Near the end of last year (December 2015), as PR News Wire notes, Congress passed and President Obama signed into law the Protecting Americans from Tax Hikes (PATH) Act, a broader bipartisan tax bill that extended (and in certain instances, made permanent) over 50 expiring provisions of the tax code.
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The primary authoritative support concerning the valuation and reporting and recordkeeping of charitable donations is addressed in the Internal Revenue Service -- Publications 526 and 561.
Publication 561 focuses on the topic of “Determining The Value Of Donated Property.” Publication 526 addresses basically all other relevant topics of concern regarding Charitable Donations. This article focuses primarily on Charitable Contribution issues other than valuation, such as reporting to the IRS.
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The Family and Medical Leave Act of 1993 (FMLA) entitles eligible employees of covered employers to take unpaid, job-protected leave for specified family and medical reasons with continuation of group health insurance coverage under the same terms and conditions as if the employee had not taken leave. Employees are also entitled to return to their same or an equivalent job at the end of their FMLA leave.
This article intends to shed some light about the following:
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Perhaps the most significant transaction faced by any business owner is the sale of his or her business. Inevitably, a variety of factors will play a role both before and after consummating the transaction. Most, if not all, of these factors will have a direct bearing on the success of the adopted exit strategy which will translate into the maximum possible return, or profit, to the seller.
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Over the last several years there has been increased popularity and attention given to “leasing” as a financing alternative over the outright purchase alternative when acquiring an automobile.
There’s no question that leasing offers some significant benefits over an outright purchase, otherwise it wouldn’t be so popular. This blog, however, is intended to be a wake-up call for those who don’t fully comprehend some of the negative aspects and consequences of leasing a car instead of purchasing a car outright.
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In our March 2014 newsletter, we provided a discussion entitled “What Are The Chances of Being Audited.” The article focused on the relative possibility of an audit given different levels of income. To more completely address the question of “What Are The Chances of Being Audited,” this article goes beyond income level and addresses the impact of different types of transactions and deductions on the relative chance for a tax audit.
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For quite some time, jurisdictions have had laws on the books requiring that employers grant employees sick leave without pay. Mandatory compensation while away for sick leave had never really been an issue. Over the past few years, however, momentum has been increasing to make it the law that workers be compensated while away from work for time taken off for sick leave.
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Whether the funding is for kick-starting a great idea for a new business or achieving a competitive advantage that will fuel future growth, little else matters as much as having the cash to make your entrepreneurial dreams a living reality.
In order to thrive, businesses typically require hard assets such as equipment, access to real estate for things such as office and warehouse space, computer equipment, etc. In addition to these hard assets are softer assets such as employees comprising the business's work force.
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The idea behind “Ban The Box” is simple: it is a campaign seeking to introduce legislation prohibiting potential employers from asking about an applicant’s criminal background until “later” in the hiring process after consideration of an applicant’s qualifications.
The name “Ban The Box” refers to the check box on typical job applications that asks if the applicant has ever been convicted of a crime. The campaign seeks to remove the criminal history question from preliminary job application forms.
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The distinction between treating someone as an employee instead of an independent contractor is significant.
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Capital budgeting is a quantitative decision-making approach for evaluating and choosing between one or more investment projects under consideration by an organization. Through the use of the capital budgeting structured approach, the organization attempts to identify the profitability and risk complexion of an investment alternative.
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An accounting system is a collection of interrelated processes designed to accumulate, organize, and report on an organization’s transactions. The ultimate goal of an accounting system is to generate reports based on this information to support management decision making. These reports help management make well-informed decisions.
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Within the world of software development the term “beta” refers to the fact that the software is still under development and is not the final version of the software.
Why does a software manufacturer offer beta versions of their software to the general public?
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It’s never too late to save money, even if you’re in the final hour of the tax year. There are things that an individual taxpayer can do at the last minute that have the potential of saving money-
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It’s not unusual for a family member to provide financial assistance to another family member by giving the recipient money to meet a need -- i.e. to help purchase a home, pay for medical expenses, etc.
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Financial Ratios
Financial ratios are metrics that help measure the health and performance of a business. Such ratios help tell the story behind what’s disclosed in the company’s financial statements, and they are relevant for both small and large businesses. They are also referred to as Key Performance Indicators (KPIs).
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It’s never too early to begin detailed planning for next year’s taxes -- especially as we head into the final stretch of 2015 and get a better look at what the coming tax season has in store.
While official numbers for 2016 are not yet released by the Internal Revenue Service (IRS), many figures are formulas set within the Internal Revenue Code (IRC) or are based on the Consumer Price Index (CPI) published by the Department of Labor.
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Unfortunately, when the tax season ends and most people stop thinking about tax issues, the tax scammers are just getting started. Their year-round commitment to finding new scams means taxpayers must remain vigilant and well informed.
Here are several tips, taken directly from the most recent tips from the IRS, to help you avoid becoming a victim of these scams:
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“Nothing lasts forever,” as the age-old saying goes. Eventually, ownership and key employees will leave your business, voluntarily or involuntarily, and no longer play a role in the business they worked so hard to create. Integrating an exit strategy into your business plan is crucial in order to achieve long-term goals -- things like having sufficient levels of funds to meet retirement needs. For this reason, selecting your business successor and identifying the method of transfer to the successor are the key objectives of an effective exit strategy plan.
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Labor Day signifies the end of summer and comes with a three-day weekend; maybe a trip to the beach, the lake, or the the cabin, and a barbecue.
Labor Day became a federal holiday in 1894, but it was first celebrated as a holiday in the United States on February 21, 1887. Of course, Labor Day is dedicated to the social and economic achievements of workers, but who wants to think about work on a federal holiday?
This Labor Day might be a good time to think about how you can use your travel as a tax deduction to offset some of the expense.
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Whether you just spent the entire summer paying for child care and are happy to know that you now have a safe place to drop off your children Monday through Friday or you are wondering where your kids are going to be between the end of the school day and the end of your work day, child care is something that parents are all thinking about and trying to find solutions for at this time of year. In either case you need to know that your child care expenses are often tax deductible, however there are rules to consider, preparations to be made, and documents to save.
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It’s that time of year; students are headed back to school and we are once again reminded that another year of the educational timeline has begun.
For parents, it only gets more expensive as the years tick by and approach the most expensive time of our educational years; college. As in many other aspects of our lives, the best way to confront this challenge is by being prepared.
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The end of summer is in sight and for the younger members of the population, that means coming to grip with the end of worry free summer days. As the school buses take to the streets, the back to school sales heat up and the weather begins to cool down, you might want to take this opportunity to evaluate where your finances stand.
The end of summer doesn’t just mean it’s time to start packing lunches - it’s a good time to re-evaluate your finances and prepare for the new season, and maybe even get a head start on the new year.
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One of the big benefits to getting organized and going digital is you can get rid of all that clutter that not only bogs down your desktop, but also discourages you from being organized.
Scan and file documents that you consider important. This way you can keep the original in a safe place while still having a digital copy available to you when you need it.
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Scan it.
A valuable tool for the average taxpayer to the small business owner that can be surprisingly simple to integrate into your life is scanner. From simple scanners built into your office printer to dedicated document scanners for documents, receipts and business cards, there are a lot of options out there in a variety of price ranges.
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Choose a secure online storage system. There are a lot of choices from Google Drive to Dropbox to Apple iCloud, but they all basically perform the same function and for personal users they are generally free. When you take a look at these services think about which one suits your needs in terms of ease of use, accessibility and your lifestyle.
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Keeping financial documents organized and archived can be a chore. However, when staying organized becomes a routine and you provide yourself with the proper tools, staying organized can be easier than you think. On top of that, keeping your financial documents in order can really pay off. This month we are going to share with you some ideas, techniques and tools that will help you get organized and, with a little work, stay that way.
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Are you self-employed and still want an employee matching retirement contribution plan? Well, you can with a SIMPLE IRA.
SIMPLE IRA
SIMPLE IRA stands for "Savings Incentive Match Plans for Employees." It’s a kind of retirement plan tailored for small businesses and they are designed to promote small business employers to offer retirement coverage to their employees. Additionally, they can be used for self-employed people even if they don’t have employees.
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Being a sole proprietor has its tax advantages. Find out how you can benefit.
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Buying a home can be a complex issue in itself and that’s on top of just being able to afford it. Here are some tips to bring it closer to reality.
Think on a small scale.
A small home or even a loft or condo in an area where demand is high will help build equity quickly as this type of place usually increases in value.
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