When you adopt a child, you could bring home more than a bundle of joy. You may also be in line for a valuable tax credit.
In the News
Tuesday, August 23, 2022
To help curb record-setting inflation, the Federal Reserve Bank enacted its second consecutive 0.75-percentage-point increase to the Fed Funds rate on July 28. Despite the Fed's aggressive moves, significant uncertainty remains. Financial analysts are unsure whether the rate increases will work — or where the stock and real estate markets are headed.
Clearly, this isn't an ideal situation for retirement savers, especially those nearing that goal line. You might be thinking about investing a portion of your nest egg conservatively and in a way that also offers some safeguards against inflation. Here's an option to consider.
Tuesday, August 23, 2022
An IRA rollover is usually a tax-smart move, because it allows you to continue to defer taxes on the amount you roll over. But Congress has laid traps for the unwary. Here's how to avoid the most common IRA rollover tax pitfalls.
Arrange Direct Transfers from Company Plans
After leaving a job, you may want to roll over funds from your former employer's qualified retirement plan (or plans) into an IRA. That way, you gain full control over the funds while continuing to defer taxes. Unfortunately, there's a tax trap for the unwary. Thankfully, you can dodge it by arranging for a direct trustee-to-trustee transfer from the plan into your IRA. In other words, the check or electronic funds transfer from the plan should go directly to the trustee or custodian of your IRA. While you must have an IRA set up and waiting to receive the rollover, the account can be empty before the transfer.
Monday, August 15, 2022
The business entity you choose can affect your taxes, your personal liability and other issues. A limited liability company (LLC) is somewhat of a hybrid entity in that it can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This duality may provide you with the best of both worlds.
Tuesday, August 9, 2022
First the bad news: Despite passage of the Tax Cuts and Jobs Act (TCJA), the individual alternative minimum tax (AMT) is still in place. But there's some good news: The law has made AMT rules more taxpayer-friendly through 2025. In addition, other TCJA changes reduce the odds that you'll owe the AMT for those years. Even so, you may still benefit from taking steps now to avoid or minimize it.
Tuesday, August 9, 2022
The bane of every physician's practice is when payers deny claims. There are numerous reasons why payers deny claims, with the predominant reason being a paperwork error. Other reasons include misunderstanding on the part of the insurance company, the physician or the patient. There are four key elements in appealing claims that have been denied. They are:
Coding,
Contracts,
Process, and
Laws
This article will look at how understanding these four elements are essential to minimizing denials.
Tuesday, August 9, 2022
Not-for-profit organizations that file IRS Form 990 must indicate the number of independent voting members or directors of the governing body. (This is entered on Parts 1 and VI.) The IRS is not the only group interested in these facts.
Tuesday, August 9, 2022
"Safety First" should be your corporate mantra. Focusing on the safety of your products as you make them can help avoid complaints and litigation, give you a marketing edge and raise the bar for other manufacturers, according to the Consumer Product Safety Commission.
Tuesday, August 9, 2022
Job costs are the lifeblood of your construction business and accurately estimating them will determine if a project will make money. Managing job costs across the life of the project will ensure that your firm makes money on every job. Moreover, those job-by-job profits make the office and your executive salary possible.
Tuesday, August 9, 2022
Have you been contacted by a charity that pulls on your heartstrings and persuades you to open your wallet? There are a multitude of reputable charities doing good deeds and supporting worthy causes.
