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Posts Tagged ‘TAX TIPS’

Good debt, bad debt: What’s the difference?

Here are two questions to ask before incurring debt: What are the benefits of taking on this debt? Avoiding all debt seems like good advice. But good debt can enhance your financial situation. For instance, loans that fund a college or graduate degree may result in a […]

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Don’t be forced out of a 401(k) from your former job

When you change jobs and abandon vested amounts in your 401(k), your former employer has to follow IRS rules and plan provisions for dealing with your account balance. Pursuant to these guidelines, the 401(k) plan may have a “force-out” provision. That means when your vested balance is […]

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Are you taking steps to prevent fraud in your business?

The 2016 Global Fraud Study released recently by the Association of Certified Fraud Examiners shows that asset misappropriation occurred in more than 83% of the cases reported. Asset misappropriation includes billing and check tampering schemes. According to the study, billing schemes were most common, comprising slightly more […]

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Start preparing now for new overtime rules

In May, the U.S.  Department of Labor updated the rules for paying overtime.  Under the new rules, salaried employees who earn less than $913 per week ($47,476 per year) will be eligible for overtime pay.  That’s double the annual exempt amount of $23,660 under current rules.  The […]

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Summer day care expenses can add up to a tax credit

Did you know that you can claim a federal income tax credit when you pay someone to care for your kids while you’re at work or school? The Child and Dependent Care Credit is valuable because it reduces the amount of tax you owe dollar-for-dollar. Here’s an […]

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HSA contribution limits barely budge for 2017

The IRS recently announced the inflation-adjusted contribution limits for health savings accounts (HSAs) for 2017. HSAs combine high-deductible health insurance plans with a medical savings account. You make tax-deductible deposits into the savings account, and later withdraw the funds to pay unreimbursed medical expenses. The 2017 contribution […]

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What you need to know about hiring seasonal workers

If summertime is a busy time for your business, you may be ready to hire seasonal workers. Here are tax rules to keep in mind. Affordable Care Act exception. When you employ 50 or more full-time employees, you’re considered a “large employer” and are generally required to […]

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Report your foreign accounts by June 30

If you hold foreign bank or financial accounts, or have signature authority over such accounts, and the total value of all your accounts exceeds $10,000 at any time during the calendar year, you may be required to file a Treasury Department report known as the FBAR. It’s […]

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Prepaid debit cards offer benefits and drawbacks

Prepaid debit cards, also known as stored-value cards, can be useful when you lack a traditional checking account. In an increasingly plastic-dependent world, these cards can be substituted for cash, and you can use them to pay for airline tickets, hotel stays, electronics, and groceries. Money is […]

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Financial tips to follow when a spouse dies

The death of a spouse is emotionally and financially devastating. Making decisions of any kind is difficult when you’re vulnerable and grieving, but having a plan to follow may help. Here are suggestions for dealing with financial tasks. Wait to make major decisions. Put off selling your […]

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