The terms “last will and testament” and “living will” may sound similar, but, in fact, they’re not at all similar. The latter is an important estate planning document that details your medical wishes should you become incapacitated.
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If you’re involved in a partnership, you likely know it’s taxed differently than a C corporation. In some cases, partners may be taxed on more partnership income than was distributed to them from their partnerships. Here’s why.
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To ensure your desired treatment of adopted children or unadopted stepchildren, you and your spouse or partner must clearly communicate your plans through wills, trusts and other estate planning documents.
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You may have overlooked some tax breaks if you are caring for an elderly relative. Here’s a rundown.
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When your nonprofit receives a donation, a matching gift makes it all the sweeter. Encourage donors to take advantage of company matching gifts or create your own matching pool. Here’s how.
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If your business provides Health Savings Accounts to employees, you know they have many benefits. Here are a few of them, along with the inflation-adjusted amounts for 2023. Hint: They’re going up more than they have in recent years due to high inflation.
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In addition to helping to reduce health care costs, a Health Savings Account can positively affect an estate plan because its funds grow on a tax-deferred basis, potentially building wealth for heirs.
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With the April tax filing deadline in the rear view, now is the time to take certain tax-related action steps in preparation for next year.
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There are certain requirements if you donate valuable assets to charity. The penalty for failing to follow the rules is generally denial of the charitable deduction. Here are the requirements for obtaining an appraisal.
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If your nonprofit’s budget is growing and your executives are struggling to juggle financial responsibilities, it may be time to hire a CFO. Learn about what these executives do and what to look for in a candidate.
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Coin collecting, photography, painting, writing, horse breeding and crafts are just some of the hobbies that taxpayers turn into businesses. Can they deduct the losses they incur on their tax returns?
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Due to pandemic relief legislation, the tax treatment of charitable donations has changed (and changed back) in the past couple of years. Do your donors know the current rules? You can help inform them.
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Splitting gifts with your spouse can reduce your gift tax liability, but specific rules must be followed to avoid unintended outcomes.
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If your business has independent contractors or makes other payments to customers or others, you probably file 1099 forms with the IRS. The tax agency is currently sending out notices about these forms to some taxpayers.
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It’s home selling (and buying) season. What are the tax consequences if you buy another home but decide to keep your current home and rent it out?
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If you’re looking for a new partner to add to your partnership, you may think the hard part is over once you find the right person. But there may be tax challenges ahead.
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A corporate volunteer program can be a solution to your nonprofit’s volunteer shortage. But before you arrange a partnership, make sure you’ve thought hard about what you need and the best way to get it.
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If your business operates as a C corporation, you may save tax by becoming an S corporation. Here’s a rundown of four issues to consider when converting from C corporation to S corporation status.
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Once your 2021 tax return has been filed, there still may be some issues to consider. Many people have questions about how to find their refund status, which records can be thrown out and when to file amended tax returns.
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It’s not unusual for nonprofits to allow programs to run past their sell-by dates. If some of your offerings have become ineffective, use the excuse of spring cleaning to clear out the old and replace with the new.
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