Building Your Legacy
The desire to leave a legacy may be the height of altruism for it’s a gift to the future, the benefit of which you may never witness, nor ever feel it’s appreciation by others. Creating your legacy does not happen overnight, and it doesn’t come without a strategy and hard work. Create Your Vision You should…
No Current Deductions Before Business Commences
Starting up a business and wondering about how tax deductions will be handled? The most important thing to understand is that most expenses incurred before a business begins functioning cannot be deducted or amortized until the year when the business does become active. Business Expense Basics Section 162 of the Internal Revenue Code allows current deductions for so-called…
Scope Changes Must Be Authorized
Know the titles of acquisitions officials. There are many acquisition officials who might be involved during the negotiation, administration and settlement of a government contract. But there is one fact you should know. Contracting Officers are the individuals who have been granted explicit authority to enter into, administer and terminate contracts. They are the only individuals with this…
Answer an Important Question: Are Your Directors Independent?
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. Two other groups also focus on the number of independent directors: state attorneys general and prospective…
Giving Information Can Lead to Lawsuits
Legal hassles can arise when you give references for former employees. These former employees might turn around and sue your organization for defamation. Here’s a quick review of the ins and outs of giving references for former employees. First the facts: Defamation involves communicating false information. Defamation with malice involves communicating information — even true information when…
Tips for College Graduates on Making Financial Decisions
Graduation can be one of the most exciting — and intimidating — times in your life. You’re officially an adult, and with that new-found independence comes financial responsibilities. No pressure, but the decisions you make today about spending and saving can mean the difference between struggling for the rest of your life and building a solid…
Dealing With College Costs
Don’t let the high cost of a college education prevent you from developing an effective strategy to deal with those costs. Before you can determine how much to save for your kids’ college educations, there are several decisions to make: Does each child require the same level of support? While parents typically want to treat children…
Ideas to Strengthen Your Business in 2019 and Beyond
New Year’s is traditionally a time to make resolutions for the upcoming months. Once you set your personal goals, it’s time to get serious about your business goals. Here are ten resolutions you might consider making — and sticking to — to put you on track to prosper in 2019. Compare 2018 financial performance to the budget. Did you meet the…
Important Tax Figures for 2019
The following table provides some important federal tax information for 2019, as compared with 2018. Many of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/ Medicare 2019 2018 Social Security Tax Wage Base $132,900 $128,400 Medicare Tax Wage Base No limit No limit Employee portion of Social Security 6.2%…
Keep Your Gear in Top-Notch Condition and Save Money
If your company has contracts for maintaining and servicing your equipment and vehicles, chances are, you’re spending more than you need to. A sure-fire way to save money is to hire your staff to do the work for you. Not only will in-house maintenance cut costs, it’s more convenient and boosts efficiency. For example, your business…