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2017 – 03/29 – Consider key person insurance as a succession plan safeguard

Posted by on June 23rd, 2017

For many companies, the sudden death of an owner or hard-to-replace employee could spell doom for the business itself. Key person insurance guards against this risk. Your business pays the premiums and, if the insured dies while the policy is in effect, receives the payout. Premiums generally aren’t tax deductible, but death benefits typically aren’t […]

Offer plan loans? Be sure to set a reasonable interest rate

Posted by on June 21st, 2017

Can your company’s retirement plan participants take out loans from their accounts? If so, you must set a “reasonable” interest rate. Neither the IRS nor the DOL provides a set percentage for plan sponsors. The IRS looks to similar local interest rates and what local banks charge for similarly structured loans. Meanwhile, DOL regulations generally […]

Want to help your child (or grandchild) buy a home? Don’t wait!

Posted by on June 14th, 2017

Mortgage interest rates are still at low levels, but they likely will increase as the Fed continues to raise rates. So if you’ve been thinking about helping your child — or grandchild — buy a home, consider acting soon. There also are some favorable tax factors that will help: 0% capital gains rate. If the […]

Deduct all of the mileage you’re entitled to — but not more

Posted by on June 12th, 2017

Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business. But you might also be able to deduct miles driven for other purposes, including medical, moving and charitable purposes.   What are […]

When it comes to charitable deductions, all donations aren’t created equal

Posted by on June 9th, 2017

As you file your 2016 return and plan your charitable giving for 2017, it’s important to keep in mind the available deduction. It can vary significantly depending on a variety of factors. What you giveOther than the actual amount you donate, one of the biggest factors that can affect your deduction is what you give: […]