4 Tax Saving Strategies for 2013
While April 15th might sound like it’s still a ways off, it’s crucial that you start thinking about tax saving strategies now. Even more so this year, as there are a number of new taxes and increases to old ones. Regardless of your tax bracket, below are four strategies that can help you minimize your…
Alert: Annual Corporate Records Form Email Scam Resurfaces
As your trusted advisor, we at Lewis & Knopf strive to keep you informed of any news and alerts, positive or negative, which may affect your organization. It was recently brought to our attention that "Phishers" are up to their antics again, sending out email notices that appear to be from the Michigan government. Many…
Renting out your vacation home brings tax complications
If you rent out your vacation home for 15 days or more, you must report the income. But exactly what expenses you can deduct depends on whether the home is classified as a rental property for tax purposes, based on the amount of personal vs. rental use. Adjusting your personal use — or the number…
5 Ways to Take Control of Your Finances
As many people know, it’s very hard to dig yourself out of debt and it can often take years to truly understand how to manage your finances. One way people have found success in managing their money is to treat personal income the same way you would your business finances. Below are five ways to…
Could your frequent flyer miles be taxable?
Now is the time of year when many Americans are using the frequent flyer miles they’ve built up from work-related travel or credit card rewards programs to take the family on a nice vacation. If you’re among them, you may be wondering if those miles could be taxable. Fortunately, in most cases the answer is…
How Will Your Business Respond to Obamacare?
According to the U.S. Chamber of Commerce’s quarterly small-business outlook survey, half of small businesses affected by the new health-care law plan to either cut hours or reduce full-time workers to part-time status in order to dodge Obamacare requirements. Another 24 percent said they will reduce staff to under 50 employees to avoid paying penalties…
Think twice before taking an early withdrawal from a retirement plan
If you’re in need of cash, early retirement plan withdrawals generally should be a last resort. With a few exceptions, distributions before age 59½ are subject to a 10% penalty on top of any income tax that ordinarily would be due on a withdrawal. Additionally, you’ll lose the potential tax-deferred future growth on the withdrawn…
Information About the Affordable Care Act Delays
The Obama Administration has delayed for one year the requirement for employers to provide health insurance to their employees and related reporting requirements. BUT, The following are still required for this year: Providing Notice to Employees Deadline – October 1, 2013 Employers must provide a notice of coverage options to each employee, regardless of plan…