If the value of your portfolio is down, you may want to turn the stock market downturn into a tax-saving opportunity. How? By converting a traditional IRA into a Roth IRA.
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An important deadline is coming up for quarterly federal estimated tax payments. Here are four methods for corporations to compute them.
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How effective are your nonprofit’s grant proposals? If you aren’t meeting with much success, you may need to change tack. Here’s how to research the grant, support your proposal and avoid pitfalls.
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A charitable lead trust provides a regular income stream to one or more charities during the trust term, after which the remaining assets pass to your heirs or other noncharitable beneficiaries.
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Do you own Series EE bonds? Take a look at the issue dates to see if the bonds are no longer earning interest. Here’s some information about how bond interest is taxed.
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Should your nonprofit board designate unrestricted assets? Board-designated assets can provide a foundation and help ensure that funds are available when you need them. However, there are responsibilities involved.
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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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