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 […]

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, […]

The IRS recently announced an increase to the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business. In 2024, the cents-per-mile rate for panel trucks, pickups, vans, and cars will rise from 65.5 cents to 67 cents. The increase is meant to reflect, in part, changing gasoline prices. […]

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 […]

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 […]

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 […]

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 […]

Year-end is approaching quickly. If your business operates according to the calendar year, it’s time for a physical inventory account. While this task can feel tedious and time-consuming, it’s also a key chance to further develop your business’s operational efficiency. As you prepare to undertake the count, let’s review some best practices that will help […]

Equity-oriented executive compensation can take many forms, but restricted stock awards are a popular option. In fact, many businesses offer them as an alternative to stock option awards in light of the fact that options can lose most or all of their value if the price of the underlying stock decreases. This is less of […]