26July
2018
Synchronize Your Student With College Savings

Here are two lessons for parents of future college students about saving enough money in time: 1. No one has figured out how to save and invest enough overnight to pay for a college education. 2. Timing is critical so that the college savings and investing package you put together is available exactly when the tuition, room and board, and book bills come due. Most parents don’t have a family income that is sufficiently substantial and a budget under strict enough control that, when their children are born, they can simply start saving with monthly contributions to a guaranteed fixed-income…

26July
2018
Lease Business Property to Your C Corporation

It’s generally not a good idea for a closely held C corporation to own assets with high appreciation potential. A classic example is real estate. If your corporation owns property, it’s likely the appreciation will be hit with double taxation when the real estate is sold and you take the resulting cash out of the company. The reason is because the capital gains of C corporations are not taxed at preferential rates plus you have to worry about double taxation. When a C corp sells an asset, it is taxed at its regular corporate rate, which is 21% for tax…

26July
2018
Tax Responsibilities After Someone Dies (Part 2)

After a loved one dies, there are a number of tax requirements that must be taken care of. In a previous article, we described one of the first tax-related duties of an estate executor or administrator — making sure the decedent’s final income tax return is filed for the year of death. Here are the rest of the tax-related duties: File the Estate’s Income Tax Returns. Immediately after death, the decedent’s estate may take over ownership of some or all of the decedent’s assets. If so, the estate will be taxed on its income under complicated IRS guidelines applicable to…

16July
2018
Know the White Collar Laws Before Doing Business Abroad

Conducting business in another country can be an effective way to expand your company and boost its revenues. But before you indulge, you need to be clear on how the prospective country deals with internal fraud and white collar criminals. Let’s take a look at Canada, where many U.S. companies do business. In that country, oversight and enforcement is somewhat fractured, split between provincial and territorial agencies as well as the federal government and its Criminal Code. The country’s multi-agency system for market regulation and the enforcement of securities law involves nearly 50 agencies organized into six jurisdictional “pillars.” Many…

16July
2018
Make Your Workplace Safer from Violence

Workplace violence isn’t just limited to high-risk jobs such as police officers, taxi drivers and late night convenience store clerks. Violence can happen anywhere. Workplace violence occurs at all types of businesses including factories, hospitals, engineering firms, advertising agencies and colleges. Every year, nearly two million American workers report being The most recent records by the Bureau of Labor Statistics say workplace homicides rose by 2% to 417 cases in 2015, with shootings increasing by 15%. The 354 shootings in 2015 represented the first increase since 2012.victimized by workplace violence, and many more incidents go unreported. Overall, workplace violence costs employers more…

16July
2018
Keep a Firm Grip on Workplace Strife

Running a family business can be rewarding all around, but you must balance personal commitment to relatives with the company’s needs. Otherwise, you run the risk of damaging the bottom line and staff morale. A Feasible Plan The Small Business Administration offers these tips to keep a family business running smoothly: At work, the success of the business must be the paramount issue. Family members must accept the boss/employee relationship. Job descriptions should be clear, written and enforced. Problems at home should be left there and workplace problems should not be brought home. Language should be more impersonal than it is…

12July
2018
Important Facts About Whistleblower Hotlines

In recent years, many companies have implemented hotlines for employees, vendors and others to anonymously report workplace behavior that is unethical or illegal. These hotlines allow employees to confidentially come forward with important information without fear of retribution. Just by having one in place, you can reduce fraudulent incidents, according to a survey done by the Association of Certified Fraud Examiners. But setting up an effective hotline involves more than putting in an additional phone line. Here are 14 important considerations that can make your hotline more successful. After all, once you set one up, you want people to use it….

12July
2018
Tax-Smart Cash Flow Solution for Seniors with Appreciated Homes

Many older people own greatly appreciated homes but are short of cash. A side effect of large appreciation is the fact that selling the property to raise cash will trigger a gain well in excess of the federal home sale gain exclusion (up to $500,000 for joint-filing couples and up to $250,000 for unmarried individuals). The federal and state income tax bills could easily reach into the hundreds of thousands of dollars, and all that money would be gone forever. Thankfully, there’s a potential solution that involves taking out a reverse mortgage on your property instead of selling. That way,…

12July
2018
Find Balance in Your Time

Every business owner finds it difficult to separate business and family time, but it’s even more critical when you’re involved in a family-run company. The business is your family’s livelihood and several generations might be counting on you to keep the company thriving. Some business owners not only deal with that pressure, but find that immediate family members resent the tremendous amount of time they devote to work. If you’re in this situation, you may be thinking, “Something’s got to give.” Adhering to a few simple techniques can help you find the right balance between family and business and allow…