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How to Choose a Guardian for Your Child
If you have minor children, arguably the most important estate planning decision you need to make is choosing a guardian for them should the unthinkable occur. If you haven’t yet made this decision, formalize your choice as soon as possible. When it comes to choosing the best candidate for a guardian for your child, you probably [...]
What is Your Taxpayer Filing Status?
For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects your taxpayer filing status . . . the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on [...]
Your Online Match May be a Fraudster
According to various estimates, approximately 25% to 30% of online dating accounts involve scammers. Therefore, if you maintain a dating platform account, you need to know that a significant portion of accounts — including possible “matches” that contact you — belong to fraud perpetrators. Yes, your online match may be a fraudster. Here’s something else [...]
Flexibility is Key in an Unpredictable Estate Planning Environment
The Tax Cuts and Jobs Act (TCJA) made only one change to the federal gift and estate tax regime, but it was a big one. It more than doubled the combined gift and estate tax exemption, as well as the generation-skipping transfer (GST) tax exemption. This change is only temporary, however. Unless Congress takes further [...]
Don’t Let E-Commerce Fraud Steal Your Holiday Spirit
(This is Blog Post #689)
Tax Implications of Environmental Cleanup
If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses. There are however "timing difference" types of tax implications of environmental cleanup. You want to claim the maximum immediate income tax benefits possible for the [...]
5 Ways to Trim 2019 Taxes
(This is Blog Post #687)
Beneficiary Defective Inheritors Trusts
By temporarily doubling the gift and estate tax exemption, the Tax Cuts and Jobs Act (TCJA) opened a window of opportunity for affluent families to transfer assets tax-free. To take advantage of the higher exemption amount, many families that own businesses or other assets worth more than the pre-TCJA exemption amount are planning substantial gifts [...]
Creepers are a Threat to Your Business
If you devote all your business’s security resources to fending off hackers and other cybercriminals, you may be unlocking the door, literally, to more basic types of theft. “Creepers” are criminals who gain access to offices or other physical facilities via unlocked doors and social engineering tactics. Once in, they steal proprietary information, inventory, computers [...]
Using an ABLE Account to Save for a Disabled Family Member
There’s a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done using an ABLE account to save. An Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be [...]
1099-MISC Reporting Requirements for Small Businesses
It's 2020, and with it your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. 1099-MISC reporting requirements may mean you have to send 1099-MISC forms to those whom you pay nonemployee compensation, as well as file copies with the IRS. This task can be time [...]
2020 Q1 Tax Calendar for Businesses
Here's a 2020 Q1 tax calendar with some of the key tax-related deadlines affecting businesses and other employers. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact me to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January 31 [...]
Setting Up a Health Savings Account
Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, setting up a Health Savings Account offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. [...]
How to Avoid Trust Fund Recovery Penalties
One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time. If you willfully fail to do so, you could personally be hit with Trust Fund [...]
New Year’s Eve Can Get Expensive
Most Americans spend less than $200 on New Year's Eve. However, parents of young children usually pay more as do revelers in pricey cities. (This is Blog Post #679)
Disclaimer
This blog is designed to provide competent and reliable information regarding the subject matter covered. However, it is being provided with the understanding that the blogmaster is not engaged in rendering investment advice. Laws and practices often vary from state to state and if investment assistance is required, the services of a licensed investment professional should be sought. The blogmaster resolutely encourages the reader/viewer to do their own research and due diligence before acting on any information contained herein. As such, Roger Rossmeisl specifically disclaims any liability that is incurred from the use or application of the contents of this blog. It should also be noted that the views contained in this blog are not necessarily representative of the opinions/beliefs of the other owners, management and/or employees of Kho & Patel CPAs.
