Why it’s important to plan for income taxes as part of your estate plan

As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted […]

Year-end tax and financial to-do list for individuals

With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends: Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or […]

Time to begin year-end payroll planning

Preparations are underway for numerous holiday events and outings, but for small business owners, other year-end activities take center stage. The following are some steps that must be taken by business owners who handle their payroll functions in-house: Have employees confirm their address and Social Security numbers. Use the Social Security Administration’s Social Security Number […]

It’s time for business owners to begin year-end planning

The end of the year is fast approaching and we want to provide some strategies for minimizing your corporate tax bill this year. Businesses should consider making expenditures that qualify for the business property expensing option. For tax years beginning in 2017, the expensing limit is $510,000 and the investment ceiling limit is $2.03 million. […]

Now is the time to prepare to send W-2s

It’s hard to believe, but 2017 is rapidly coming to a close, which means tax season is approaching. One of the important year-end tasks is preparing to send W-2s in January. As was the case for the 2016 tax year, employers again have an earlier deadline to file W-2s with the Social Security Administration. All forms […]