The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. The IRS recently issued guidance in the form of proposed regulations. The business interest expense limitation is a permanent change for tax years that began in 2018. Thankfully, many businesses are unaffected. Here's what you need to know. Prior Law Before the TCJA, some corporations were … [Read more...] about Update on the New Business Interest Expense Limitation
FAQs about LTC Insurance and Your Taxes
If you or a loved one needs long-term care, you probably don't want to pay it from your hard-earned savings. Instead, consider purchasing a long-term care (LTC) insurance policy. As a bonus, qualified LTC policies may deliver some tax breaks. Here are answers to some frequently asked questions about this type of coverage. How Does Long Term Care Insurance Work? Benefits paid under an … [Read more...] about FAQs about LTC Insurance and Your Taxes
Exploring the Cashless Movement in Retail
Cash as a form of legal tender isn't yet as obsolete as 8-track tapes and VCRs. But it's definitely less popular with certain demographic groups than others. Only 30% of all retail transactions were completed using cash in 2018, down from 40% in 2012, according to the Federal Reserve. And that trend is expected to continue, causing some retailers to stop accepting cash from … [Read more...] about Exploring the Cashless Movement in Retail
Summer Loving? Think About Taxes Before You Tie the Knot
For many couples, summer is the quintessential time to tie the knot. The weather is warm, the flowers are blooming and nature offers plentiful backdrops for photos. But there's more than the ceremony to consider when a couple merges their lives, including taxes and other financial issues. Though finances aren't necessarily a romantic topic, some issues are important to address before you … [Read more...] about Summer Loving? Think About Taxes Before You Tie the Knot
Reap the Rewards of Fresh Talent with Internships
Internships can be the ultimate "win-win" of employment. The intern wins by getting valuable work experience and training, and you win by getting a curious and dedicated worker who could return to your workforce down the road ready to hit the ground running. One thing interns aren't is a source of free (or low cost) labor, except under certain circumstances. Instances of abuse of unpaid … [Read more...] about Reap the Rewards of Fresh Talent with Internships
How to Structure a Business Asset Purchase with Taxes in Mind
Taxes are a major consideration in mergers and acquisitions (M&As). The parties generally can structure a business purchase as either: 1. An asset purchase. The buyer can purchase all or some of the assets of the business. 2. A purchase of stock (or another ownership interest). The buyer can purchase the seller's … [Read more...] about How to Structure a Business Asset Purchase with Taxes in Mind
Sticker Shock: How Much Does a College Degree Cost?
"Many families are uninformed about the cost of attending college," claims a recent study by the National Center for Education Statistics, part of the U.S. Department of Education's research division. Only 11% of high school freshmen could accurately estimate the cost of college tuition in their state. Of those that gave the wrong answer, 57% overestimated the cost, and 32% underestimated … [Read more...] about Sticker Shock: How Much Does a College Degree Cost?
Tax Issues When Winding Up the Estate of a Loved One
When a loved one who was "financially comfortable" passes away, his or her family must deal with the emotional issues that come with the loss — as well as winding up the decedent's financial affairs. Surviving family members are often unprepared for the tax issues that may arise when a loved one dies. Here's some guidance to help you manage important tax and financial considerations … [Read more...] about Tax Issues When Winding Up the Estate of a Loved One
5 Financial Tips for New College Graduates
Congratulations to the graduating class of 2019! As soon as a new graduate switches his or her tassel to the other side of the cap, it's time to plan for the future — and there's more to do than finding a good-paying job. Smart financial planning in the first few years after graduation can make a big difference in the years ahead. Here are five tips to help new grads prosper. 1. Make … [Read more...] about 5 Financial Tips for New College Graduates
When to Update Your Estate Plan
Estate planning isn't just for the rich and famous. Many people mistakenly think that they don't need an estate plan anymore because of the latest tax law changes. While it's true that the Tax Cuts and Jobs Act (TCJA) provides generous estate tax relief, even for well-to-do families, the need for estate planning has not been eliminated. There are still numerous reasons to develop a … [Read more...] about When to Update Your Estate Plan
