If you play a major role in a closely held corporation, you might occasionally spend personal funds on corporate expenses. Unless you take the necessary steps, these expenses could end up being nondeductible by either an officer or the corporation. This issue is more likely to occur with a financially troubled corporation. What can’t you […]

For plenty of companies, an important line item on the balance sheet is accounts receivable (AR). The question is, can you take the amount reported at face value, or is there more to it than meets the eye? It’s critical to dig deeper into your numbers to understand the true quality of your AR. Your […]

If you’re 50 or above, you can likely make extra “catch-up” contributions to your tax-favored retirement accounts. You might wonder if this is worth the trouble; the answer is “Yes!”  Here are the ground rules for getting started with catch-up contributions. The lowdown on IRAs  Eligible taxpayers can make extra catch-up contributions of up to […]

For married couples, if one spouse is unemployed or busy with the daily grind of unpaid care and domestic work, it can be challenging to save as much as you need to enjoy a comfortable retirement. This can feel stressful, but you do have options. Generally, an IRA (Individual Retirement Account) contribution is only allowed […]

If a family member or friend has asked you to serve as executor of their estate, it’s critical that you understand the responsibilities and potential risks before you sign on. Note that you are not required to accept this appointment, but once you do, it can be difficult to extricate yourself if you change your […]

For business owners and other employers, it’s essential to keep up with important tax deadlines, even in the summer months. The following is a list of key tax-related deadlines for the third quarter of 2023.  Deadlines July 31st  August 10th  September 15th It’s important to note that this list isn’t all-inclusive, so there might be […]

If you’re over the age of 65 and you have basic Medicare insurance, you might be required to pay additional premiums to get the level of coverage you need. These premiums can be expensive, especially for married couples with both spouses paying them. With that said, you might have one advantage: You may qualify for […]

For 2023, the federal gift and estate tax exemption amount is set at $12.92 million (or $25.84 million for married couples). However, in the absence of action from Congress, on January 1, 2026, it’s scheduled to decrease to a mere $5 million ($10 million for married couples).  According to current estimates, those numbers are expected […]

Are you raising children and supporting aging parents at the same time? If so, you can count yourself among those in the “Sandwich Generation,” a cohort “squeezed” by the demands of caring for children and older adults.  While providing for your parents later in life may be gratifying, it can also be time-consuming. Deciding how […]