People are living longer these days. That is good news, of course, but it also means that you may have to provide yourself with a bigger cushion in retirement than you had initially intended. What’s more, uncertainty over future Social Security benefits as Baby Boomers continue to swell the rolls adds to the concerns. As…
Ready or not, many key provisions in the massive health care law—the Patient Protection and Affordable Care Act of 2010 (PPACA)—take effect next year. In fact, employers must meet certain notification requirements by October 1, 2013. However, the government recently announced that enforcement of the “pay or play” penalty for employers will be postponed for…
Beginning this year, certain high-income individuals may be liable for a new 3.8% surtax on investment income. Unlike other tax changes for 2013 included in the American Taxpayer Relief Act of 2012 (ATRA), this provision was part of the Patient Protection and Affordable Care Act of 2010 (PPACA). How it works: The 3.8% Medicare surtax…
The summer is typically a time for individual taxpayers and small-business owners to take a deep breath while catching up on some recreational pursuits or other pleasurable activities. But there is precious little time to relax in the tax world. With that in mind, here are 10 mid-year tax strategies that may prove to be…
After years of a cloudy outlook, the forecast for estate planning has finally improved, thanks to the new American Taxpayer Relief Act of 2012 (ATRA). But you will still face challenges as you plan ahead. Problem: Estate planning has been shrouded in uncertainty ever since the monumental Economic Growth and Tax Relief Reconciliation Act of…
Are you looking for the next great business idea? It could be staring you in the face, or it might be lurking right around the corner. If you need some inspiration, here are seven suggestions that should help get the creative juices flowing: Move ahead of the curve. Ask yourself what could be the next…
It has not received much attention in the media, but a “hidden” provision in the new American Taxpayer Relief Act of 2012 (ATRA) creates a new tax-saving opportunity for retirement-savers. As a result, you may be encouraged to transfer funds to the Roth version of a traditional 401(k), if it is offered by your employer….
Are you contemplating the purchase of new equipment or other assets for your small business? It’s a good time for many business owners to “spin straw into tax gold.” Reason: Under the new tax law signed earlier this year—the American Taxpayer Relief Act of 2012 (ATRA)—you can claim a generous current deduction of up to…
Naturally, it takes some time to create “corporate minutes” in a business setting. But it is usually time well spent. Plus, it is easier than it was years ago to have minutes prepared, due to improvements in computer software. Significantly, corporate minutes can serve as the proof you need to back up your position if…
The summer is typically a time for individual taxpayers and small-business owners to take a deep breath while catching up on some recreational pursuits or other pleasurable activities. But there is precious little time to relax in the tax world. With that in mind, here are 10 mid-year tax strategies that may prove to be…
