|
Summer Tax Planning for Small BusinessesTax planning isn’t limited to year-end and your review at the start of a new year. Being proactive and reviewing your tax strategy mid-year can give you a competitive edge and set you up for success come the 2024 tax season...
Partner With a Tax Expert if the IRS Comes KnockingSleuthing your way through a tax audit or responding to a letter from the IRS by yourself is not the same as fixing a leaky faucet or changing your oil. Here are reasons to partner with a tax professional as soon as you receive a letter from the IRS...
Avoid Passing Debt to Loved OnesNo one wants to think about it, but no one is guaranteed tomorrow. Nearly half of Americans are concerned about passing on debt to loved ones. According to Experian, debt tends to peak somewhere around middle age. Among Millennials, 17% have specific concerns about passing on education debt.* While it is never easy, there are steps you can take to help alleviate this stress...
Summertime Financial Lessons for Your ChildChildren on summer break have plenty of free time on their hands, which is usually spent playing outdoors, working on summer projects and participating in various sports and clubs. As parents, you can also weave in financial lessons to these summertime activities to reinforce great money habits. Here are some ideas...
Tame Your Summer Energy CostsSummer temperatures can feel just fine when you're spending time outdoors, yet most of us want our homes to always feel cool and comfortable. That often means cranking up the air conditioning and turning on all the ceiling fans, which typically leads to higher energy bills until fall arrives...
SERVICES
RECENT E-NEWSLETTERS
JULY 2024 Q & AQ: I'm a new investor and recently heard the term “Rule of 72”. What is it? A: The rule of 72 is a simple method to estimate how long it would take for an investment to double, given a fixed rate of compound interest.
Bereavement Leave Policy Considerations for EmployersYou want to be a supportive employer when an employee loses a loved one. Sometimes it can be difficult to know what's needed. A written company bereavement policy, (also known as compassionate leave) can help. Critical elements of a good policy include: DEFINE ELIGIBILITY Who qualifies for leave? Full-time, part-time, and/or temporary employees? The policy may also specify that employees must have been with the company for a certain period to be eligible. PAYROLL TRACKING Establish a process for recording leaves with your payroll provider. STATE REQUIREMENTS Some states have bereavement policy regulations that you should include. PROCESS FOR REQUESTS Specify how employees should request compassionate leave. You might require them to submit a written request to their supervisor, a Human Resources representative or complete an online form. LEAVE AVAILABILITY This is usually three or four days for the loss of an immediate family member and less time for the extended family or friends. Employees should be allowed to schedule the days off with their supervisor. Another way of showing support for a grieving employee is to offer flex time or the option to work remotely. Data Breach and Identity Theft LossesThe average cost of data breaches globally in 2023 was $4.5 million, and increasing.* Identity theft generally goes hand in hand with breaches. What should you do if you’re hit by either? Take immediate action to close the breach and protect against future attacks. Then, consider how you might deduct your losses. Under Sec. 165(a) of the tax code, any taxpayer may deduct losses that (1) are incurred in a trade or business (which would include breach and identity theft losses); (2) are incurred in a transaction entered into for profit, other than through a trade or business; or (3) arise from fire, storm, shipwreck, or other casualty, or from theft. Alternatively, businesses may opt to deduct losses under Sec. 162(a) as "ordinary and necessary" business expense. Individuals may deduct their losses only under Sec. 165(a).
|
