Where is the income you need to sustain you through retirement going to come from? If you are like most people, there are three primary resources you will have to dig into. 1. Social Security benefits: Generally, the size of your retirement benefit is based on your earnings throughout your working years and the age…
Check out our updated article on the benefits of financial analysis and the various metrics for analyzing financial statements. Many business owners and company managers have found that insight gained from their examination of company financial statements can be invaluable. Such insight can help businesses improve their profitability, cash flow, and value. Ratio Analysis is a…
A new IRS Notice provides some more leeway for taxpayers seeking relief under the “innocent spouse” rules. This change of heart continues a recent trend. Background: Although filing a joint tax return may provide other tax benefits, each spouse is “jointly and severally liable” for any tax, interest and penalties attributable to the return. In…
Now that your 2011 tax return has been wrapped up, or you have at least obtained a filing extension, you can enjoy some “time off” from taxes … right? Wrong. Tax planning is a year-round proposition. The tax moves you make—or don’t make—throughout the year can have a substantial impact on your tax bill. Here…
Where is the income you need to sustain you through retirement going to come from? If you are like most people, there are three primary resources you will have to dig into. 1. Social Security benefits: Generally, the size of your retirement benefit is based on your earnings throughout your working years and the age…
The income tax liability you face on your 2011 return—which must be filed by April 17, 2012—may be reduced by certain tax credits. The list of credits is extensive, but here is a quick review of several common types. Higher education credits: You may be able to take advantage of either one of two tax…
One of the keys to business success is maintaining a dedicated staff that you can trust and rely on. But good workers—at least the kind who stay with a company for the long term—seem to be a vanishing breed. And finding replacements can result in additional costs for hiring and training, lower productivity and negative…
Frequently, business owners deal in “commodities,” such as the goods that the company might produce or sell to the general public. Yet they may pay scant attention to one of the precious commodities: time. Successful businesspeople understand this concept and treat time as one of their most valuable resources. Knowing how to use time wisely…
For many businesspeople, retirement is the “last frontier.” Will you have saved enough to live comfortably on a fixed income? Will you be forced to make drastic changes in your lifestyle? Will you be able to live long in relatively good health? Will you happily ride off into the sunset? Although your overall fate is…
Individuals with business or personal ties in a foreign country who may have a foreign bank account, securities account or signature authority over such account are now responsible for filing two new forms – TD F 90-22.1 and Form 8938. The TD F 90-22.1 form, or FBAR statement, must be filed if the aggregate value…
