If you hire workers from specific targeted groups, your business can claim a tax credit for a portion of their wages. The amount of credit varies with the group the new employee is part of. By claiming the credit, your firm reduces its out-of-pocket costs. And you'll be helping workers who've faced challenges get back on a payroll.
Trusts can be used as an asset protection tool and to help your beneficiaries avoid the cost and expense of probate. Trusts transfer legal ownership of assets to a trustee. The property is deeded in the name of the trust and the trustee is tasked with administering it as the grantor specifies. There may be more strings attached to an asset in a trust than if it were simply left to someone in a will.
The new tax law nearly doubles the standard deduction for individuals and families, simplifying the filing process for millions of Americans, but complicating giving strategies for many who have made a habit of deducting their charitable contributions.
In 2018, the DOL responded to a query regarding whether a "reasonable relationship" exists between a professional employee's guaranteed weekly salary amount and the amount actually earned. The Fair Labor Standards Act's "reasonable relationship" provision enables an employer to calculate "an exempt employee's earnings on an hourly, daily, or shift basis, without losing the exemption or violating the salary basis requirement."
If you run a business, you need to know about the following forms.
We all understand that when we borrow money, we're legally obligated to repay it. What happens when you're forgiven in part and don't have to pay back the full amount? After many huzzahs, you discover that it's not entirely forgiven. The amount of the canceled debt is taxable, and you must report it on your tax return for that year.
You may have a good reason to change your payday, but before you make your move, be sure to take into account various rules and implications.
Ever wonder how a financial planner is different from a stockbroker? Stockbrokers are also seen as market mavens who trade stocks. Planners aren't accountants, either (although some accountants do work as financial planners) — they aren't called upon just to lower your tax bill and they aren't insurance agents who try to sell you complicated life insurance. They're not around only to urge you to buy specific mutual funds either. A financial planner should be familiar with a variety of techniques and tools, including trusts, if they are right for you.
Sometimes, you can become so busy running a business that you are overly focused on the "here and now." But for long-term success, you want to keep an eye on the future as well. Here are some of the tasks you need to focus on:
You create a trust to protect, preserve and pass on your wealth to your heirs. But how do you keep your family money safe, not only from creditors, but also from the heirs themselves? Create a spendthrift trust. A trust is used to disburse in a controlled way money and assets you've accumulated over a lifetime. A spendthrift trust forbids beneficiaries from spending any money until they receive distributions.
Newsletter articles are posted every 2 weeks.
If you would like to have our e-newsletter delivered directly to your inbox, please sign up. Your information is confidential; you can unsubscribe at any time. Subscribe.