Losing the capacity to manage your financial affairs is a frightening prospect, and watching a loved one lose capacity can be just as daunting. It seems incredible that anyone would take advantage of such circumstances, but unfortunately it is all too common.
Read More
A Not-So-Small Business Keeps Growing
Fifteen years ago, I moved my business into a new headquarters, reorganized the company and wrote in our newsletter about my succession plans to keep Palisades Hudson going at some future time when I would no longer be present to run it.
Read More
Where Do Interest Rates Go From Here?
The direction of interest rates is notoriously difficult to predict, and with economic uncertainty rising around the world, it isn’t getting any easier.
Read More
Duly Noted
Court Permits Deduction For Executive MBA. Taxpayers can deduct the cost of education that maintains or improves skills required in their current professions, but not those that qualify them for a new trade or business. The Internal Revenue Service disallowed deductions claimed by Alex Kopaigora for the Executive MBA program at Brigham Young University. Kopaigora commuted on weekends to the Provo, Utah, campus from Los Angeles, where he was a hotel accounting manager before losing his job partway through the program. The IRS claimed Kopaigora’s unemployment meant he could not qualify for the deductions, but the Tax Court disagreed.
Read More
Post-Election Tax Planning
Good tax planning is something that happens year-round, with an eye on the future. But when there has been a political shift as major as the one represented by our recent national elections, taxpayers may find the idea of looking forward unusually daunting.
Read More
Duly Noted
An Earlier Deadline For Information Returns. American businesses have been enlisted in the fight against fraudulent tax filings, and it will require them to be on their toes after the year-end holidays. Businesses now are required to send W-2 forms reporting employee earnings and Forms 1099 showing payments to nonemployee contractors to the Internal Revenue Service by January 31.
Read More
How Much Liability Insurance Do You Need?
When most people consider their insurance needs, certain types of coverage typically come to mind. Personal liability insurance, frequently called an “umbrella” policy, seldom makes this list. But when a rainy day – or an expensive lawsuit – turns up, sometimes nothing but an umbrella will do.
Read More
Maritime Taxes: Saving Money On The Water
The siren call of boat ownership is easy to understand, here in South Florida. On a hot summer day, or even a crisp winter afternoon, getting out on the water for some sailing, fishing, snorkeling or water skiing can seem like the perfect reason to take the plunge. If you are ready to invest in a boat of your own, whether a modest fishing boat or a high-end yacht, it is worthwhile to pause and consider the tax implications.
Read More
Buy, Finance Or Lease: How Should I Pay For My New Car?
Whether your old car has given up the ghost or you just like “new car smell,” getting a new ride is a major financial decision. Before you start scheduling test drives, take some time to seriously consider whether you ought to buy or lease.
Read More
Mortgage Strategies For Different Life Stages
Becoming a homeowner represents a major life milestone. But from a financial point of view, purchasing a home is not a one-time event; it is the foundation for a variety of strategies over the course of a lifetime.
Read More