If you’re required to take distributions from a retirement plan, you may have received a respite in 2020, but you must begin taking them again this year.
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It’s not enough to maintain your current supporter base. You also need to grow it. Here are five tips for attracting positive attention with your news releases and other communications.
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How can your business benefit from the Consolidated Appropriations Act of 2021?
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Whether your nonprofit has only a handful, or hundreds, of staffers, communication can easily break down. Here’s how to keep the critical lines between your development and accounting departments open.
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Learn how provisions of the new Consolidated Appropriations Act can benefit you and your loved ones.
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Businesses received several favorable tax breaks in the COVID-19 relief bill that was recently signed into law. Here are just two of them.
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Medical and dental costs are expensive and it’s hard to get a tax deduction for them. But you may qualify by including every eligible expense allowed. Here’s what it takes to get a deduction and how you might be able to benefit by moving certain expenses into 2020.
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Tis the season for donations! Are you properly substantiating contributions with detailed acknowledgment letters to donors? Here’s what nonprofits need to include in thank-yous.
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Have you been contributing enough to your employer’s 401(k) plan or Roth 401(k)? Here are the contribution limits for this year and the recently announced limits for 2021.
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Some taxpayers may be able to achieve significant savings with the QBI deduction by taking certain steps at year end.
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If you’re fortunate to have cashed in some investment gains in 2020, you may be looking for unrealized losses in your portfolio to offset your gains. Selling losing stock may reduce your 2020 tax liability. But be aware of the “wash sale” rule.
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As long as the pandemic continues, nonprofit boards must be on their toes. Budgets and financial statements, in particular, may alert your board to impending trouble. Here’s what members should look for.
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Do you operate your business as an S corporation? Be aware that several elections are available to an S corp. or its shareholders that can affect the basis adjustments caused by distributions and other events.
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It may seem easier to put money into a traditional IRA than it is to take money out. Here are some of the ins and outs of the IRA distribution rules.
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Health Savings Accounts offer a way to set aside money on a pre-tax basis to pay for qualified medical expenses. Here’s a review at what an HSA could mean for your business, as well as the relevant inflation-adjusted amounts for 2020 and 2021.
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Are you the owner of a closely held corporation and want to take cash out? For tax purposes, you probably want to avoid a dividend distribution. Here are some alternatives.
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If you become disabled and are fortunate enough to receive disability income, you may have to pay federal tax on it. Here are the basic rules.
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Internal auditors can provide assurance that a nonprofit’s internal controls are effective at minimizing risk. But audits have a lot more to offer, including strategic insights. Read on.
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Getting a divorce can be distressing. You don’t want to make matters worse by making decisions that will cost you more in taxes. Here are four issues to consider if you’re in the midst of getting a divorce.
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Interested in reducing your 2020 tax liability? There’s still time to take these year-end tax planning steps.
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