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New Year’s Resolutions You Need for Your Business

Tue, Jan 2nd 2018
For many entrepreneurs, a new year offers a clean slate and a tantalizing chance to achieve greater business success. Individual goals may vary, but here are five central principles that are integral to business success in today’s competitive world. Focus on them and you’ll see some big improvements. 1)      Clarify your business goals. Whether it means updating an existing strategic plan or starting from scratch, having a focused business plan that states specific, realistic, measureable goals... Read More »

Deferring Taxes with a Like-Kind Exchange

Mon, Dec 18th 2017
If you would like to trade one property for another and potentially save some taxes in the process, you may want to consider a like-kind exchange. The like-kind exchange rules permit owners to trade certain appreciated property held for investment or for use in a trade or business for similar like-kind property without recognizing taxable gain. Instead, the owner transfers his or her basis (generally, the cost of the original property, plus improvements) to the new property. Let's look at a... Read More »

Renting Residential Real Estate - A Tax Review for the Non-Professional Landlord

Mon, Dec 11th 2017
Investing in residential rental properties raises various tax issues that can be somewhat confusing, especially if you are not a real estate professional. Some of the more important issues rental property investors will want to be aware of are discussed below. Rental Losses Currently, the owner of a residential rental property may depreciate the building over a 27½-year period. For example, a property acquired for $200,000 could generate a depreciation deduction of as much as $7,273 per year.... Read More »

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 »