Joan Ellenbogen – Page 5 – Crawford Ellenbogen

Nov 8, 2023

Planning ahead for 2024: Should your 401(k) help employees with emergencies?

By Joan Ellenbogen
Business
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The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be done through what the law calls “pension-linked emergency savings accounts.” Effective for plan years beginning

Aug 16, 2023

The advantages of using an LLC for your small business

By Joan Ellenbogen
Business
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If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might

Aug 10, 2023

Can you deduct student loan interest on your tax return?

By Joan Ellenbogen
Taxes
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The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you can deduct the interest you pay on your tax return. The answer may be yes, subject to certain limits. The deduction is phased out if your

Aug 8, 2023

Yes, you still need an estate plan even if you’re single, without children

By Joan Ellenbogen
Estate
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There’s a common misconception that only married couples with children need estate plans. In fact, estate planning may be even more important for single people without children. Why? Because for married couples, the law makes certain assumptions about who should make financial or medical decisions on their behalf should they become incapacitated and who should

Jul 27, 2023

Nonprofits: Special events call for tax planning

By Joan Ellenbogen
Non-Profit
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Tax reporting may be the last thing on your mind when planning a special fundraising event. But your not-for-profit should carefully track revenues and expenses and retain related documentation now to facilitate the reporting process later. Pay attention to the following issues. What to report Tax reporting for an event may require different — and more —

Jul 11, 2023

Traveling for business this summer? Here’s what you can deduct

By Joan Ellenbogen
Business
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If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you must meet certain requirements for out-of-town business travel within the United States. The rules apply if the business conducted reasonably requires an overnight stay. Note:

Jul 5, 2023

Reduce the impact of the 3.8% net investment income tax

By Joan Ellenbogen
Taxes
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High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some ways you may be able to reduce its impact. Affected taxpayers The NIIT applies to you only

Jun 28, 2023

You’ve received a sizable inheritance: Now what?

By Joan Ellenbogen
Estate, Financial Planning
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If you’ve received, or will soon receive, a significant inheritance, it may be tempting to view it as “found money” that can be spent freely. But unless your current financial plan ensures that you’ll comfortably reach all your goals, it’s a good idea to have a plan of action for managing your newfound wealth. Take

Jun 22, 2023

4 tax challenges you may encounter if you’re retiring soon

By Joan Ellenbogen
Retirement
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Are you getting ready to retire? If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Taking required minimum distributions. These are the minimum amounts you must withdraw from your

Jun 20, 2023

Financial statement fraud: Don’t believe everything you read

By Joan Ellenbogen
Fraud
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Financial statements are central to understanding any business. A public company’s balance sheet, income statement and cash flow statement enable investors, lenders, the media and other stakeholders to value the company, forecast short- and long-term performance, and determine potential credit risk, among other purposes. To ensure analysis of a company is accurate and insightful, financial