Planning your estate around specific assets is risky and, in most cases, should be avoided. If you leave specific assets, such as homes, cars or stock, to specific people, you may inadvertently disinherit them or leave them less than you intended. This can happen because you sell the assets and neglect to revise your will
Ellenbogen
May 29, 2019
Beware if your estate plan leaves specific assets to specific heirs
- By Ellenbogen
- Estate
- 0 Comments
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May 28, 2019
It’s a good time to check your withholding and make changes, if necessary
- By Ellenbogen
- Taxes
- 0 Comments
Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises. Some filers who received a refund in past years wound up owing money. The IRS reports that the number of refunds paid this year is down from last year — and the average refund is
May 23, 2019
Antifraud checklist for construction companies
- By Ellenbogen
- Fraud
- 0 Comments
Defrauded companies lose a median $130,000. But construction companies are hit even harder, with a median loss of $227,000. What can you do to protect your construction business? Tighten your internal controls. In addition to conducting surprise audits, segregate duties — meaning that more than one person handles accounting tasks. Require employee vacations, and have
May 22, 2019
Hire your children this summer: Everyone wins
- By Ellenbogen
- Business, Taxes
- 0 Comments
If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income, Realize payroll
May 21, 2019
What type of expenses can’t be written off by your business?
- By Ellenbogen
- Business, Deductions, Taxes
- 0 Comments
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in
May 16, 2019
Consider a Roth 401(k) plan — and make sure employees use it
- By Ellenbogen
- Business, Employees, Retirement
- 0 Comments
If you want another retirement savings option to add to your company’s benefits package, consider a Roth 401(k). But make sure employees use it. The Plan Sponsor Council of America found that Roth 401(k)s are available at 70% of employer plans, but only 20% of participants who had access to one in 2017 made contributions
May 15, 2019
Make health care decisions while you’re healthy
- By Ellenbogen
- Estate
- 0 Comments
Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. This includes having a plan for making critical medical decisions in the event you’re unable to make them yourself. A living will expresses your preferences for the use of life-sustaining medical procedures, such
May 14, 2019
Check on your refund — and find out why the IRS might not send it
- By Ellenbogen
- Taxes
- 0 Comments
Are you wondering where your tax refund is? According to the IRS, most refunds are issued in less than 21 calendar days. If you’re curious about when yours will arrive, you can use the IRS “Where’s My Refund?” tool. Go to https://bit.ly/2cl5MZo and click “Check My Refund Status.” In some cases, taxpayers may be notified
May 9, 2019
Does your estate plan include a formula funding clause?
- By Ellenbogen
- Estate
- 0 Comments
It’s not unusual for older estate plans to include a “formula funding clause,” which splits assets between a credit shelter trust and the surviving spouse (either outright or in a marital trust). A formula clause works well when an estate is substantially larger than the exemption amount. However, now that the estate tax exemption is
May 8, 2019
Can “collective impact” help your nonprofit accomplish more?
- By Ellenbogen
- Non-Profit
- 0 Comments
As not-for-profits increasingly take on big issues such as global warming and economic development, some are turning to “collective impact.” This cross-sector approach involves nonprofits, government, businesses and others working together to solve a specific problem. Collective impact adherents often cite five keys for success: a common vision, a shared measurement system, mutually reinforcing activities,