Setting up Your Business Accounting System
You’ve done the hard work. You have a new business idea or you’ve found an existing business to purchase. Want to help ensure your business success? Pay attention to correctly setting up your business’ accounting system. Here’s how: Consider business entity. Choosing the right legal and tax entity for your business is important. Consult experts […]
New W-4 Creates Questions for Human Resources
With the major Form W-4 overhaul for 2020, you may field questions from your employees. While it’s not your responsibility to provide tax advice to your employees, it’s good to be prepared to help answer common questions about the new IRS form. Here is a summary of the W-4 changes and answers to some common […]
New Rules Mean Saving More for Retirement
The Setting Every Community Up for Retirement Enhancement Act, also known as the SECURE Act, was passed by Congress in late December 2019. Here are some of the features in the new legislation that will help you save more for retirement: Money can continue to grow tax deferred If you turn 70½ in 2020 or […]
Finding the Balance of Income vs. Spending
The IRS primer every voter should know Every year the IRS publishes instructions to prepare your Form 1040, individual tax return. The publication for 2019 is a whopping 108 pages! On page 103 of the IRS booklet is a summary of collections (income) and spending (outlays) by the federal government. Given the election year, here […]
February 2020
This month: February 14 – Valentine’s Day February 17 – Presidents’ Day Reminders – Collect all tax forms (W-2s, 1099s, others) – Set up tax appointment – Rebalance investment portfolios The 2019 tax filing season is in full swing. If you have not already done so, now is the time to collect your tax […]
Should you choose a reverse mortgage? Pluses and minuses
For seniors, deciding whether to enter into a reverse mortgage can be complicated. Here are some pros and cons to consider: The pros A reverse mortgage allows you to maintain the title to your home while receiving income from your equity. The loan doesn’t typically affect Medicare or Social Security benefits. Reverse mortgage income is […]
Financing a home for your retired parents
Lenders are making it easier for people who want to finance homes with rental units for their retirement-age parents. In the past, banks treated such arrangements as partial investment properties and required higher down payments and loan rates than those required for typical single-family homes. But that’s not the case anymore. According to the Pew […]
Tips for charging rent to your adult child
In some ways, it might seem great to have your adult child move home and spend more time with you. Or maybe you never expected it to happen, and suddenly the child you thought was moving on is at your doorstep. No matter how you feel about it, here are some tips on charging your […]
U.S. Supreme Court says yes to immediate takings claim
In a big change affecting property owners, the U.S. Supreme Court has ruled that people whose land is taken for public use without payment may, as soon as the property is taken, file federal lawsuits for constitutional violations of property rights. The high court revisited the question of whether property owners have standing to bring […]
Tips for protecting yourself from real-estate wire transfer fraud
Real estate transaction cybercrime is on the rise. According to The Wall Street Journal, hackers have targeted email accounts belonging to the parties in transactions, such as real-estate professionals, lawyers, and title agents, devising custom scams specific to the deals. Profits from sales are then diverted from intended recipients to the hacker’s bank account. It […]