Gifts of cash could mean tax savings for you

As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift tax exclusion. The amount is adjusted for inflation annually. For […]

Don’t let ‘ghost assets’ haunt your bottom line

It’s that time of year to clear away old equipment from your financial statements so you are not haunted by unused and out-of-date equipment that can suck the life out of your bottom line. Unused equipment is commonly referred to as a “ghost asset.” Ghost assets are fixed assets that remain on the financial statement […]

Holiday bonus reminders

Many employers offer their employees bonuses and extra time off for the year-end holidays. Here are a couple reminders to keep in mind during this season: End-of-year or holiday bonuses should be included in payroll and reported as taxable compensation. The Fair Labor Standards Act doesn’t mandate that employees be paid for holidays. However, if […]