The prospect of leaving your company in the hands of someone else likely brings mixed emotions. You have, no doubt, spent a substantial amount of time and a great degree of effort to achieve the level of success you have had with your enterprise as...
Many expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, two percent of your adjusted gross income (AGI). Bunching these expenses into a single year may allow you to exceed this 'floor.' So now is a...
It is critical to report inventory using the optimal method. There are several legitimate options for reporting inventory, but take heed: the method you choose ultimately affects how much inventory and profit you will show and how much tax you will owe. The basics Inventory is generally...
Besides financial aid, specific tax benefits can reduce the net cost of sending a child to college. Among the three major tax breaks—American Opportunity Tax Credit (AOTC), Lifetime Learning Credit, and tuition and fees deduction—you can claim only one on your tax return. AOTC This credit, which...
When looking to manage benefits costs, employers have many ideas to consider. One in particular is whether and how to offer health care insurance to their employees’ spouses. The Affordable Care Act does not require spousal coverage. It only requires coverage for dependent children. But many...
The number of health savings accounts (HSAs) rose 22 percent to 16.7 million in 2015, while HSA assets reached almost $30.2 billion, a gain of 25 percent. Most HSA money is in low-yield savings deposits but $4.2 billion (14 percent of the total) is in...
An auditor does significant legwork before starting field work. During the audit planning phase, they review the preliminary financials and compares the current year’s results to last year and industry benchmarks. Here is a closer look at what happens behind the scenes and why you...
Many businesses start life small and simple. But with growth comes the need for a stronger company infrastructure and increased operational sophistication. As you pursue a more robust business, focus on these four pillars: 1. Organizational management Implement a formalized system for measuring performance that begins...
The net price of higher education depends on the amount of financial aid that is received. The greater the financial aid, the lower the net cost of college. To obtain financial aid, a key step is filling out the Free Application for Federal Student Aid (FAFSA)....
The College Board reports that full-time students at private institutions typically paid almost $44,000 for tuition, fees, room, and board during the 2015-2016 academic year. That is the average, so costs at some private colleges and universities were well more than $50,000 per year. Higher...