The stock market has experienced plenty of ups and downs this year. So some investors are poised to take big gains for 2019, while others are currently showing losses and many have both. What are the tax consequences if you sell securities? There's no fast answer. But it helps if investors understand the basic rules and plan accordingly at year-end. Here's a brief overview. Create Net … [Read more...] about Reap Tax Rewards from Year-End Harvesting
First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act (TCJA) set forth more-generous, but temporary, rules for 2018 through 2026. Recent IRS guidance gives you additional flexibility to fine-tune the bonus depreciation break to suit your specific business and personal tax circumstances. Here's what you need to know. Old Rules, New Rules Under … [Read more...] about Bonus Depreciation for Your Business: Let’s Review Your Options
The U.S. Department of Labor (DOL) has issued the long-anticipated final version of its overtime eligibility rules. The changes will take effect on January 1, 2020. As a result, the DOL estimates that 1.3 million workers will be newly eligible for overtime pay. Are any of them on your payroll? Read on to find out. What's Changing? The basic change that takes effect next year is that … [Read more...] about New Overtime Pay Rules Finalized for 2020
Good things come to those who wait. Older taxpayers may be entitled to some age-based tax breaks. Here are the details: Catch-Up Contributions to Retirement Accounts Older taxpayers can make extra "catch-up" contributions each year to certain types of tax-favored retirement accounts. For the 2019 tax year, the maximum catch-up contributions are: $1,000 for traditional and Roth IRAs, … [Read more...] about Tax Strategies for Seniors
Job applicants look at more than just wages when evaluating potential employers. They consider the whole compensation package, including fringe benefits and perks. These add-ons enable employers to cast a wider net in the job market, helping them attract and retain top-quality workers. Unfortunately, tax breaks for some fringe benefits were eliminated or suspended by the … [Read more...] about 14 Tax-Favored Fringe Benefits: What’s the Right Mix for Your Business?
The news of another massive online data breach may make you feel powerless to safeguard your financial privacy. But you can take some concrete steps to protect yourself in the aftermath of the recent Capital One case, as well as other breaches. "If you needed yet another nudge to start keeping an eye on your credit report to protect against identity theft, Capital One has delivered it," … [Read more...] about Another Massive Data Breach: How to Help Protect Yourself
Most private sector employers, for better or worse, put you in the driver's seat when it comes to saving for retirement. If you're a genuinely savvy and diligent investor, you might prefer the flexibility of rolling over your accumulated retirement savings into an IRA. This choice assumes, however, that your next employer's 401(k) plan allows you to move money into it from another 401(k) … [Read more...] about Changing Jobs? What Will Become of Your 401(k) Balance?
You may be thinking about refinancing this year to take advantage of falling interest rates. Or you may have refinanced your home mortgage last year and have yet to file your 2018 return (because you filed an extension). Either way, there are important federal income tax implications. Here's what you need to know. Deductions for Home Mortgage Interest For federal income tax … [Read more...] about Tax Implications of Refinancing Your Home
The powerful draw of social media, messaging, Internet browsing and related activities on smartphones is hard for many people to resist. As with forms of chemical dependency (alcoholism, for example) the boundary between excessive digital activity and digital activity that's clinically disabling is complex. It revolves around the extent to which the activity impairs a person's ability to … [Read more...] about Digital Addiction in the Workplace: What Employers Need to Know
For most small businesses, having a website is a necessity. But what's the proper tax treatment of the costs to develop a website? Unfortunately, the IRS hasn't yet released any official guidance on these costs. Therefore, you must extend the existing guidance on other subjects to the issue of website development costs. Depreciable Fixed Assets The cost of hardware needed to … [Read more...] about To Capitalize or Expense: How to Treat Website Costs for Tax Purposes