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A trust is an arrangement that allows a third party known as a trustee to hold assets for a beneficiary. Trusts may be used as part of your estate planning, or you might form a trust to assist with controlling money for your heirs. Trusts can also help you prepare a strategy for financial management if you anticipate not being able to make decisions in the future; by setting up a trust now, you...

US tax law requires people with foreign financial accounts to report them to the US Treasury Department, even if the accounts don’t generate taxable income. While the requirement is often portrayed as something to fear (especially by people who’ve missed or skipped reporting their accounts), the reality is there are multiple options you can take to get back in compliance with IRS rules. How to...

Maybe you’ve heard of charity calls to make tax-deductible donations and wondered what that meant. Or perhaps you’ve listened to a discussion about mortgage interests and tax write-offs but couldn’t link the two. This quick guide will show you what purchases are tax deductible so you can reduce your tax burden through deductions. When you hear of deductions, think of subtraction. Tax deductions...

The federal law allows pass-through entities to report their income, losses, and deductions using a unique tax document that transfers the responsibility of paying taxes to individual partners or shareholders. While all these entities use Schedule K-1 to report their financial standings, the distribution varies depending on whether it is an S corporation, Trust, or business partnership. For...

Sponsorship and advertising can appear quite similar, and they both may have an important role in your business’s marketing strategy. The Internal Revenue Service defines each differently, however, understanding the IRS’ different definitions can help businesses and nonprofits when filing taxes. Official IRS Definitions of Advertising and Sponsorship The IRS defines both advertising and...

Running a small business is a challenging endeavor, with countless tasks that need to be managed daily. One of a small business owner’s most important responsibilities is ensuring payroll is handled correctly. From calculating wages to filing taxes, payroll is a complex process; mistakes can result in fines and other penalties. Knowing how to navigate payroll can help a small business owner stay...

When it comes to your finances, you can’t be too careful. That is especially true if you are running a business on the side or a busy professional with limited time. You need to know where your money is going and how to get the most bang for your buck. That’s why it’s important to work with a CPA firm. CPAs are financial experts who know what they’re doing and can help you keep track of your cash...

If you’re like most small business owners, you probably have a good idea of the big-ticket items like your home office and vehicle expenses. But what about those smaller write-offs that can save you money and help your bottom line? Many small businesses miss out on valuable tax deductions because they don’t know what’s allowed and what isn’t. So you may ask, are ATM fees tax deductible? Well, the...

Accounting for law firms can be intimidating, even for seasoned law practitioners. If you are like many, you’ve spent all your years sharpening your law skills, so accounting and bookkeeping are areas you are not skilled at. Still, you should employ legal accounting services to ensure your firm runs smoothly and you are on track with your growth goals. Why Legal Accounting Services? Ideally, all...

When planning your estate to transfer to heirs, you can choose between revocable and irrevocable trusts. It’s important to know the difference to understand if distributions from the trust are taxable to the beneficiary. Trusts are entities you set up to hold your assets during your lifetime and ensure they are used appropriately. Usually, the person that sets up a trust is known as a grantor....