The Changing Face of Personal Exemptions and the Standard Deduction

Personal exemptions and the standard deduction have looked largely the same for quite some time. But, in light of the Tax Cuts and Jobs Act (TCJA) passed late last year, many individual taxpayers may find themselves confused by the changing face of these tax-planning elements. Here are some clarifications. For 2017, taxpayers can claim a […]

Business Owners: Brush up on Bonus Depreciation

Every company needs to upgrade its assets once in a while, whether desks and chairs or a huge piece of complex machinery. But before you go shopping this year, be sure to brush up on the enhanced bonus depreciation tax breaks created under the Tax Cuts and Jobs Act (TCJA) passed late last year. Old […]

Heed the Warning Signs of W-2 Phishing Scams

A growing number of businesses have been victimized by W-2 phishing scams. In a traditional phishing scam, a criminal tricks someone into providing confidential information and then uses it to steal money and/or the victim’s identity. The W-2 phishing scam is a variation on this. Whether you’re a business owner, work in management or are […]

Dynasty Trusts Are More Valuable Than Ever

The Tax Cuts and Jobs Act (TCJA), signed into law this past December, affects more than just income taxes. It’s brought great changes to estate tax and planning and, in doing so, bolstered the potential value of dynasty trusts. Exemption changes Let’s start with the TCJA. It doesn’t repeal the estate tax, as had been […]

5 Estate Planning Tips for the Sandwich Generation

The “sandwich generation” accounts for a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. In some cases, this includes providing parents with financial support. As a result, estate planning — which traditionally focuses on providing for one’s children — has […]

A Joint Home Purchase Can Ease Estate Tax Liability

  If you’re planning on buying a home that you one day wish to pass on to your adult children, a joint purchase can reduce estate tax liability, provided the children have sufficient funds to finance their portion of the purchase. With the gift and estate tax exemption now set at an inflation-adjusted $10 million thanks […]

Follow IRS Rules to Ensure You Receive Your Charitable Tax Deductions

If reducing your taxable estate is an important estate planning goal, making lifetime charitable donations can help achieve that goal and benefit your favorite organizations. In addition, by making donations during your lifetime, rather than at death, you can claim income tax deductions. But some of your charitable deductions could be denied if you don’t […]

5 Essential Personal Finance Tips

Many people overestimate their financial stability and personal finance. Even if you have enough money in the bank and take home a consistent paycheck, you still need to make a conscious and consistent effort to manage your money effectively. Besides, who would ever want to stop saving more money? There are a lot of steps […]

Are You Confused by Paid Time Off for Your Medical Staff?

Did you know that federal law does not require employers to provide paid time off for holidays, vacation, or sick leave? State laws, however, do affect what employers, including doctor’s offices, must provide. And today’s workforce has come to expect these common standards in the workplace, even within a medical office. To keep your health-care […]

Judging the Right Level of Accounting Support for Your Medical Practice

Many doctors, dentists, and other healthcare providers struggle to keep up with the challenges of running their practice. Accounting and bookkeeping tasks are crucial to helping medical offices operate more smoothly. Thus, whether you leave bookkeeping and accounting to outside providers or hire in-house expertise, you want to increase operating efficiency, improve cost containment strategies, […]

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