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The Insight Accounting Blog

financial-crisis

FDIC and SIPC: Important Allies In Uncertain Times

Worried about the next financial crisis? Reacquaint yourself with two important allies: the Federal Deposit Insurance Corporation (FDIC) and the Securities Investor Protection Corporation (SIPC). The FDIC. The FDIC is an independent agency of the U.S. government and provides up to $250,000 in protection for qualified bank accounts in case of a bank failure. The…

crowdfunding

“Crowdfunding” Raises Tax Issues

Raising funds in small amounts from a large pool of people, also known as crowdfunding, has become a popular way for budding entrepreneurs to drum up the working capital for pet projects. It seems like everyone from twenty-somethings to stay-at-home parents to retirees are getting in on the act. Here’s how the process works. Let’s…

business-changes

Navigate Business Changes Successfully

Change happens. That’s especially true in the business world, where changes may be mandated by tax or regulatory requirements, increased competition, shifts in customer needs, or technological advances. Whatever your reason for making a change in your business, managing the process effectively is the best way to succeed. Here are suggestions for handling change. Clarify…

estate-planning

Get Familiar With These Estate Planning Documents

Basic estate planning begins with completing documents that allow your last wishes to be carried out as you choose. But are you familiar with the documents you’ll need? Here’s a list of common estate planning documents and their purpose. Advance Directive. Your instructions for end-of-life and quality of life wishes regarding medical treatments. Share your…

teleworking

Tips to Manage Work-From-Elsewhere Employees

It’s a mobile world, and your employees may be asking to work from a location other than your office. Adapting to this request can allow you to keep quality talent and accommodate workers who may have health or other issues that make working in a traditional office difficult. But managing employees from a distance can…

2016 - Tax Changes To Note

Tax News – 2016 Changes To Note

Effective beginning with 2016 taxable years, the de minimis tangible property safe harbor has increased to $2,500 per invoice or item. The change affects regulations issued in 2013 that clarified when your business could expense tangible real and personal business property. Previously, the de minimis safe harbor let you elect to deduct individual capital expenditures…

Supporting Adult Relatives

Look Into The Tax Breaks For Supporting Adult Relatives

If you helped support your parents or other adult relatives in 2015, tax breaks are available that could lower your taxes. You may be able to claim your relative as a dependent, deduct extra medical expenses, or use a more beneficial tax bracket. Claiming a relative as a dependent. An adult dependent’s gross income must…

Last Minute Moves To Lower Your Tax Bill

Last-Minute Moves Can Lower Your Tax Bill

Only one month to go until tax filing day! That means you still have time to trim your 2015 tax bill. Here are last-minute moves to consider and deductions to remember. Maximize your 2015 IRA contribution. You have until April 18 (or April 19 if you live in Maine or Massachusetts) to make deductible 2015…

Financial Well Being Annual Review

Improve Your Financial Well-Being With An Annual Review

You’re slogging through paperwork, gathering and organizing information to prepare your tax return. Take heart – you can make your hard work do double duty by using those same records to improve your financial well-being. Here are suggestions to get you started. Write down your financial goals. How much money will you need to meet…

independent-contractor-or-employee

Independent Contractor or Employee: The Distinction Matters to the IRS

If you’re a business owner, you have financial incentive to want to classify workers as independent contractors rather than as employees. For example, you’re required to withhold and pay taxes on employee wages, and you may need to offer employee benefits such as paid time off and pension contributions. None of these are required with…

basic-documents

Do You Have These Basic Documents?

Can you name basic documents that can ease decision making for your family if something happens to you? Here are four to think about as part of your overall personal financial plan. Will. As you know, a will lets you, rather than the state, control how your assets will be split among your heirs. If…

last-minute

Last-Minute Tax Savers for Individuals

Even though the end of the year is fast approaching, you still have time to trim your 2015 federal income tax bill. Here are suggestions. State and local income taxes. If you prepay certain state and local taxes, you can claim the deduction on your 2015 return. Caution: Analyze your exposure to the alternative minimum…

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