Life insurance can be a powerful financial and estate planning tool, but its benefits may be reduced or even eliminated if you designate the wrong beneficiary or fail to change beneficiaries when your circumstances change. Here are common pitfalls to avoid: Naming your estate as beneficiary. Doing so subjects life
Looking for business real estate tax breaks? Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period (land isn’t depreciable). But enhanced tax breaks that allow deductions to be taken more quickly are
As the end of the year approaches, not-for-profits are eagerly soliciting — and accepting — donor gifts. While your first instinct may be to accept all gifts, it may be prudent to turn some of them down due to such factors as space restrictions and unsuitability to your mission. Here’s
Did you know that the estate of director John Hughes donated the family’s Illinois mansion to a nonprofit hospital? After allowing another charity to use the home for a fundraising event, the hospital sold the home and used the proceeds to expand its campus. In this instance, two organizations were
What is an operating reserve? And how much is too little — or too much? Let’s take a look. What it is An operating reserve is a portion of an organization’s net assets that’s unrestricted and relatively liquid. But it shouldn’t be defined so narrowly that it only includes cash
Dalby, Wendland & Co., P.C., is pleased to congratulate Home Loan Investment Company and Talbott Farms as this year's 2016 “Spirit of Western Colorado®” recognition recipients. Each received a beautiful bronze eagle statue during the luncheon ceremony on November 4th. Since 2004, DWC has proudly and publicly recognized individuals and
There’s a lot to think about when you change jobs, and it’s easy for a 401(k) or other employer-sponsored retirement plan to get lost in the shuffle. But to keep building tax-deferred savings, it’s important to make an informed decision about your old plan. First and foremost, don’t take a
In addition to income tax, you must pay Social Security and Medicare taxes on earned income, such as salary and self-employment income. The 12.4% Social Security tax applies only up to the Social Security wage base of $118,500 for 2016. All earned income is subject to the 2.9% Medicare tax.
How much do you really know about accounting for property, plant and equipment? U.S. Generally Accepted Accounting Principles (GAAP) permits some leeway when deciding whether to capitalize or expense a fixed asset purchase, as well as in choosing depreciation methods and useful lives. Such leeway is part of the reason
Is a family-owned business your primary source of wealth? If so, it’s critical to plan carefully for the transition of ownership from one generation to the next. The best approach depends on your particular circumstances. If your net worth is well within the estate tax exemption, you might focus on
