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The Most Wonderful Time of the Year - Tax Planning Season

Mon, Dec 4th 2017
Now is the time to focus on year-end tax planning. Careful and strategic planning can help minimize your tax bill and maximize what you keep. Given the uncertainty and sweeping scope of proposed tax law changes, planning is both more complex and more important than ever this year. Below, we discuss five year-end tax planning strategies you can use to maximize how much of your own money you keep. Play the Timing Game Why pay taxes now if you can delay it until next year? Income deferral is... Read More »

Zombie Payer - Keep Your Automatic Payments in Control

Mon, Nov 13th 2017
When it comes to paying bills, many people can’t imagine returning to paying and sending bills via the U.S. Postal Service. But, the “turn it on and forget it” nature of automatic payments can create zombie payers who no longer challenge or review the details and amounts of bills. Here are some ideas to keep this from happening to you. Create a list. Make a list of the companies you authorized to use automatic payments to pay your bills. Include in the list the card or account each company uses... Read More »

Questions to Ask Before Signing a Business Loan

Mon, Nov 6th 2017
Are you thinking of taking out a loan to buy new machinery or additional inventory for your business? Before you sign that loan document or credit application, consider the following questions. What's the true cost of borrowing? The interest rate on your business loan may be variable, fluctuating over the life of your loan. Calculate the impact of potentially higher future payments on your ability to pay other debt, such as amounts you owe your vendors. Include fees in your assessment. Your... Read More »

Gifts to Charity: Six Facts About Written Acknowledgements

Mon, Oct 30th 2017
Have you contributed money or made gifts to charitable organizations this year? Make sure you have your records in order to claim a charitable deduction on your tax return if you will be itemizing your deductions. You’ll need two things: A bank record or written communication from a charity for any monetary contributions. A written acknowledgment from the charity for any single donation of $250 or more. Here are six things from the IRS website for you to remember about these donations and... Read More »

Payroll Is More Than Just Writing Checks

Mon, Oct 23rd 2017
As an employee, you may not have thought much about the procedures behind the issuance of your paycheck. But as a business owner, you need to understand how federal employment taxes work because you have to withhold these payroll taxes from your employees' paychecks. Here's an overview of four types of payroll tax. Social Security. Social security taxes are part of the Federal Insurance Contributions Act, also known as FICA. You're required to withhold this tax from an employee's wages each... Read More »