Taking a long-term approach to certain insurance documentation
After insurance policies expire, many businesses throw away the documents related to them. But you may need evidence of certain kinds of insurance even after the coverage has expired. For this reason, it’s best to take a long-term approach to “occurrence-based” policies such as general liability, umbrella liability, commercial auto, and commercial crime and theft. Retain documents permanently (or as long as your business is operating). Also consider employment practices liability insurance (EPLI), which protects companies from employee claims of legal rights violations. Keep EPLI documentation permanently, too. Our firm can provide further info.
The “kiddie tax” hurts families more than ever
Congress created the “kiddie tax” to discourage parents from putting investments in their children’s names to save tax. Over the years, it has gradually affected more families because the age at which it generally applies was raised to children under age 19 and full-time students under age 24 (unless the children provide more than half of their own support). Now, under the Tax Cuts and Jobs Act, the kiddie tax hits even harder. For 2019, an affected child’s unearned income above $2,200 generally will be taxed at rates paid by trusts and estates, up to 37%. That means children’s unearned income could be taxed at higher rates than their parents’ income. Contact us for details.
Take a closer look at home office deductions
Working from home has its perks. You can skip the commute and you might be eligible to deduct home office expenses on your tax return. But you must meet the tax law qualifications. Under current law, employees can no longer claim home office deductions. But if you’re self-employed and run a business from your home, deductions may still be available. You might qualify if part of your home is used exclusively and regularly for administrative or management activities and you don’t have another fixed location where you conduct the activities. You also might qualify if you physically meet with clients/customers there or you use a storage area in your home for business. Contact us for details.
A Vast Majority of U.S. Renters Use Online Ratings and Reviews in Apartment Search
SurveyMonkey Audience and Binary Fountain find 64% of renters are willing to pay more for properties with positive reviews.
Senior Housing Construction Flags as Occupancy Hits 8-Year Low
Independent living and assisted living facilities were on average 87.8 percent occupied in the second quarter, according to a new report by the National Investment Center for Seniors Housing & Care.
Hot housing market has fueled economic expansion—and inequality
CoreLogic report examined how overall economy has been tied to turnaround in housing market. CoreLogic HPI Forecast expects a moderate, 5.6 percent acceleration in annual home price growth from June 2019 to June 2020. According to Molly Boesel, CoreLogic’s principal economist, there’s even enough value in homes to help homeowners weather the next downturn. Now, it just appears to be a question of helping more Americans take advantage of a much healthier market.
The “nanny tax” must be paid for more than just nannies
You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper or other household employee (who isn’t an independent contractor) may make you liable for federal income tax, Social Security and Medicare (FICA) tax and federal unemployment tax. You may also have state tax obligations. In 2019, you must withhold and pay FICA taxes if your worker earns cash wages of $2,100 or more. You pay household worker obligations by increasing your quarterly estimated tax payments or increasing withholding from wages, rather than making a lump-sum payment. Employment taxes are then reported on your tax return. Contact us for assistance.
Businesses can utilize the same information IRS auditors use to examine tax returns
The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations. Many ATGs target specific industries, such as construction, aerospace, art galleries, child care providers and veterinary medicine. Others address issues that frequently arise in audits, such as executive compensation and passive activity losses. ATGs allow auditors to uncover unique industry issues, common areas of noncompliance, customary business practices and terminology. For a complete list of ATGs, visit the IRS website here: https://bit.ly/2rh7umD
Run your strategic-planning meetings like they really matter
Many businesses struggle to turn abstract strategic planning ideas into concrete, actionable plans. One reason is simple: ineffective meetings. A good way to get started running better ones is to involve everyone in the agenda-setting process. Also, encourage meeting leaders to speak with conviction and express positivity (if not passion) for the subject matter. To prevent “meeting fatigue,” keep gatherings short and consider having participants break out into smaller groups. One final idea: Tell a story that will grab attendees’ attention and inspire them to come up with creative, feasible ideas.
The 1-2-3 of B2B marketing
It’s critical to recognize the differences between marketing to the public (or certain segments thereof) and business-to-business (B2B) marketing. Whereas wide-scale marketing campaigns need to be simple, concise and catchy, effective B2B campaigns are typically more detailed, complex and substantive. Tell and show customers and prospects how you’ll solve their problems in areas such as productivity, quality, time and costs. Provide plenty of specifics on how you’ll do so, speaking their language. Last, get to know the real people who make the buying decisions at your targeted accounts. Contact us for help