The benefits of charitable contributions may be eliminated for some taxpayers. The Tax Cuts and Jobs Act (TCJA) doubled the standard deduction, meaning more taxpayers may find themselves in a better tax position by choosing the standard deduction over itemizing. Since charitable contributions are itemized, this is leaving many to wonder, “Will I still receive [...]
Studies say that more than 50% of all marriages will end in divorce and one of the major breaking points are disagreements around finances. It’s not surprising that many divorces end up in legal battles over some financial matter. One common type of these disputes is known as a dissipation claim. Generally, a dissipation claim [...]
If your small business doesn’t offer its employees a retirement plan, you may want to consider a SIMPLE IRA. Offering a retirement plan can provide your business with valuable tax deductions and help you attract and retain employees. For a variety of reasons, a SIMPLE IRA can be a particularly appealing option for small businesses. [...]
Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA, which is subject to income taxes on all earnings and deductible contributions, and then discover you would have been better off if you hadn’t converted it? Before the Tax Cuts [...]
On this week's video series session, Joe Ryan, CPA, will be discussing Operating Reliance in Non Profit Organizations
A Critical Requirement Subject to various rules and limits, business meal (generally 50%), vehicle and travel expenses may be deductible, whether you pay for the expenses directly or reimburse employees for them. Deductibility depends on a variety of factors, but generally the expenses must be “ordinary and necessary” and directly related to the business. Proper [...]
This week's segment of the Performance Measurement video series, Joe Ryan, CPA, provides an overview of Program Expense Efficiency.
Unlike “C” Corporations, who are taxed on their earned income at the entity level and then taxed again at the individual level on dividend distributions (distributed earnings), pass-through entities, such as “S” Corporations, Limited Liability Companies (LLC’s), and Partnerships, are taxed only at the individual owners or partners rate. However, with the implementation of the [...]
Joe Ryan, CPA, provides some insight on Rainy-Day Funds for the Nonprofit video series.