Choosing a beneficiary

Choosing a beneficiary for your 401k is a task that should not be taken lightly. Failing to name a beneficiary could cause a nightmare for your loved ones. It is important to consider who you want the beneficiary and to make sure it is updated whenever significant life events happen. Don’t miss: 5 tips to …

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How to create a meeting agenda

How many meetings do you attend each week? How many of these meetings leave you thinking “that was really helpful”? I would guess in one month, there are roughly 10 out of 50 meetings that actually accomplish the intended objective. How can we change this dynamic? One of the most important features of a meeting, …

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Tax rules for selling your home

Now that the housing market is beginning to rebound, you may be considering putting your current personal residence on the market. But what do you need to know before you call your real estate agent? First, does the residence qualify as your “main” home? And secondly, will the sale result in a gain or a …

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Gaining favor among customers by absorbing sales tax

Like the rest of us, state governments want the money that is owed to them. In a growing trend, however, states are caring less about who is paying the money. Forty-five states and D.C. have sales tax requirements. It used to be the law that a seller with nexus must collect the tax from the …

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Gifting your assets: give or keep

When faced with the question of gifting your assets, there are multiple variables to consider. Keeping an asset causes it to be included in the estate of the deceased for estate tax purposes, whereas gifting an asset allows its future appreciation to grow outside of the estate with its intended beneficiary, possibly saving large amounts …

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Is your gift taxable?

If you gave money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the tax, but there are exceptions. Here are eight tips provided by the IRS that you can use to figure out whether your gift is taxable. 1. Most gifts are not subject …

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What you need to know before selling gifted property

Before you sell property that you received as a gift, ask yourself the following questions: Does the property provide a good yield? How does this property fit into my investment portfolio? What are the short and long-term market outlooks for this property? Do I need the money? Has the property appreciated in value? What are …

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The SECURE Act and its potential impact on your retirement

On May 23rd, the House of Representative passed the SECURE (Setting Every Community Up for Retirement Enhancement) Act. While this bill may or may not pass, it is important to realize the key implications it can have on your future. Some major features of the Act include: Greater opportunity for part-time workers to participate in …

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5 tips to avoid common audit prep mistakes

Generally, if your company has 100 or more active participants, The Employee Retirements Income Security Act of 1974 (ERISA) requires an annual audit of plan financial statements. Whether this is your first plan audit or have endured plan audits for years, being prepared and gathering all the necessary documents and reports for your auditors can …

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What to know about 457 plans

Taxes relating to 457 plans can be confusing for tax exempt entities. Here are some key points to know: 457b and 457f plans are deferred compensation retirement plans that are offered to a select group of higher compensated or key management employees in a tax exempt entity. Both employees and employers can make contributions to …

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