There are many worthwhile reasons to lend money to a relative. For example, you may want to help a child or sibling continue their education or start their own business.
Thursday, January 30, 2014
Monday, January 27, 2014
Wednesday, January 22, 2014
Flexible spending accounts (FSAs) allow taxpayers to set aside pre-tax dollars to pay for out-of-pocket medical expenses. The drawback has been the fact that unused amounts each year are forfeited. Plans could provide a 2½ month grace period to use up unspent set-asides.
Now a change announced by the IRS adds more flexibility to these accounts. Plans can be modified by employers to allow up to $500 of unused amounts to be carried over into the following year. Health FSAs cannot have both the old 2½ month grace period and the $500 carryover; they can have one or the other (or neither).
Monday, January 20, 2014
Nearly every company, large or small, has to file Form 1099-MISC with the IRS and send a copy to recipients by January 31, 2014.
You use Form 1099-MISC to report miscellaneous payments to nonemployees. This includes fees for services paid to independent contractors, such as consultants, lawyers, cleaning services, and others. Generally, you don't report fees paid to corporations, but there are exceptions (payments to lawyers, for example).
For details or filing assistance, contact our office at (518) 798-3330.
Friday, January 17, 2014
Surveys show that employees tend to underestimate the amount of money that their employer is spending on employee benefits. It's up to you to get them to realize the compensation they are receiving.
Tuesday, January 14, 2014
Have you decided to include disability insurance as part of your financial plan? If so, the next decision is how to pay the premiums. Here's why: The choice you make now can affect the taxability of the benefits received later.
Friday, January 10, 2014
Just exactly what is a bank line of credit and who should be using one? A bank line of credit is not a great deal different from a credit card. You make draws against your line of credit from time to time as you need cash. You pay interest only on the amount of the loan balance outstanding. You are expected to make payments and occasionally bring your outstanding balance to zero. Let's look at an example.