Are you a nonworking spouse? You may still be able to contribute to an IRA

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Married couples may not be able to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a “spousal” IRA. It allows contributions to be made for nonworking spouses. For 2021, the amount… Read More »Are you a nonworking spouse? You may still be able to contribute to an IRA

Critical path method can propel IT projects

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Among the only certainties of business technology is that it will continue changing. One consequence of this is a regular need for companies to undertake IT projects such as developing custom software or upgrading network infrastructure. Much like a physical construction job, IT projects often look eminently feasible on “paper” but may get bogged down in a gradual expansion of parameters (“scope creep”), missed deadlines and disagreements. As a result,… Read More »Critical path method can propel IT projects

Are your company’s job descriptions pulling their weight?

At many businesses, job descriptions have it easy. They were “hired” (that is, written) many years ago. They haven’t had to change or do anything, really, besides get copied and pasted into a want ad occasionally. They’re not really good at what they do, but they’re used again and again because everyone assumes they’re just fine. The problem is, they’re not. Outdated, vague or inaccurate job descriptions can lead to… Read More »Are your company’s job descriptions pulling their weight?

2021 Q3 tax calendar: Key deadlines for businesses and other employers

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Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Monday, August 2 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form… Read More »2021 Q3 tax calendar: Key deadlines for businesses and other employers

Seniors may be able to write off Medicare premiums on their tax returns

Are you age 65 and older and have basic Medicare insurance? You may need to pay additional premiums to get the level of coverage you want. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But there may be a bright side: You may qualify for a tax break for paying the premiums. Medicare premiums are medical expenses You can combine… Read More »Seniors may be able to write off Medicare premiums on their tax returns

Don’t assume your profitable company has strong cash flow

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Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you make an … you probably know how the rest of the expression goes. A dangerous assumption that many business owners make is that, if their companies are profitable, their cash flow must also be strong. But this isn’t always the case. Taking a closer look at the accounting involved can… Read More »Don’t assume your profitable company has strong cash flow

Recordkeeping DOs and DON’Ts for business meal and vehicle expenses

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If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting out inconsistencies, omissions and errors in taxpayers’ records, as illustrated by one recent U.S. Tax… Read More »Recordkeeping DOs and DON’Ts for business meal and vehicle expenses

Tax-favored ways to build up a college fund

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If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible options. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities for eligible families when used to finance college: You don’t have to report the interest on the… Read More »Tax-favored ways to build up a college fund

Pondering the possibility of a company retreat

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As vaccination levels rise and major U.S. population centers fully reopen, business owners may find themselves pondering an intriguing thought: Should we have a company retreat this year? Although there are still health risks to consider, your employees may love the idea of attending an in-person event after so many months of video calls, emails and instant messages. The challenge to you is to plan a retreat that’s safe, productive… Read More »Pondering the possibility of a company retreat

Hiring your minor children this summer? Reap tax and nontax benefits

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If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income, Realize payroll tax savings (depending on the child’s age and how your business is organized),… Read More »Hiring your minor children this summer? Reap tax and nontax benefits