MLR

Monthly Archives: July 2017

Money is one of the largest stresses in an individual’s life. We worry about the bills today and our financial future tomorrow. As the family’s CEO, primary caregiver or single mom, women face this stress on a regular basis. Follow these steps to take the stress out of investing so you can relax and enjoy time with family.

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For one reason or another, you may need to take some money out of an IRA before reaching retirement. You can withdraw money from an IRA at any time and for any reason, but it’s important to keep in mind that most IRA withdrawals are at least partially taxable. In other words, you’ll owe regular income tax on the amount. In addition, the taxable portion of a withdrawal taken before age 59 1/2, which is called an “early withdrawal,” will be hit with a 10% penalty — unless you qualify for an exception.

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It’s not unusual for the IRS to conduct audits of qualified employee benefit plans. Plan sponsors are expected to stay on top of related changes in the tax law. If the tax agency uncovers compliance errors and the plan sponsor does not fix them, the plan could be disqualified. There are also penalties and fees that can be devastating to a business.

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With the SEC requiring greater transparency with regard to executive compensation, many organizations — not just public corporations that are bound by SEC disclosure rules — have begun to rethink the issue. Shifting public expectations are causing organizations to redefine how, and to what extent, executive initiative and leadership is rewarded.

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These days, anyone looking to form a new business relationship — especially one that involves credit — is wise to check out the risk involved first. After all, we know that even giant companies that once seemed untouchable, like Lehman Brothers and General Motors, may be teetering on too narrow a pedestal.

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Many people itemize deductions on Schedule A of their tax returns, rather than taking the standard deduction. Your tax preparer will generally advise you to do so if your allowable itemized deductions exceed the standard deduction.

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With today’s technology, many companies and their employees have figured out that at least some work can be done from home.

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If you have a hard time finding a buyer for investment or commercial real estate, there may be an alternative that meets your needs and saves you taxes. Instead of selling the property, consider exchanging it for a comparable property you have had your eye on.

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Giving to charity can provide you with a warm feeling as well as a nice tax break. But you’ve got to itemize deductions on your tax return. And, like most tax breaks, charitable deductions come with a number of rules you must follow to actually claim the write-off. Here are the details.

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For the sake of your company’s bottom line and continued good relationships with good customers who fall behind on their bills, it’s important to know what condition their finances are in when things go wrong.