The R&D tax credit is a federal tax credit and may also entail an additional state benefit depending on which state you live in. This is a dollar for dollar tax credit primarily designed to stimulate research and development activity of US companies. Many of our clients engaging in [...]
If you own a life insurance policy that has built up a sizable cash value, be aware that the death benefit will be included in your taxable estate. Depending on the size of the policy and the applicable estate tax exemption when you die, the tax bill could be [...]
If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.), fire, accident, theft or vandalism. [...]
If you have minor children, perhaps the most important element of your estate plan doesn’t involve your assets. Rather, it involves who will be your children’s guardian. Questions to Consider When evaluating potential guardians, ask these questions: • Do they want to serve as guardians? • Does your estate [...]
A common estate planning mistake is to designate a minor as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan. Insurance companies and financial institutions won’t pay large sums of money directly to a minor. Instead, they’ll require costly court proceedings to appoint a [...]
Today it’s becoming more common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. Eligibility requirements If you’re an employee, your use of your home office must be for your employer’s convenience, not just your own. [...]
A helping hand: Addressing your parents in your estate plan The “sandwich generation” is a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. As a result, estate planning — which traditionally focuses on providing [...]
Why investing in small-business stock may make more tax sense than ever By purchasing stock in certain small businesses, you can not only diversify your portfolio but also enjoy preferential tax treatment. And under a provision of the tax extenders act signed into law this past December (the PATH [...]
Direct tuition payments: An attractive option for funding your grandchild’s college education It’s no secret that the cost of a college education continues to soar. If you’d like to help fund your grandchild’s higher education, a simple but effective technique is to make tuition payments on behalf of him [...]
Minimum Wage Increases for 2016 As a business you must comply with many state and local laws. Accordingly, we want to alert you to the increase in minimum wages that passed for 2016. If you have any questions on the information below or how this may affect your business [...]
