Two valuable depreciation-related tax breaks can potentially reduce your 2017 taxes if you acquire and place in service qualifying assets by the end of the tax year. Tax reform could enhance these breaks, so you’ll want to keep an eye on legislative developments as you plan your asset purchases. Section
Contribution limits for health care flexible spending accounts (FSAs) set to rise next year. For 2018, eligible employees may contribute up to $2,650 to their FSAs during the plan year (up from $2,600 in 2017). The IRS reminds interested employees to take advantage of their FSAs as a way to
How long will you take to collect the outstanding receivables that are reported on your balance sheet? Many companies take weeks or even months to collect invoices from customers. Fortunately, there are ways to convert them into cash now. Line of credit A line of credit can help bridge the
One of the newest frontiers for both individual and institutional investors is the cryptocurrency market. Exemplified by the rapidly growing Bitcoin (BTC), these “currencies” (more on that, later) are intangible digital assets that are designed to provide a secure and anonymous medium of wealth exchange that is fully decentralized from
Any business owner developing a succession plan should rightfully assume that regular business valuations are a must. When envisioning the valuation process, you’re likely to focus on its end result: a reasonable, defensible value estimate of your business as of a certain date. But lurking beneath this number is a
Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense deduction. Because it can be difficult to exceed the floor, a
Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and profit-sharing plans can hamper retirement-planning efforts. One solution may be a cash balance plan. Defined
If you plan to sell your home at a profit, you may assume there won't be a tax to pay on the sale. In most cases, this is a pretty good assumption due to the $250,000 exclusion of gain tax break on the sale of a principal residence ($500,000 exclusion
In their efforts to grow and succeed, many companies eventually reach the edge of a precipice. Across the divide lies a big step forward — perhaps the acquisition of a competitor or the purchase of a new property — but, financially, there’s no way across. The money is just not
When it comes to investing, there are many schools of thought in what the most profitable approach is. Depending on your level of financial savvy, you may want to take a more independent approach to investing, or you may want the confidence of having a certified professional managing your portfolio.
