Keeping thorough and accurate financial records is one of the less exciting tasks that business owners face, but it is a necessary one. In addition to enabling you to monitor the progress of your business and make informed decisions on a daily basis, keeping good accounting records is essential when it comes time to prepare your tax returns. While the smallest businesses may be able to get by with the “shoebox method,” having in place a reliable and comprehensive financial recordkeeping system is crucial if you want your business to grow.
One of the things that made the now iconic TV show The Brady Bunch stand out when it first hit the airwaves in the late 1960s was that it depicted what was, at least at the time, a very unusual family dynamic: a second marriage bringing together six children—three from each parent—under one roof.
Because of the generous capital gains exclusion on selling a primary residence, you may find that you do not owe Federal taxes when it comes time to sell your home. But there are situations in which a seller may incur a tax liability, especially if the sale price is very high, if the house is sold soon after purchase, or if the owners are unmarried or are selling as the result of a divorce. In many of these cases, however, the amount owed to the IRS can be minimized, or offset, with some advance planning.
Contributing to tax-advantaged retirement plans is one of the most effective financial planning strategies available to U.S. taxpayers: Saving money in a 401(k), IRA, or a Roth IRA account can trim your tax bill, while helping you prepare for the future. Even if you are already contributing to a retirement plan, you should review your retirement savings strategy regularly to ensure that you are making the most of the tax breaks you qualify for.
For today's business owner, death can mark the beginning of a significant tax problem. The investment and sweat that went into building your business year after year could add up to a whopping federal estate tax bill for your heirs – up to 40% in 2018 of the combined value of your company and other assets.
With careful estate planning however, there are still ways to reduce the estate tax burden on your loved ones, while keeping the business intact. The following gives an overview of some available estate planning options.
More consumers are conducting financial transactions online and may become vulnerable to tracking, hacking, identity theft, phishing scams, and other cyberspace risks. While nothing can guarantee complete safety on the Internet, understanding how to protect your privacy can help minimize your exposure to risk.
Like many Americans, you may find yourself having to help cover the medical costs and caregiving expenses of an aging parent or other close relative. If you and your parent meet certain criteria set by the Internal Revenue Service (IRS), you may qualify for tax breaks that can ease the financial burden of paying for care, even if your parent does not live in your home.
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*Associated persons of Lincoln Financial Advisors Corp. who hold a JD and/or CPA license do not offer tax or legal advice on behalf of the firm.