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Consider Your Potential Charitable Deduction Before Donating Artwork
If you give artwork to charity, the deduction you can claim depends on several factors, including the type of organization receiving the piece and how it will be used. Special substantiation and appraisal rules may apply as well. Relation to Charitable Function Your deduction for a donation of art will
Add Flexibility to Your Estate Plan With Powers of Appointment
Powers of appointment allow a trusted individual (the “holder”) to adjust how assets are distributed after your death, based on changing circumstances. These might include marriages, births, financial needs, tax laws, or evolving family dynamics. By incorporating powers of appointment into your trusts and other planning strategies, you can create
What’s A “Small Business,” And Why Does It Matter?
Although your business may seem big to you, you may wonder how the government classifies it for tax purposes. If your organization qualifies as a “small business,” you may enjoy several important tax advantages. But the rules for specific tax provisions vary. So, depending on your size, you might be
Long-Term Care Insurance Can Offer Peace of Mind and Help Preserve Your Wealth
One of the greatest risks to your estate plan is the chance of incurring substantial long-term care (LTC) costs. These costs, for services such as nursing home stays or home health aides, can quickly erode the savings you want to pass on to your family after your death. One solution
Tax Identity Theft: Businesses Are at Risk, Too
Tax identity theft isn’t limited to individual taxpayers — businesses are also targeted through their Employer Identification Numbers (EINs), payroll systems, and tax filings. The financial impact of these crimes can be significant. Businesses may face delayed or stolen tax refunds, unauthorized payroll filings, and the time and expense of
Moving to a New State? Review The Tax Implications First
Whether you’re relocating for work, retirement, family, or lifestyle reasons, state taxes can have a significant financial impact. Taxes vary widely from state to state. And establishing residency for tax purposes may be more complicated than you expect. Before moving, be sure you understand how changing states could affect your
Rethinking Payment Options For Your Business
Cash hasn’t disappeared — but it’s no longer the preferred payment method for many customers. As electronic and digital options continue to expand, more businesses are evaluating how much they rely on physical currency. Rather than eliminating cash entirely, many are exploring a “cash-light” approach. Here’s a look at current
Estate Planning For Foreign Assets Requires Extra Attention
Do you hold assets such as overseas real estate, foreign bank accounts or investments in international markets? Properly addressing foreign assets in your estate plan is essential to avoid unexpected tax consequences, legal complications and asset transfer delays for heirs. Double Taxation If you’re a U.S. citizen, all your worldwide assets, regardless
Turn Your Income Statement Into a Profit-Boosting Playbook
When your financial statements arrive, it’s tempting to glance at the bottom line and move on. After all, you’ve got customers to serve and employees to manage. But your income statement is more than a report card. It can be a strategic tool to help you spot growth opportunities, tighten
Cost Segregation Studies Can Reveal Substantial Tax Savings
Businesses that own commercial real property may be sitting on an overlooked treasure chest of tax savings — and a cost segregation study can be the key to unlocking it. This is a strategic tool that combines accounting and engineering techniques to identify building costs that are properly allocable to