If Art Donations are Part of Your Estate Plan, Consider These Four Tips
Charitable giving is a key part of estate planning for many people. If you have a collection of valuable art and are charitably minded, consider donating one or more pieces to receive tax deductions. Generally, it’s advantageous to donate appreciated property to avoid capital gains taxes.
Still Working After Age 70½? You May Not Have to Begin 401(k) Withdrawals
If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½.
Transparency is Key with Related Party Transactions
In recent years, external auditors have focused more attention on related party transactions. Although related party transactions aren’t necessarily bad, they do raise some concerns about the risk of misstatement or omission in financial reporting.
Keep a Close Eye on Your Employment Records
Every employer needs to keep records on pay, hours, workplace injuries and the like. And, of course, the fun doesn’t end there — you’ve also got to maintain other documentation, such as job descriptions, annual objectives and performance reviews.
Stretch Your College Student's Spending Money with the Dependent Tax Credit
If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a dependent tax credit that may be available to you.
Older Employees Present a Hiring Opportunity and Challenge
It’s in every employer’s best interest to keep an open mind about where the right talent for an open position may lie. Of course, in some industries, minds couldn’t be more open because skilled labor shortages are driving organizations to look everywhere for new hires.
Using Knowledge Management to Develop Your Succession Plan
As the old saying goes, “Knowledge is power.” This certainly rings true in business, as those who best understand their industries and markets tend to have a knack for staying on top.
Will Leasing Equipment or Buying It Be More Tax Efficient for Your Business?
Recent changes to federal tax law and accounting rules could affect whether you decide to lease or buy equipment or other fixed assets. Although there’s no universal “right” choice, many businesses that formerly leased assets are now deciding to buy them.
Blow the Dust Off Your Employee Handbook
It’s probably safe to say that most employers have created some form of an employee handbook. But just because your organization has one, that doesn’t mean it’s functional.
Imposing healthcare plan waiting periods on rehired employees
It’s not uncommon for employers in some industries and localities to occasionally rehire a previously terminated employee. Should such a situation occur, you may wonder how to properly handle the waiting period typically imposed on new hires preceding their eligibility for health care benefits.