“Better late than never” applies when it comes to filing income tax returns. Here’s what you should know. Maybe you didn‘t get your 1040 done in time in a previous year and you figured you couldn’t still file your income taxes. Or maybe you thought you’d owe money that you didn’t have. Or perhaps you […]
Understanding Installment Sales
The majority of sales and purchases of property are usually settled by the buyer paying the seller an agreed on lump sum up front. However, there are circumstances when it makes sense to structure the sale of property so that payments will be received in installments over a number of years. What are those circumstances […]
Updated Rules for Inherited Retirement Accounts
I found a great summary on cNBC recently regarding changes in the 2019 Secure Act as they relate to inherited retirement accounts. In the past, it was possible to make distributions from inherited retirement accounts based on the estimated life expectancy of the recipient. However, many beneficiaries must now make those distributions over a 10-year […]
3 Ways to Make the Most of Your Fundraising
Fundraising is very challenging: It’s a critical function that essentially never ends. Coming up with some innovative ideas can help add a fresh spark to the task. Auction Action If you have an individual patron or corporate donor who is willing to donate a big-ticket item — such as a car, a vacation, or even […]
Your Estate Plan: Time for a Checkup
COVID 19 has brought tragedy to many families and businesses and impacted personal finances. It has also rendered many an estate plan inaccurate and unrepresentative of current circumstances. If you, your family or your beneficiaries have been affected by the virus, you may need to review and make changes to your plan. Consider the following […]
Deducting Home Office Expenses
If you’re one of the many people working from home this year, you may have questions about the home office tax deduction and whether you can qualify for it. Here’s a rundown of the rules. Employees Unfortunately, home office expenses incurred while working as an employee are not currently deductible. The reason: the Tax Cuts […]