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February 19, 2024
2 Alternative Methods to Manage Your Business Inventory

Warehousing, salaries, insurance, taxes, transportation…. And don't forget depreciation and shrinkage! Carrying significant inventory on your business’s balance sheet can be costly. Not to mention, when working capital is tied up in inventory, your business’s other strategic investment opportunities become limited. Managing your inventory more effectively reduces these costs, improving profits and increasing operating cash […]

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February 1, 2024
Answers to Your Tax Season Questions

Ready or not—the 2024 tax season is officially open! The IRS is now accepting and processing 2023 income tax returns Just as in years prior, we’re receiving an abundance of questions about this tax season. Let’s take a look at seven of the most relevant ones.  1. What are the 2024 tax season deadlines? For […]

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February 1, 2024
A Hybrid DAPT May Offer the Asset Protection You Need

Asset protection is a vital part of estate planning. Chances are you want to pass on as much of your wealth to family and friends as possible. To do this, you may need to shield your assets from frivolous creditors’ claims and lawsuits. One option available to you as you plan your estate is to […]

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January 25, 2024
Higher Interest Rates Spark Interest in Charitable Remainder Trusts

If you wish to leave a charitable legacy while still generating income during your lifetime, a charitable remainder trust, or CRT, could be a viable solution.  In addition to an income stream, CRTs offer an up-front charitable income tax deduction, as well as a vehicle for disposing of appreciated assets without immediate taxation on the […]

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January 19, 2024
Will your court awards and out-of-court settlements be taxed? 

Courts grant monetary awards and settlements for a range of reasons.  For example, you may receive compensatory and punitive damage payments for personal injury, discrimination, or harassment. In this situation, some of the awarded amount you receive may be taxed by the federal government, and perhaps some will be taxed by your state government.  Hopefully, […]

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January 12, 2024
2024 Q1 Deadlines Employers Need to Know

A new year means new tax-related deadlines! Here are the key dates that business owners and employers should keep on their tax planning radars in the first quarter of 2024.  Jan. 16, 2024 (If not, you must file your 2023 return and pay all taxes due by March 1, 2024 to avoid an estimated tax […]

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December 6, 2023
11 Scenarios Where You Can Avoid the 10% Penalty Tax on Early IRA Withdrawals

When financial challenges arise, it can be tempting to take an early withdrawal from your traditional IRA. However, making the decision without understanding the tax implications is risky. Here’s what you need to know, including your options for avoiding the 10% early withdrawal penalty tax. First off, the penalty doesn’t always apply. A withdrawal from […]

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December 4, 2023
Reminder: Empty Your Flexible Spending Account Before Year-End

Does your employer offer a tax-saving flexible spending account (FSA) for health or dependent care expenses? If so, keep an eye on the calendar! If your employer lacks a grace period, any unspent funds in your account by year-end could be forfeited. What you should keep in mind as year-end approaches: Health Care Flexible Spending […]

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November 27, 2023
Consider Providing Your Beneficiaries With the Power to Remove a Trustee

Appointing a trustee who is, well, trustworthy is crucial to ensuring a trust operates as intended. As such, you may invest a large amount of time and mental energy in selecting the right person for the job.  But what happens if your carefully chosen trustee fails to carry out your wishes?  Your beneficiaries may want […]

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