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1040 Questions After You’ve Filed
Alright . . . you've successfully filed your 2018 return with the IRS. But now, you find that you've may still have some 1040 questions after you've filed. Here are brief answers to three questions that we’re frequently asked at this time of year. 1040 Questions #1: What tax records can I throw away now? [...]
Taxation of Divorcing Business Owners
Taxation of divorcing business owners add complications to an already stressful time. Your marital property will include all or part of your business ownership interest . . . one of your biggest personal assets. Transferring property tax-free You and your ex-spouse can generally divide most assets, without any federal income or gift tax consequences. When an [...]
401k Hackers: Prevent an Account Wipe-Out
News of commercial database hackings may seem commonplace in 2019. But while many of these stories focus on hacked bank and credit card accounts, 401k plan sponsors and participants probably don’t realize that their plan assets also are at risk from 401k Hackers. Employers who offer 401k plans to their employees need to take precautions [...]
Understanding How Taxes Factor Into M&A Transactions
Merger and acquisition (M&A) activity has been brisk in recent years. Is your business is considering merging with or acquiring another business? If so, it’s important to understand how the transaction will be taxed under current law. Stocks vs. assets From a tax standpoint, there are basically two ways to structure a transaction: 1. Stock [...]
(#539) Fraud Fun Fact: Crooks Prefer Cash!
It should come as no surprise that cash is the most popular target of fraud perpetrators. After all, once stolen, cash itself is virtually untraceable. But that doesn’t mean forensic accounting professionals can’t unearth cash fraud schemes — and the crooks behind them. 3 Categories of Cash Fraud According to the Association of Certified Fraud [...]
(#538) Properly Funding your Revocable Trust is the Key to Unlocking its Benefits
If your estate plan includes a revocable trust — also known as a “living” trust — it’s critical to ensure that the trust is properly funded. Revocable trusts offer significant benefits, including asset management (in the event you become incapacitated) and probate avoidance. But these benefits aren’t available if you don’t fund the trust. Funding [...]
(#536) You are Programmed to be Poor
As posted to the Be Inspired YouTube Channel on 3/5/19 from original content appearing on the London Real YouTube Channel In this eye-opening interview clip, Robert Kiyosaki explains how you will never learn about money in school. Rather, school was designed to teach you to be an employee or a self-employed person . . . [...]
(#535) Still Working After Age 70-1/2? You May Not Have to Begin 401(k) Withdrawals
If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required minimum withdrawals (RMDs) from the plan no later than April 1 of the year after which you turn age 70½. However, there’s an exception that applies to certain plan participants who are still working for the entire [...]
(#534) 5 Ways to Prevent Fraud in Your Law Firm
Because they foster a collegial, trusting environment, law firms can be more vulnerable to fraud than many other types of businesses. Enforcing internal controls may simply seem unnecessary in an office of professionals dedicated to the law. Unfortunately, occupational thieves can take advantage of such complacency. A law firm’s accounting department — payroll and accounts [...]
(#533) Life Insurance Can Be a Powerful Estate Planning Tool for Non-Taxable Estates
For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses. Today, the gift and estate tax exemption has climbed to $11.4 million, so estate taxes are no longer a concern for the vast majority of families. But even for nontaxable estates, life [...]
(#532) USA’s Monsterous Debt Time Bomb Just Got Bigger
As posted to the GoldSilver YouTube Channel on 03/12/19 (transcript of documentary as appears on YouTube) Today (3/12/19) brings news of the latest federal budget proposal, a $4.75T presidential wishlist doomed to defeat in the House that spends money we don’t have. Perhaps most striking is that we are on pace to shatter the all-time debt-to-GDP [...]
(#531) Stretch Your College Student’s Spending Money With The Dependent Tax Credit
If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a dependent tax credit that may be available to you. It’s not as valuable as [...]
(#530) How Fraud Can Scuttle the Purchase of Your Dream Home
Buying a home is stressful enough without also having to worry about potential fraud. Unfortunately, real estate fraud is surging. According to Realtor magazine, scams targeting the industry rose 1,100% from 2015 to 2017, resulting in losses of more than $1.6 billion. Home closing wire fraud should be of particular concern for prospective homebuyers. When [...]
(#529) Millennial Money: The Future of Our Economy
In this installment of Millennial Money, Robert Kiyosaki explains that, because the government has mismanaged our economy, millennials will have to be 10 times smarter than him to achieve the same result today that he achieved decades earlier. Being an Business Owner or Investor rather than being an Employee or Self-Employed is now more important [...]
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.
