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How to Pay Yourself as a Business Owner

Tue, Aug 16th 2016
Are you a new business owner? You may be wondering how to pay yourself from your business. The answer depends on the way your business is set up. Here are common methods for making payments to business owners. Corporations. If you own a traditional C corporation, your salary is subject to income and payroll taxes. Both are withheld from your paychecks, and your business must "match" the social security and Medicare portions and pay the taxes to the IRS. In addition, you might also choose to pay... Read More »

What's Your Personal Net Worth?

Mon, Aug 8th 2016
Net worth is a familiar term, but you may not calculate or watch it in the same way you track your income. Yet net worth is a valuable measurement tool for overseeing your financial success. In a nutshell, net worth is total assets less total liabilities, such as debts. Here's an example. Say your assets consist of your home, vehicle, a savings account, and your retirement accounts, all of which total $515,000. Your liabilities, including a mortgage, vehicle and student loans, and credit card... Read More »

New Lease Accounting Standards

Mon, Aug 1st 2016
A new Accounting Standards Update (ASU) recently issued by the Financial Accounting Standards Board (FASB) will affect many. The update is intended to improve financial reporting about leasing transactions. The ASU will require companies that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations those leases create. All leases with lease terms of more than 12 months, both finance and operating leases, will have to be recognized on the balance... Read More »

It’s Time for a PTC Checkup for your 2016 Health Insurance Marketplace Coverage

Mon, Jul 25th 2016
If you or anyone in your family are getting advance payments of the premium tax credit, it’s that time of year for a checkup to see if you need to adjust your premium assistance. Since the advance payments are paid directly to your insurance company and lower the out-of-pocket cost for your health insurance premiums, changes in your income or family size may affect your credit.  You should report changes that have occurred since the time that you signed up for your health insurance plan.... Read More »

Let Uncle Sam Help You Become Energy Efficient

Mon, Jul 18th 2016
If getting more energy efficient at home or work is on your to-do list, let Uncle Sam help get things kick-started with some timely tax incentives. One example: you can claim a tax credit equal to 30% of the cost of a qualified solar-electric system if the system is installed this year. In some cases, you have to follow special rules. For instance, solar water heating property must meet certain performance criteria and cannot be used for a swimming pool or hot tub. Other energy technology is... Read More »