By Stephanie Loiland, CPA Many companies choose to lease assets for a period of time instead of buying them outright. If you’re in this situation, it’s important to know whether you’re dealing with a capital lease or an operating lease. That’s because the type of lease will affect how you record it—and the payments you […]
4 Things Every Taxpayer Should Know About Estimated Income Taxes
By Chris Bertz, CPA, MBT The IRS requires individuals who earn income that is not subject to withholding, such as earnings from sole proprietors, partnerships and S-corps, interest, dividends, rents, and alimony, to pay quarterly estimated tax payments, also known as “estimates.” If these payments are on your to-do list, here are a few things […]
States Respond to Supreme Court Sales Tax Decision
By Todd J. Koch, CPA, MBT, CFP® Since the decision in the South Dakota v. Wayfair case, states are continuing to determine their position. Many states already had economic laws in place and others introduced hard to understand requirements which includes noncompliance penalties. There are several different factors states are considering and it is important […]
What You Should Know About Beneficiary Designation
By Brenda K. Lowe, CPA, PFS Have you named beneficiaries on all of your assets? It is important to have a beneficiary or beneficiaries listed on all of your assets before you can no longer make the decision. This will define who the asset will be distributed to and cannot be overridden by a will […]
5 Year-End Planning Moves to Minimize Your Corporate Tax Burden
By John Ammann, CPA It’s December, which means it’s officially crunch time for everything you wanted to finish before the year draws to a close. Even so, if “tax planning” doesn’t appear on your year-end to-do list, you may want to add it. Certain planning moves could save you significant tax dollars.Here are five tax-planning […]