Newsletter/Blog — Jones & Kolb

Determine a reasonable salary for a corporate business owner

When it comes to executive compensation, C corporation owners need to keep it “reasonable.” Here’s why.

Small Business Tax, Business TaxDebbie HarryMarch 9, 2020

Have you coordinated your payable-on-death accounts with your estate plan?

Payable-on-death (POD) accounts can be a blessing or a curse to your beneficiaries. Coordinating PODs with your estate plan is critical.

Estate planning, Tax planningDebbie HarryMarch 5, 2020

The IRS provides guidance on meal and entertainment deductions

The Tax Cuts and Jobs Act eliminated some of the deductions for business-related meal and entertainment expenses. New guidance from the IRS, in the form of proposed regulations, address meal and entertainment expenses.

Tax & Regulation AlertsDebbie HarryMarch 4, 2020

Matching gifts double the impact of donors' contributions

Does your nonprofit have a matching gift plan? Employees are more likely to donate to charity if their employers provide a matching gift. However, you may need to remind them of this benefit.

Not-for-profit TaxDebbie HarryMarch 4, 2020

Home is where the tax breaks might be

Buying a home and want to know how much of a tax break you’ll get for paying mortgage interest? Here are the rules.

Tax & Regulation Alerts, Tax planningDebbie HarryMarch 3, 2020

Work Opportunity Tax Credit extended through 2020

The Work Opportunity Tax credit was set to expire on Dec. 31, 2019. But a law passed late last year extends it through Dec. 31, 2020. Here’s how employers can benefit.

Debbie HarryMarch 2, 2020

2 trust types to consider when estate planning for a blended family

Today, it’s not unusual for a household to include children and even grandchildren from prior marriages. These various blended family arrangements require specific estate planning strategies.

Estate planningDebbie HarryFebruary 27, 2020

Improve your nonprofit’s strategic planning with a “real-time” approach

Nonprofits that use Real-Time Strategic Planning align their daily actions with their overall strategy. This can result in more donations, media coverage and other advantages. Learn more.

Not-for-profit TaxDebbie HarryFebruary 27, 2020

Tax credits may help with the high cost of raising children

If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and education. Fortunately, there’s a tax credit available for taxpayers with children under the age of 17, as well as a dependent credit for older children.

Tax & Regulation Alerts, Tax planningDebbie HarryFebruary 25, 2020

Do you run your business from home? You might be eligible for home office deductions

Do you operate your business from home or perform certain functions at home that are related to your business? You might be able to claim home office deductions on your tax return.

Small Business TaxDebbie HarryFebruary 24, 2020

If you’re planning to move overseas, it’s time for an estate plan review

Planning on picking up stakes and moving abroad? Before making the move, learn the financial pitfalls and review your estate plan.

Estate planningDebbie HarryFebruary 20, 2020

How to prepare your nonprofit for a financial audit

Annual independent audits don’t have to be stressful. If you devote proper time and attention to accounting throughout the year, you may even find audits affirming. Here’s how to prepare.

Not-for-profit TaxDebbie HarryFebruary 19, 2020

How business owners may be able to reduce tax by using an S corporation

If you conduct your business as an S corporation, you’ll be subject to income tax, but not self-employment tax, on your share of the S corporation’s income. Could this be the entity for you?

Small Business TaxDebbie HarryFebruary 18, 2020

Reasons why married couples might want to file separate tax returns

In most cases, married couples who file jointly save more money on taxes than those who file separate returns. However, there are cases when filing separately is a better option.

Tax & Regulation Alerts, Tax planningDebbie HarryFebruary 18, 2020

Take steps to curb power of attorney abuse

Should you become incapacitated, a durable power of attorney authorizes your agent to manage your financial affairs. But without proper safeguards in place, it’s at risk for abuse.

Estate planningDebbie HarryFebruary 13, 2020

Can your board recognize financial red flags?

Does your nonprofit’s board understand the financial information they receive? Are members able to spot irregularities and warning signs? It could determine your organization’s future.

Not-for-profit TaxDebbie HarryFebruary 12, 2020

The tax aspects of selling mutual fund shares

There are many complex facets involved in selling mutual fund shares. Here’s a rundown.

Tax planningDebbie HarryFebruary 11, 2020

The SECURE Act likely to affect your retirement and estate plans

How will the SECURE Act affect your retirement and estate plans?

Tax & Regulation AlertsDebbie HarryFebruary 10, 2020

Do you want to go into business for yourself?

There are many ways to conduct a business for tax purposes, including as an S corporation or a partnership. But many new ventures start out as sole proprietorships. Here are nine tax rules and considerations involved in operating as that entity.

Small Business TaxDebbie HarryFebruary 10, 2020

Repeal of tax on Not-for-Profits for Transportation Fringe Benefits

Repeal of “Parking Tax” on exempt employers

Not-for-profit TaxDebbie HarryFebruary 7, 2020

How may we help you?

Whether you’re an individual or a business, Jones and Kolb can help you deal with the challenges you face now and put you in the best position for a great future.