March 2020 E-Newsletter |
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CPA NEWS |
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Anthony Viola Offers Tax Tips for Workers with Side Hustles
Anthony Viola, a CPA and senior partner with the firm, was quoted in Newsday for the article “Tax Tips for Gig Workers and the Self-Employed.” He said that what self-employed business owners don’t know is that they have to pay “self-employment” taxes on top of income taxes.
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More Savings!
If you missed the announcement of higher retirement plan limits for 2020, here's another look at some of them.
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The IRS Data Theft Problem
What better place for online thieves to target than a database that contains 300 million+ Social Security numbers and a treasure trove of financial information? Here's how to minimize your risk.
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Taxes, Retirement and You
Many people nearing retirement consider moving to Sunbelt States like Florida and Nevada for both the weather and lack of state income taxes. However, all states have a variety of taxes, so look beyond income taxes and then take another look at your total tax picture.
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How To Avoid Phishing Scams
You should think twice about clicking on any link in an email or text message, or giving out any personal information. So-called "phishing" attacks look to trick people into giving out their passwords or other personal information by impersonating trusted individuals or companies, allowing hackers to access their accounts. To protect yourself from phishing, never open an email attachment except from an email address you recognize, and only send us documents through our secure portal.
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Financing Your Business
Many small businesses depend on access to financing in order to grow, but their financing options will vary. Here’s what you need to know if you’re exploring how to finance a business need.
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Additional Updated Information
February 2020 E-Newsletter
January 2020 E-Newsletter
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March 2020 Q & A
Q: I want to keep my affairs private, but I don’t want to give up the control that happens with some trusts. How can I maintain control and privacy?
A: One way is to establish a revocable living trust, a legal document that lets your beneficiaries avoid the public glare of probate. Like a will, a living trust names beneficiaries and instructs a trustee how to disburse your estate. You can change its terms any time during your life. Unfortunately, this trust won’t shield your assets from creditors or estate taxes. An irrevocable trust can achieve both of those objectives, but won’t grant you the flexibility of a living trust.
Q: I’m ready to get new business equipment and I’m torn between leasing and buying. How do I choose?
A:You will have personal considerations, but we can offer some generic information that may help. Leasing is a good option if money is tight, especially if you can find a lease with a purchase option that lasts long enough for you to consider buying. Owning the equipment usually comes with tax advantages, including a choice between writing off the cost all at once or over the life of the purchase, but this can restrict your cash flow. The choice is yours.
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SHORT BITS |
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WHAT RETIREMENT?
According to a survey by The Harris Poll for TD Ameritrade, most Americans age 40 and older intend to work past "retirement.” The poll found that 92% of respondents age 40-49 planned to work in retirement, while 66% of respondents in their 60s and 52% of those in their 70s said the same. Staying sharp, avoiding boredom, financial need and social interaction were the most common reasons cited for returning to or staying in the workforce.
CHARITY CHECK
Companies that rate the cost-effectiveness of charities can be of immense help to charitable donors, and now they have a new player on the block. ImpactMatters is a new ratings organization whose website breaks down the most cost-effective charitable institutions by categories addressing the climate, poverty, education and more. The ratings use a star system, with five stars ranking the highest.
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PRODUCTIVITY UP
The U.S. Department of Labor’s Bureau of Labor Statistics confirms what businesses have known for some time now: From the third quarter of 2009 to the third quarter of 2019, nonfarm business sector labor productivity increased 11.1%, an increase in output of 32.4% and a 19.2% bump in hours worked. Real hourly compensation also increased by 8%.
GREY MONEY
The Joint Center for Housing Studies of Harvard University found that the number of older Americans facing housing cost burdens reached an all-time high of 10 million. Homeownership rates are lower and debt rates are higher for those surveyed age 50 to 64 compared to earlier generations. The median income for the lowest earners was $14,400, lower than the 2000 level of $17,100.
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