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Year End Tax Planning Strategies for Small Business

Posted by Paul D. Woodard | Dec 19, 2016 | 0 Comments

The end of 2016 is only a couple of weeks away. However, there may still be time to take action to reduce small business tax liabilities. For example, buying necessary equipment for your business by December 31st may allow you to take a big deduction in your 2016 taxes. Under Section 179, busine...

IRS Tax Audit Help – Red Flags to Avoid

Posted by Corey F. Schechter | Dec 16, 2016 | 0 Comments

There are few things more frightening to a small business than an IRS tax audit. In the aim to avoid a possible audit, many small business owners are overly conservative with their tax filings; however, this may result in paying more money in taxes than necessary. At the same time, a simple mista...

Social Security Benefits Increase in 2017

Posted by Paul D. Woodard | Dec 15, 2016 | 0 Comments

Social Security and Supplemental Security Income (SSI) benefits are adjusted annually to reflect any increase in the cost-of-living as measured by a change in the Consumer Price Index (CPI). For 2017, the cost-of-living adjustment is 0.3%. As a result, Social Security benefits will increase in 20...

Dying Intestate Can Rip Families Apart

Posted by Jennifer V. Gateb | Dec 14, 2016 | 0 Comments

Dying without a will can have a devastating impact on a family. Without a will, property is divided according to state law, without regard to your wishes or expectations. Beloved family members and friends who do not fall under the intestate succession laws could be left with nothing while distan...

Why Every 20-Something Should Have a Will

Posted by Paul D. Woodard | Dec 13, 2016 | 0 Comments

Most twenty-somethings do not think they need a will. Many young adults think they only need to worry about a will after they get married. Others think they are too broke to need a will, especially after accumulating thousands of dollars in college loan debt. However, even young people should con...

2017 Retirement Plan Limits

Posted by Paul D. Woodard | Dec 09, 2016 | 0 Comments

On October 27, 2016, the Internal Revenue Service announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2017 tax year. 401(k) Plan Limits for Year 2017 2016 2015 401k Elective Deferrals ...

Don’t Forget to Take Your 2016 RMD!

Posted by Jennifer V. Gateb | Dec 08, 2016 | 0 Comments

If you have savings in a tax-deferred retirement account such as a traditional IRA or 401(k), you are required to start taking Required Minimum Distributions (“RMD”) from these accounts after you turn 70 ½ years old. The exact amount of your annual RMD is calculated annually based on your age and...

Why You May Need a Trust

Posted by Jennifer V. Gateb | Dec 07, 2016 | 0 Comments

Many people limit their estate planning considerations to making a will. While a will may allow your estate to avoid probate, a trust may be a better estate planning tool depending on your circumstances. A living trust may provide additional flexibility for estate planning that a will does not of...

Tax Tips for 2017

Posted by Paul D. Woodard | Dec 05, 2016 | 0 Comments

Many people are finally getting ahold of the tax changes that went into effect on January 1, 2016. While we still have a few months before most people have to file their personal income taxes, the new year is less than a month away. Before you can make tax and financial plans for the next year, i...

What Does The Term Gray Divorce Mean, How Can It Impact Your Retirement Assets, And What Can You Do To Protect Yourself?

Posted by Corey F. Schechter | Dec 02, 2016 | 0 Comments

Contributing Author: Dianne Schechter The phrase “Gray Divorce” refers to divorces involving spouses over the age of 50 and who are typically members of the Baby Boomer generation.  While the overall divorce rate has declined over the past 20 years, it has dramatically increased for this segment...

Top 10 Tax Incentives for ESOPs

Posted by Marc S. Schechter | Dec 01, 2016 | 0 Comments

ESOPs (Employee Stock Ownership Plans) can benefit you, your employees and your company. In fact, Congress has enacted a series of remarkable tax incentives designed to encourage employers to adopt ESOPs. Of course, ESOPs are not for everyone.  Some business owners are not particularly concerned ...

New Trend to Attract and Retain New Employees

Posted by Paul D. Woodard | Nov 29, 2016 | 0 Comments

On Tuesday November 1, 2016, Staples announced the launch of its student loan repayment plan for its employees. Staples follows the new trend of employers who are offering student loan repayment as a workplace benefit for employees burdened by student loan debt.  Student loan repayment programs h...

Taking Advantage of Tax Credits for Your Business

Posted by Corey F. Schechter | Nov 21, 2016 | 0 Comments

There is one thing that is certain other than death and taxes. That is California does not have the best reputation as a business-friendly state. According to a recent report by CNBC, California was ranked as the least business-friendly state in the country. However, business owners in California...

DOL Audits of Employee Benefit Plans

Posted by Jennifer V. Gateb | Nov 18, 2016 | 0 Comments

The Department of Labor (DOL) may audit an employer sponsored benefit plan (generally retirement plans such as 401(k)s or defined benefit plans) at any given time to ensure compliance with applicable provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The audit process beg...

Beware of Offering Stock to Friends & Family

Posted by Paul D. Woodard | Nov 17, 2016 | 0 Comments

Many startups and newer companies rely on financial help from friends and family. Some business owners may ask for a loan to start the company. However, others ask for the money to be invested in the company in exchange for some ownership interest in the business. While this may seem like a fair ...

Retroactive QDROs

Posted by Corey F. Schechter | Nov 16, 2016 | 0 Comments

The United States District Court for the Eastern District of Michigan, Southern Division, recently recognized a retroactive QDRO. The case involved the 1993 divorce of Henry Patterson and Ardella Patterson. The divorce decree awarded Ardella half of her former husband's pension benefits, which he...

Using Standard Form Contracts May Hurt Your Business

Posted by Corey F. Schechter | Nov 15, 2016 | 1 Comment

When putting together a contract for the first time, many business owners may turn to standard form contracts to make agreements between customers, vendors, and other businesses. Calling these contracts “standard” may make it seem like they will protect your interests and provide for any continge...

Setting Up a Trust for the Care of a Pet

Posted by Paul D. Woodard | Nov 07, 2016 | 0 Comments

Estate planning involves taking the steps necessary to make sure your family and loved ones will be taken care of in the future. This includes spouses, children, parents, and friends. Increasingly, this includes planning for pets as well. A pet trust is a legal document that provides for the care...

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