How to Benefit from the Rising Average Age of American Workers
Have you thought about how you'll keep your company's workforce strong and growing to meet its future demands? Don't count on an endless supply of skilled young employees fresh out of college. Statistics indicate that this age group is a shrinking talent pool. But a "hidden" source of productive talent may be right under your nose.
When to Update Your Estate Plan
Are your estate planning documents collecting dust? Many people who take the time to create a detailed estate plan fail to follow up on a regular basis to reflect changes in their family situation or asset portfolios, relocations across state lines and new tax laws. Estate planning is an ongoing chore even for people with estates valued below the temporarily expanded unified estate and gift tax exemption.
IRS Announces Changes for Personal Use of Employer-Provided Vehicles
The use of a company car is a popular perk for employees at some companies. But under tax law, this benefit isn't completely free to employees. Essentially, the personal use of a company car is treated as a taxable noncash fringe benefit, subject to income tax withholding by the employer. The IRS just released a relevant figure for 2019 used in calculating the benefit.
Sticker Shock: How Much Does a College Degree Cost?
A recent study reports that most parents and students have no idea how much college actually costs. The key reason is that most families focus on the sticker price of college tuition, without factoring in grants, scholarships and tax benefits that lower out-of-pocket costs. Any way you look at it, college is a major investment. Here's how much you can realistically expect to spend, along with tips for lowering the overall cost.
Contingency Planning for Small Business Owners
Summer is the season for company picnics and golf outings. But it can also bring costly unplanned disasters. Business continuity and disaster recovery planning should be an ongoing process. Even if your business has a plan in place, it might be outdated or missing critical elements. It's also wise to review your options for claiming business casualty losses under today's tax rules, so you're prepared if disaster strikes.
Qualified Opportunity Funds: The IRS Issues Proposed Reliance Regs
The Tax Cuts and Jobs Act added a new provision that allows taxpayers to defer tax on capital gains by investing in "Qualified Opportunity Zones." The zones are in distressed areas across the United States. The IRS recently issued proposed reliance regulations to address the gains that may be deferred in "Qualified Opportunity Funds."
5 Financial Tips for New College Graduates
Getting a college degree requires discipline and hard work. But new graduates still have a lot of work ahead of them as they enter the workforce and establish their financial independence. Here's some sage advice to help young people follow a budget, establish credit, save for retirement, evaluate housing and transportation options, and avoid becoming victims of identity theft.
How Can Small Business Owners Reduce Social Security and Medicare Taxes?
Self-employment tax can be a big expense for small businesses. But S corporations have a tax advantage over unincorporated business entities: They pay federal employment tax only on salaries paid to employees and shareholder-employees, not on cash distributions to shareholders or income that passes through to the shareholders' tax returns. Here's how operating as an S corporation can be an effective tax-saving strategy, along with some potential downsides.
Does Your Company Allow Vaping on the Job?
All your efforts to establish a healthy work environment for your employees could be vaporized with one false move, if you turn a blind eye to vaping (using e-cigarettes) on the job. Or at least that's the worry of some employers and regulators today. Not everyone is knowledgeable about vaping, but that doesn't mean they don't have strong opinions. Before you set a policy that affects your workforce, take a look at some of the issues involved.
Exploring the Cashless Movement in Retail
Retailers have seen a significant decrease in customers who pay with cash over the last decade and that trend is expected to continue. Some businesses have even stopped accepting cash at all. Here are the reasons for the declining popularity of cash as a form of payment, considerations for businesses who are contemplating going cashless in the future and recent legislative moves to block this trend.
Protect Elderly Family Members Against Financial Exploitation
Financial exploitation of elderly Americans is on the rise, according to a federal government agency. Knowing the common tactics employed by perpetrators of this abusive, often criminal, behavior could keep your loved ones from adding to the grim statistics. Here are some proactive ways you can help.
Records Retention Guidelines to Remember During Spring Cleaning
Spring has finally sprung! Before you start cleaning out your personal or business files, review these guidelines. On the one hand, excess clutter takes up space in your home, office or hard drive and it could lead to stolen identities if not properly disposed of. But, if you purge too soon, you might not be able to file an amended return or defend against inquiries by the IRS and state tax agencies.