Partnerships and LLCs, Take Heed of New Tax Law Beginning with tax year 2018, all partnerships and limited liability companies (LLCs) taxed as partnerships will be affected by a new federal tax audit law. In 2015, the Bipartisan Budget Act repealed the earlier audit system, known as TEFRA, and replaced it with entirely new taxation…
There are other ways to resolve problems?. You’ve been wronged. It’s highly emotional. For some people, an immediate reaction is to consider filing suit. Suing will get your money or your property back. Suing will get the justice you deserve. After all, no one should be able to take advantage of another person and get…
Many of us like to fantasize about winning the lottery. We muse with our friends about how we might spend the money, and we dream about never wanting for anything ever again. The odds are against us, of course, at least as far as the lottery goes. But that doesn’t mean – at some point…
The Downfall of Sports Authority Just last month, the nation’s former largest retailer of sports apparel and equipment, Sports Authority, filed for Chapter 11 bankruptcy protection. What can small business owners learn from Sports Authority’s failed business plan? After all, if the retail giant that owns the naming rights for Denver’s Mile High Stadium can’t…
Is it time to have “the talk” with your kids? We’re not talking about a “birds and bees” talk but one that is equally important, perhaps more so. Specifically, we’re talking about discussing your estate plan with your family. Discussing Your Estate Plan Everyone has concerns about what will happen when they die. Some people…
Did you know there are many steps that you can take to save money via your employment? Some of these strategies work by allowing you to pay for things with pre-tax money, which could up to 40% (depending on your tax bracket) right back into your pocket. Others provide benefits through your employer that are…
If your marriage is on the rocks, one of your many worries is probably the impact divorce will have on your life. We can support you with a thorough analysis of your assets and understanding of the financial impact of a divorce, but financial first read these three widespread myths of the financial impact of divorce….
A major topic of discussion in the business community is a work-life balance. Business owners are concerned about this issue because they do not want quality employees to burn out; employees are concerned about this issue because they want to have meaningful personal lives, as well as purposeful jobs. The younger generations, in particular, actively…
Have you given any thought to how emergency medical care providers know who to contact or what to do if you are in an accident? Some people wear wristbands that contain important health information, such as drug allergies. But there’s an even better tool located in something many of us already carry every day—the iPhone…
Keeping Track of Tax Deadlines While Owning A Business If you own a business, particularly if it is a new business, you are probably concerned about how to track tax deadlines. Fortunately, the Internal Revenue Service has developed several methods to help with this very problem. First, though, you must know which taxes you are…
What? You Shouldn’t Pay Off A Mortgage? To many people, living debt-free is a lifelong dream. It’s the picture of the easy life. Retired with no debt. You may be surprised to learn, however, that debt-free is not always the best decision. That is especially true if the choice is either to pay off a…
Most of us have been exposed over the years to discussions in the media around the issue of diversity. The concept is applied to most of the structures of our society — schools, employers, governmental bodies, and so on. For businesses, the interest in diversity stems largely from legal mandates such as the federal Civil…
Much has been written about our nation’s need to help mothers in the workplace. Many benefits, such as maternity leave and nursing stations, are present or well on their way towards implementation in many U.S. states. With employees working later in life, due, in part, to the rise in the regular Social Security retirement age,…
The untimely death of superstar Prince has brought a surprising issue to American living rooms: estate planning. If current reports are correct that Prince died without a will, state law and the Court system will dictate who controls and inherits his sizeable estate. It is also likely that taxing entities will take a bigger bite…
As a business owner, you likely spend most of your time thinking about money, profit margins, and cash flow. But, your most valuable resource is actually your time and it’s time for you to invest a lot more of your energy using the money, which is infinitely renewable, to free up what’s nonrenewable your time,…
It seems that we can’t turn on the television or radio without hearing an ad for a “reverse mortgage.” So what is a reverse mortgage exactly, and who can benefit from using one? A reverse mortgage is a type of loan taken out against your home. With a reverse mortgage (as with a traditional mortgage)…
If you have a newly incorporated LLC or Corporation, you only have until March 15 to elect S-Corporation status for the 2016 tax year, using IRS Form 2553. This is important because there could be significant tax consequences to you, if you do not elect for S-Corporation status. As the owner of an LLC interest,…
The inclusion of older employees in the workforce benefits companies, the economy, and the employees themselves. More people are choosing to work later in life, sometimes to delay retirement and boost their Social Security check. Often, however, mature workers choose to work as a means to remain engaged and relevant. Contributions of Mature Employees Hiring,…
If you are relatively new in business, you may find that one of your biggest challenges is facing the reality that the people in your life aren’t taking your entrepreneurial endeavors seriously. How to Get Respect For Your Business Ventures This can show up in a variety of ways which undermine your success, including: Interrupting…
As the Baby Boom generation moves on to retirement and Millennials increase their presence in the consuming world, more companies are including Corporate Social Responsibility (CSR) in their business plans. According to the World Business Council for Sustainable Development, CSR is “a continuing commitment of business to contribute to economic development while improving the quality…
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