Savvy Strategies for Security Deposits
While they often prove useful to landlords for now in terms of maintaining their properties, security deposits may be a bit of an arcane system in light of new products that are coming to market which may allow landlords to bypass them. This could prove especially useful for residents from foreign countries with decent income but no credit. However, only time will tell if these products will be embraced by landlords.
Where Do You Turn for Capital When Rates Rise?
As banks and other depositories re-assess their lending terms, investors need to cast a wider net when seeking to finance and refinance their properties.
Getting ahead of the curve on emerging technologies
In today’s competitive business landscape, staying on top of emerging technologies is critical. Examples include machine learning to predict customer buying patterns and robotic process automation to automate repetitive manual tasks. Staying informed isn’t as difficult as you might think. Join relevant online communities and check industry-focused publications and websites. When you’re ready to integrate an emerging technology into your operations, forecasting implementation and maintenance costs will be critical. We can help you assess the financial impact.
Year-end tax and financial to-do list for individuals
With 2019 arriving here soon, there are several tax and financial to-dos you should address before 2018 ends. For example: Incur qualifying health care Flexible Spending Account expenses by Dec. 31 to use up these funds or you’ll potentially lose them. Also, max out contributions to retirement plans. Or, if applicable, take required minimum distributions from those plans. If gift and estate taxes are a concern, make $15,000 annual exclusion gifts. Finally, check your withholding and increase it if needed to avoid underpayment penalties. Contact us to learn more.
Can a PTO contribution arrangement help your employees and your business?
As the year winds to a close, most businesses see employees taking a lot of vacation time. After all, it’s the holiday season, and workers want to enjoy it. But some businesses find themselves particularly short-staffed because they don’t allow unused paid time off (PTO) to be rolled over to the new year. There are good business reasons to limit rollovers. Fortunately, there’s a way to reduce the year-end PTO vortex without allowing unlimited rollovers: a PTO contribution arrangement. It turns PTO into pretax retirement plan contributions. Contact us for details.
Family businesses need succession plans, too
Those who run family-owned businesses often underestimate the need for a succession plan. But you can’t assume an ownership transition will go smoothly just because everyone involved is family. Some family members may want to continue with the business; others may want to sell it. A thorough succession plan will answer questions about future ownership and any potential sale so successors don’t have to scramble or squabble during an emotionally difficult time. The key to making any plan work is to clearly communicate it with all stakeholders. We can help.
Check deductibility before making year-end charitable gifts
With tax law changes going into effect in 2018 and many rules applying to the charitable deduction, it’s a good idea to check deductibility before making year-end donations. First, total up your potential itemized deductions for the year, including the donations you’re considering. The total must exceed your standard deduction (which has been nearly doubled by the TCJA) for year-end donations to provide a tax benefit. Next, make sure the organization is qualified: http://apps.irs.gov/app/eos. Finally, meet the Dec. 31 delivery deadline. Contact us with questions.
2019 Q1 tax calendar: Key deadlines for businesses and other employers
Here are a few key tax-related deadlines for businesses during Q1 of 2019. JAN. 31: File 2018 Forms W-2 with the Social Security Administration and provide copies to employees. Also provide copies of 2018 Forms 1099-MISC to recipients and, if reporting nonemployee compensation in Box 7, file, too. FEB. 28: File 2018 Forms 1099-MISC if not required earlier and paper filing. MAR. 15: If a calendar-year partnership or S corp., file or extend your 2018 tax return. Contact us to learn more about filing requirements and ensure you’re meeting all applicable deadlines.