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Choosing between a calendar year and a fiscal year

Mon, Sep 24th 2018
Many business owners use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners’ personal returns, making it about as simple as anything involving taxes can be. But for businesses whose primary operating season doesn’t fall neatly within a single calendar year, choosing a fiscal year end can make more sense. The ins and outs A calendar year, as you would expect, covers 12 consecutive months, beginning January 1 and ending December 31. Flow-through businesses (... Read More »

Handle buy-sell agreements with care

Mon, Sep 17th 2018
If you own an interest in a family-owned or other closely held business, a buy-sell agreement is a valuable document to have in place. These agreements specify whether — and under what circumstances — owners’ interests may be transferred. Buy-sell agreements should be planned and drafted carefully to ensure that they meet your expectations and don’t trigger unwanted tax consequences or conflicts with other owners or family members. Consider the benefits A well-crafted buy-sell agreement... Read More »

Education: Tax changes you need to know

Mon, Sep 10th 2018
As students gear up to head back to school, there are some changes to education deductions that could save or cost you more in taxes and even raise college tuition costs. Here is what you need to know to get up to speed: What's gone Continuing Education as an itemized deduction: In previous years, you could deduct expenses paid for job-related continuing education as a miscellaneous itemized deduction. This deduction has been eliminated. However, if your employer will pay for the education,... Read More »

Now is a great time to organize your tax records

Tue, Sep 4th 2018
No, really, it is! The time to organize your tax records is now. Waiting until the end of the year or, even worse, waiting until you are audited can lead to headaches. Here are some tips to get on top of your tax records. Storage Hints Organize your records by tax year. If you have not already done so, create a folder for the current year’s files. Here are some filing suggestions. Tax return and support. Create a file with copies of your signed tax return(s) for the year. Include any support... Read More »

Reduce your medical expenses - tax smarts that make a difference

Wed, Aug 29th 2018
Medical expenses are on the rise. According to the Milliman Medical Index, the average family of four on an employer-sponsored plan will spend $28,000 on healthcare in 2018 – a $1,000 increase from 2017. Below are some ways you can save tax dollars when paying those medical bills: Contribute to a Health Savings Account (HSA). If you have a high deductible health plan, you can open an HSA account to pay your medical bills. If your health insurance deductible is $1,350 ($2,700 for family) or more... Read More »