 2017 TCJA eliminated the deduction for any expenses related to activities generally [...]
Let Financial Statement Audits Boost Your Business
As a privately held company, you are not required to prepare and submit financial statement audits. Currently, U.S. government regulators require that only public companies that sell stock or bonds, or companies that are in the process of going public [...]
When It’s Time to Take Money Out of Retirement Plans
The term "distributions" refers to money withdrawn from a retirement plan. Generally, traditional IRA and 401(k) account holders are eligible to take penalty-free distributions at age 59 1/2, but the IRS doesn't require distributions until you turn 70 1/2. People [...]
How to Prepare for a Business Valuation
A key starting point to establishing your business worth is to assemble all the required information: the business financial statements, operational procedures, marketing and business plans, customer and vendor information, and staff records. Well-documented financial statements and tax returns [...]
Thinking Ahead: Estate Planning If You’re Under 40
The sooner you plan, the more prepared you'll be for life's unexpected twists and turns. You can start now, regardless of your net worth. You might still be paying off student loans or credit cards for the foreseeable future. Surprisingly, [...]
Will Basics: What It Is and Why You Need One
A last will and testament provides instructions for the distribution of your estate. It probably comes as no surprise that more than 70 percent of Americans don't have one. Most people aren't eager to draft legal documents, and there's a [...]
Concerned About Funding Your Child’s Higher Education?
Saving for your child’s education is no small feat. Although it is ideal to begin a savings program when your children are born, some families don’t start saving until their children are older. One of the best options is [...]
Confused About Starting Estate Planning
No one likes to think about estate planning, but it's important for even young adults to have their affairs in order, especially if they have family or loved ones. As the old saying goes, "hope for the best, prepare [...]