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The tax rules of renting out a vacation property

Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the year. The tax treatment depends on how many days it’s rented and your level of personal use. Personal use includes vacation use by your relatives

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Establish a tax-favored retirement plan

If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a maximum contribution of $61,000 for

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Does your business barter? Here are some facts you should know

In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade and the internet has made it easier to engage with other businesses. But if your business gets involved in

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5 ways to control your business insurance costs

Common sense dictates that every company, no matter how small, should carry various forms of business insurance. But that doesn’t mean you should pay unnecessarily high premiums just to retain the coverage you need. Here are five ways to better control your insurance costs without sacrificing the quality of your policies: 1. Review coverage periodically.

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Your nonprofit’s board needs to know these financial warning signs

Is your board staring at financial red flags without knowing it? Although some warning signs — such as those experienced when the pandemic first hit — are obvious, others are easy to overlook. Here are several signs of trouble that board members need to be aware of and prepared to act on. Unexplained variances and

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Should your business address retirement plan leakage?

Under just about any circumstances, the word “leakage” has negative connotations. And so it follows that this indeed holds true for retirement planning as well. In this context, leakage refers to early, pre-retirement withdrawals from an account. Now, as a business owner who sponsors a qualified retirement plan, you might say, “Well, that’s my participants’

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Are you ready for the 2021 gift tax return deadline?

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? The annual gift tax

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Married couples filing separate tax returns: Why would they do it?

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly

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Making withdrawals from your closely held corporation that aren’t taxed as dividends

Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits.” It’s also not deductible by the corporation. Five alternatives

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What is a Financial Coach? (and How to Find the Right One for You)

What is a Financial Coach? (and How to Find the Right One for You) https://bit.ly/3HKfPVk