With many employees shifting their primary workplace from office to home this past pandemic year, household workers who could attend to childcare, senior caregiving, common household, and personal assistant needs were in high demand. Families who retained household employees as well as the employees, themselves, often owe the “nanny tax”. If not accurately paid, the […]
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Long term care (LTC) insurance offers protection to those who suddenly find themselves ill and in need of expensive, extended medical care. While LTC insurance can offset the cost of escalating medical bills, it may or may not be a good investment for you and your family. Before you decide to purchase a policy, it’s […]
If you have dependents, purchasing life insurance to ensure they’re covered – or making sure they purchase a policy that would cover themselves – adds a layer of financial protection in the event that the insured passes away. Once you decide that you need life insurance, the next step is figuring out how much to […]
When you hire someone to work in your home, you may actually be hiring household employees and also be inadvertently qualifying yourself as an employer. When it comes to employment taxes, becoming an employer comes with various and specific obligations. With a staff in your employ, you may have to contend with issues such as […]
Reasonable owners’ compensation is a concept that often arises in federal tax inquiries, shareholder disputes, and divorce cases. Minority shareholders or spouses of controlling shareholders may claim that the owner of the business they’re connected to is adversely affecting the value of that business by taking an overly-healthy salary, for example. Conversely, in a divorce […]
The Tax Cuts and Jobs Act (TCJA), signed into law in December 2017, affects more than just income taxes. It’s also exacted significant changes in the area of estate planning making the potential value inherent in dynasty trusts something to consider when planning for future generations. Changes to Exemption Amounts Although debated in the draft, […]
Most businesses have a disaster plan in place should their company have to close or recover quickly from an unexpected weather emergency or natural disaster. While individuals often consider financial planning options to help them through an illness or death in the family, many don’t have a financial disaster plan in place to “weather a […]
Private Placement Life Insurance is fast emerging as an effective tax-planning tool for investors in hedge funds and other alternative investments. Though these investments offer higher upside potential, the downside is that, in many cases, they’re highly tax-inefficient. For example, hedge funds typically generate short-term capital gains which are taxed at the same rates as ordinary […]
The 21st Century Cures Act, signed into law on December 13, 2016 by President Obama, includes some good news for small businesses that have been prohibited from providing their employees with Health Reimbursement Arrangements (HRAs). Also, the law incorporates an earlier bill known as the Small Business Healthcare Relief Act in creating an exception from […]
When many people think about charitable giving, they picture writing a check or dropping off a cardboard box of nonperishable food items at a designated location. But giving to charity can take many different forms. One that you may not be aware of is donating appreciated stock. Yes, donating part of your portfolio is not […]