For individuals who have a life insurance policy that is more than two years old, chances are that you are paying too much. Increased life expectancy coupled with a term life insurance industry that has grown very competitive has pushed rates down. We have been conducting insurance reviews for our clients and have often come […]
The House and Senate have agreed in principal to a tax package that would increase the exemption for the alternative minimum tax in 2006. The exemption would increase to $62,550 and $42,500 for joint and individual filers respectively. The AMT exemption was $58,000 for joint filers and $40,250 for individual in 2005. Charles Grassley R-Iowa […]
The IRS released the new depreciation limits for vehicles used 100% for business. For 2006 it is $2,960, $4,800 in 2007, $2850 in 2008, and $1,775 in the following years. Under the current depreciation limits it would take approximately 20 years to fully depreciate an automobile with a cost basis of $40,000. A strategy that […]
This past month we were alerted to some sobering, but expected news from the Center for Retirement Research at Boston College. Most homeowners are expecting to retire “on the house” using their home as their primary retirement vehicle. The study also notes at the same time these same individuals are reducing their equity by borrowing […]
In all the years I have been writing this newsletter and doing the radio show I have never witnessed the precipitous instances of investment fraud throughout the nation. I have read on average about ten stories a day about one investment scam or another from all corners of the country. It is quite a lot […]
There is currently a House bill sitting in committee that would let employers make tax-free contributions to 529 college savings plans and Coverdell accounts. Rep. Jon Porter R-NV introduced H.R. 3585. We think this is an excellent idea and would allow the employer /employee relationship some added flexibility when it comes to bonuses and compensation. […]
The Internal Revenue Service is putting small business owners in their crosshairs. This year, the IRS is planning to heavily scrutinize company pension plans especially small to mid-size businesses due to what they view as increasing amounts of abuse and errors made within pensions. The IRS has expanded its employee plan division this year to […]
I happened to overhear a conversation at the gym this past month when two young executive types were getting themselves all excited about the sizeable tax refund they were expecting this year. When I hear peoples joy regarding their pending refunds I have to shake my head in frustration. To everyone out there that is […]
Look out America! The IRS is about to get real tough. The Internal Revenue Service is intensifying its crackdown on tax dodgers, and plans to increase the number of tax audits it will conduct next year. The IRS will be focusing on investigating taxpayers with incomes of $100,000 and above. The agency will be examining […]
In this past months edition of Fortune Small Business columnist Brian O’Reilly made this excellent analogy… Imagine for a moment that your local police set out to trap a few wily burglars but wound up clumsily ensnaring you and others, the town’s shopkeepers, factory owners, and doctors. The town officials discover they can make so […]