Businesses aren’t immune to tax identity theft

Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims. And identity thieves have become more sophisticated, knowing filing practices, the tax code and the best ways to get valuable data. How it works In tax identity theft, a taxpayer’s [...]

By | 2018-09-24T17:19:50+00:00 September 26th, 2018|Business, Tax|Comments Off on Businesses aren’t immune to tax identity theft

The tax deduction ins and outs of donating artwork to charity

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The [...]

By | 2018-09-18T11:49:59+00:00 September 19th, 2018|Tax|Comments Off on The tax deduction ins and outs of donating artwork to charity

Volunteers are assets nonprofits must protect

How much are your volunteers worth? The not-for-profit advocacy group Independent Sector estimates the value of the average American volunteer at $24.69 an hour. Volunteers who perform specialized services may be even more valuable. Whether your entire workforce is unpaid or you rely on a few volunteers to support a paid staff, you [...]

By | 2018-09-12T09:35:59+00:00 September 12th, 2018|Business, Not For Profit|Comments Off on Volunteers are assets nonprofits must protect

How to reduce the tax risk of using independent contractors

Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It also frees the business from responsibility for withholding income taxes and the worker’s share of payroll taxes. For these reasons, the federal government views [...]

By | 2018-09-04T11:21:25+00:00 September 5th, 2018|Business, Tax|Comments Off on How to reduce the tax risk of using independent contractors

Back-to-school time means a tax break for teachers

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes [...]

By | 2018-08-28T11:54:37+00:00 August 29th, 2018|Tax|Comments Off on Back-to-school time means a tax break for teachers

Make a licensing agreement work for your nonprofit

Licensing your not-for-profit’s name to a for-profit company can provide a valuable new revenue source — but it can also be risky. If you’re considering a licensing arrangement, ensure that the partnership really will generate funds and, possibly more important, a positive impression of your brand. Success . . . and controversy When [...]

By | 2018-08-22T10:25:41+00:00 August 22nd, 2018|Business, Not For Profit|Comments Off on Make a licensing agreement work for your nonprofit

Nonprofits should be prepared for sudden outpouring of support

Americans gave unprecedented sums to charity in response to the devastating hurricanes last year. Large organizations, such as the American Red Cross, were equipped to handle the huge influxes of donations. However, some smaller charities were overwhelmed. Although it may seem like an unlikely problem, your not-for-profit needs a plan to handle a [...]

By | 2018-08-15T16:00:06+00:00 August 15th, 2018|Business, Not For Profit|Comments Off on Nonprofits should be prepared for sudden outpouring of support

Steering your nonprofit through its growth stage

A not-for-profit’s growth stage generally starts two or three years after formation and continues until maturity at around age 7. This period comes with a sense of accomplishment and the opportunity to refine and expand, but these “adolescent” years can pose challenges as well. Board shifts Perhaps the most common marker of a [...]

By | 2018-08-08T12:39:27+00:00 August 8th, 2018|Business, Not For Profit|Comments Off on Steering your nonprofit through its growth stage

Why the “kiddie tax” is more dangerous than ever

Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax back in 1986. Since then, this tax has gradually become more far-reaching. Now, under [...]

By | 2018-07-25T12:11:08+00:00 July 25th, 2018|Tax|Comments Off on Why the “kiddie tax” is more dangerous than ever

3 traditional midyear tax planning strategies for individuals that hold up post-TCJA

With its many changes to individual tax rates, brackets and breaks, the Tax Cuts and Jobs Act (TCJA) means taxpayers need to revisit their tax planning strategies. Certain strategies that were once tried-and-true will no longer save or defer tax. But there are some that will hold up for many taxpayers. And they’ll [...]

By | 2018-07-18T10:49:21+00:00 July 18th, 2018|Tax|Comments Off on 3 traditional midyear tax planning strategies for individuals that hold up post-TCJA
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