In recent years, many businesses have been pounded by a wide variety of disasters, natural and man-made. From coast to coast, some businesses have fought to keep their doors open despite floods, wildfires, hurricanes, mudslides, vandalism, riots and more. These disasters serve as sobering reminders to expect the unexpected.
When couples separate or divorce, one is often required to make payments to the other. If these payments meet the tax-law definition of alimony, the one making the payments can deduct them, and the recipient must include them as taxable income. Payments intended as alimony are often substantial, so it is important to identify and record these payments correctly.
If you own assets, you have an estate. This means that nearly everybody has an estate, whether it is small or large and therefore should have a written plan. Without a plan in writing your state of residence will choose who receives your assets when you die. The state's choice may not be the result you intended. We see issues like this even in very large estates. How can you ensure your intentions will be realized? We outline three basic steps to get you started in planning:
You may think of life insurance as income-replacement protection for your family in the event you or your spouse dies. But what are the tax implications of life insurance? Here are some important rules to know.
Are you considering refinancing your home mortgage? Are you aware that a refinance may impact your taxes? The choices you make in refinancing your mortgage could affect your taxes for years to come. This is what you need to know.
Many tax provisions are linked to age. Whenever there’s a birthday in the family, you may want to check for changes to take into account as you do your tax planning.
To deduct any charitable donation of money, regardless of amount, a taxpayer must have a bank record or a written communication from the charity showing the name of the charity and the date and amount of the contribution. Bank records include canceled checks, bank or credit union statements, and credit card statements. Bank or credit union statements should show the name of the charity, the date, and the amount paid. Credit card statements should show the name of the charity, the date, amount paid, and the transaction posting date.
If you are approaching retirement age and will qualify for Social Security benefits, you need to decide when to start collecting. You can begin as early as age 62 or as late as age 70. Within that window, your monthly receipts will increase for each month you delay taking benefits. Many people take a passive approach to this decision, heading into retirement without an actual plan. It is typically more of an afterthought. Having a plan and looking at your personal situation ahead of time can make a big difference in your benefit payout.
The notion that “Happy employees lead to a happy workplace,” has been taken to heart at the Santa Monica based accounting firm, Gumbiner Savett Inc. The firm has recently adjusted its dress code to adhere to casual Fridays every week.
The California State Board of Equalization recently announced a new law beginning on July 1, 2014 allowing manufacturers and some research and developers to obtain a partial exemption of sales and use tax on purchases of certain manufacturing and research and development equipment. Below is select information from the BOE website.
