There are a variety of tools to build flexibility into an estate plan. A power of appointment is a provision that permits another person to determine how, when and to whom certain assets in the estate or trust will be distributed.
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Even if your nonprofit’s executive director isn’t leaving immediately, it makes sense to have an executive search plan ready. Here’s how to build your plan.
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Some people are under the misconception that Social Security benefits are always free from federal income tax. So they may be surprised to learn that benefits may be taxed in retirement. Here are the rules.
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Transferring a family business to the next generation requires a delicate balancing act.
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Small businesses and start-ups engaging in research activities: Here’s a way to save on payroll taxes.
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Donors may automatically assume they can deduct the full amount of any charitable contribution. But what if your nonprofit provides goods or services in exchange for donations?
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If the value of your portfolio is down, you may want to turn the stock market downturn into a tax-saving opportunity. How? By converting a traditional IRA into a Roth IRA.
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An important deadline is coming up for quarterly federal estimated tax payments. Here are four methods for corporations to compute them.
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How effective are your nonprofit’s grant proposals? If you aren’t meeting with much success, you may need to change tack. Here’s how to research the grant, support your proposal and avoid pitfalls.
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A charitable lead trust provides a regular income stream to one or more charities during the trust term, after which the remaining assets pass to your heirs or other noncharitable beneficiaries.
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Do you own Series EE bonds? Take a look at the issue dates to see if the bonds are no longer earning interest. Here’s some information about how bond interest is taxed.
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Should your nonprofit board designate unrestricted assets? Board-designated assets can provide a foundation and help ensure that funds are available when you need them. However, there are responsibilities involved.
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The terms “last will and testament” and “living will” may sound similar, but, in fact, they’re not at all similar. The latter is an important estate planning document that details your medical wishes should you become incapacitated.
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If you’re involved in a partnership, you likely know it’s taxed differently than a C corporation. In some cases, partners may be taxed on more partnership income than was distributed to them from their partnerships. Here’s why.
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To ensure your desired treatment of adopted children or unadopted stepchildren, you and your spouse or partner must clearly communicate your plans through wills, trusts and other estate planning documents.
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You may have overlooked some tax breaks if you are caring for an elderly relative. Here’s a rundown.
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When your nonprofit receives a donation, a matching gift makes it all the sweeter. Encourage donors to take advantage of company matching gifts or create your own matching pool. Here’s how.
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If your business provides Health Savings Accounts to employees, you know they have many benefits. Here are a few of them, along with the inflation-adjusted amounts for 2023. Hint: They’re going up more than they have in recent years due to high inflation.
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In addition to helping to reduce health care costs, a Health Savings Account can positively affect an estate plan because its funds grow on a tax-deferred basis, potentially building wealth for heirs.
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With the April tax filing deadline in the rear view, now is the time to take certain tax-related action steps in preparation for next year.
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