Software R+D Tax Credits: Are You Eligible?

Did you know that if your company has developed software for internal use, you may be eligible for tax credits? This fall, the IRS finalized a regulation that will allow taxpayers to receive credit for their investment in software research and development.

You might think that you need to develop software for a multi-billion dollar company to claim tax credits, but that's not necessarily the case. If your company is attempting to develop or improve your own software (or have hired someone to do so for you), you're likely to be eligible for tax benefits.

Your Monthly Financial Checklist for 2017

Did you make any resolutions for 2017? Personal? Professional? Financial? We all have good intentions when it comes to setting goals that will help us improve our lives, but staying motivated and on track throughout the year can be challenging.

To help keep you moving toward your goals in 2017, I've created a month-by-month checklist of key financial tasks that will keep your finances in good health all year long.

5 Ways to Minimize Your IRS Penalties

Many people fear the wrath of the IRS, especially during tax season. Penalties for late-filing, late-payment, accuracy related penalties, or estimated tax penalties can make filing your taxes seem like a daunting task. 

Recognizing Phone Scams - 6 Things the IRS Will Never Do

Over the past several months, we have spoken with many individuals who have received threatening phone calls from the "IRS". The caller may demand immediate payment of back taxes, ask for a credit card number over the phone, or even threaten a lawsuit or arrest for failure to comply.

This is a widespread scam that is becoming more prevalent. As we approach tax season, it is more important than ever to be diligent and protect your personal information.  To help you identify scammers, I've put together a list of 6 things the real IRS will never do.

Tax Planning from a Financial Planner's Perspective - 9 Strategies to Consider

As we approach the end of 2016, you'll likely hear many people talking about year-end tax planning. While implementing tax planning strategies at year-end is certainly advantageous, tax planning can be even more beneficial as a year-round activity. 

As a financial planner, I often advise my clients to regularly review their financial planning activities alongside the current tax strategies available to them, to minimize potential income taxes while staying on course to meet their financial goals.

Contractors' Top 5 Questions About the New FASB Lease Standard

After several years of proposals and deliberations, the Financial Accounting Standards Board (FASB) has issued its new accounting standard - a long-awaited regulatory update that will change the way that leases are reported on company balance sheets.

For contractors, operating leases - including real estate, vehicles, equipment, and other assets - are an integral part of everyday operations. In my recent article in Professional Contractor Magazine, I discussed the impacts of this new regulation on the construction industry. Below, I've answered the top 5 questions I've been asked by contractors about this new regulation.

New Employer Reporting Deadlines and 4 Tips for Compliance

Tax season is quickly approaching, and business owners will need to get organized a little earlier this year. Recent legislative actions, made an in effort to cut down on both tax fraud and identity theft, have changed the upcoming W-2 and 1099-MISC filing deadlines. 

5 Ways to Prepare for the Sale of Your Business

As I often tell my clients, selling your business is a process, not an event. Determining the right time to sell, and finding the right buyer to sell to, can be stressful. There are tax and legal issues to consider, and negotiations can be complex and lengthy. However, as is true for most major business (and life) decisions, preparing as much as possible ahead of time can help you feel more confident, smooth the transaction process, and increase your chances of realizing a higher return on your life’s work.

4 Retirement Planning Steps to Take Now

Retirement is something we all think about, but when it comes to the specifics - how much retirement income we'll need, and where that income will come from - many people feel uncertain and underprepared. 

The best way to prepare for retirement is to take a proactive approach, and start planning as early as possible. In a webinar that I hosted last week, I discussed critical retirement planning steps, and why it's so important to start now. For those of you who missed it, I've outlined the top 4 steps you should be taking to prepare for your retirement.

6 Things You Should Know About Irrevocable Life Insurance Trusts

Did you know that if your estate is large enough, up to 40% of your life insurance death benefits can be lost to federal estate tax?

Although life insurance proceeds are not subject to income tax, they are included in your taxable estate, and therefore can be subject to estate tax. To prevent the taxation of life insurance proceeds, many of our clients choose to purchase their life insurance policy using an Irrevocable Life Insurance Trust (ILIT), or gift their existing policy to an ILIT.