Consider Section 179 Deductions for Real Estate Expenses

Consider Section 179 Deductions for Real Estate Expenses

The Section 179 deduction for qualified real property expenses was made permanent under the Protecting Americans from Tax Hikes (PATH) Act of 2015. However, claiming this deduction isn’t a no-brainer. Here are the pros and cons.   Deductions for Qualified Real Property Costs Not too long ago, real property costs weren’t eligible for the Sec. … Continued

Tax Responsibilities After Someone Dies

The death of a loved one is always difficult but it can be even more challenging if you are the one who must handle all the resulting tax responsibilities. There are a couple different ways you can assume the required duties: • You may be named as the executor of the decedent’s estate under his or … Continued

Prepare for the Unexpected

Think of it as a prenuptial agreement for a family business — a mechanism to reduce hard feelings and provide for an equitable distribution of assets. Officially, it’s called a shareholders’ agreement and it lays out the ground rules of a family business in terms of governance, succession, the transfer of assets, liquidity and other … Continued

IRS Updates FAQs on Certain ACA Provisions

The Trump Administration and the Republican majority in Congress plan to repeal and replace the Affordable Care Act (ACA) in the coming months. In the meantime, however, employers must continue to comply with the existing rules for 2016, including the information reporting requirements and shared responsibility provisions. The IRS previously issued three sets of FAQs … Continued

Tax Fraud Awareness: How to Protect Your Identity and Assets

The IRS, taxpayers and tax preparers share a common enemy: identity thieves. We all have a part to play in the fight against tax-related identity theft. Your role starts by learning the mechanics and warning signs. From there, taxpayers can take proactive steps to protect their data online and at home.   Understand How Tax … Continued

Tax Rules When Selling Your Home

How the gains from the sale of a primary residence are taxed has changed in recent years. If you have recently sold your home, or are considering doing so, you may want to be aware of these new rules.   Home Sale If you owned and lived in your home for two of the last … Continued

Old Habits May Be Costing You Dearly

There’s an old story of a soldier who got up every morning, walked over to an unused iron stove in the middle of the barracks and gave it a swift kick. Then he’d hop around in pain and yell at the stove. When a fellow soldier asked him why he did such a thing, he … Continued

Four Reasons Millennials Need an Estate Strategy

You’re young, have little in savings and likely have no one yet relying on you financially. So why do you need to think about estate management?¹ Here are four great reasons: Estate Strategies: They’re Not Just for Old People 1. You need a will. You may ask why a will is important if there’s not … Continued

Consider Pumping Up Your Service Menu

Searching for revenue to keep the bottom line healthy, a number of dealerships have added F&I products to their service offerings. A possible influx of longer-term customers at your store can make it worthwhile to consider selling service contracts and related products in the service lane. Timing Is Everything Dealerships are finding that it’s easier … Continued

Ten Ways to Save Money on Insurance

Best practices for containing insurance costs are critical because insurance is one of the biggest costs in the dangerous construction environment. Here are 10 ways contractors may be able to save money on insurance: 1. Know Your Policy, Know Your Needs Insurance agents are salespeople. They may not be as concerned with trimming your company’s … Continued