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Financial best practices for religious congregations

Churches, synagogues, mosques and other religious congregations aren’t required to file tax returns, so they might not regularly hire independent accountants. But regardless of size, religious organizations often are subject to other requirements, such as paying unrelated business income tax (UBIT) and properly classifying employees. Without the oversight of tax authorities or outside [...]

By | 2018-12-12T16:28:03+00:00 December 13th, 2018|Not For Profit|0 Comments

Check deductibility before making year-end charitable gifts

As the holidays approach and the year draws to a close, many taxpayers make charitable gifts — both in the spirit of the season and as a year-end tax planning strategy. But with the tax law changes that go into effect in 2018 and the many rules that apply to the charitable deduction, [...]

By | 2018-12-04T16:49:26+00:00 December 5th, 2018|Tax|0 Comments

When holiday gifts and parties are deductible or taxable

The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the [...]

By | 2018-11-26T13:18:37+00:00 November 28th, 2018|Business, Tax|Comments Off on When holiday gifts and parties are deductible or taxable

Mutual funds: Handle with care at year end

As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid surprise capital gains Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding on to [...]

By | 2018-11-14T10:11:56+00:00 November 14th, 2018|Tax|Comments Off on Mutual funds: Handle with care at year end

Buy business assets before year end to reduce your 2018 tax liability

The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 [...]

By | 2018-11-05T15:06:40+00:00 November 7th, 2018|Business, Tax|Comments Off on Buy business assets before year end to reduce your 2018 tax liability

Donate appreciated stock for twice the tax benefits

A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash? 2 benefits from 1 gift Appreciated [...]

By | 2018-10-30T15:29:19+00:00 October 31st, 2018|Uncategorized|Comments Off on Donate appreciated stock for twice the tax benefits

How successfully has your nonprofit shifted from overhead to impact?

In the not-so-distant past, charity watchdog groups such as GuideStar, Charity Navigator and the Better Business Bureau’s Wise Giving Alliance were notorious for giving overhead ratios significant weightings in their rankings of not-for-profits. While such a practice can help potential donors weed out spendthrift organizations, it also tends to unfairly penalize nonprofits making [...]

By | 2018-10-24T15:02:17+00:00 October 24th, 2018|Business, Not For Profit|Comments Off on How successfully has your nonprofit shifted from overhead to impact?

Now’s the time to review your business expenses

As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year. Be sure to evaluate the impact of the Tax Cuts and Jobs Act (TCJA), which reduces or [...]

By | 2018-10-16T08:55:20+00:00 October 17th, 2018|Business, Tax|Comments Off on Now’s the time to review your business expenses

529 plans offer two tax-advantaged education funding options

Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid tuition plans, and 2) savings plans. And one of these plans got even better under the Tax Cuts and Jobs Act (TCJA). Enjoy valuable benefits 529 plans provide a tax-advantaged way to help [...]

By | 2018-10-10T10:36:43+00:00 October 10th, 2018|Tax|Comments Off on 529 plans offer two tax-advantaged education funding options

Could a cost segregation study help you accelerate depreciation deductions?

Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. And the potential benefits are now even greater due to enhancements to certain depreciation-related breaks [...]

By | 2018-10-03T09:43:11+00:00 October 3rd, 2018|Business, Tax|Comments Off on Could a cost segregation study help you accelerate depreciation deductions?
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