- How Business Owners Can Improve Cash Flow By Thinking Profit First
- As a business owner, it’s important to have a big picture understanding of your financial results. Where is your money flowing at all times?
- Video: How to Minimize Your Tax On Social Security Benefits
- Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. Watch to learn more.
- Video: Get A Handle On Your Cash Flow
- Running out of money is also one of the most common ways that new businesses are forced to close their doors -usually very quickly after their initial launch. Watch now.
- Disaster-Related Tax Losses May Be Less Than Expected
- The late-2017 tax-reform package changed the rules for personal casualty losses, which now are only deductible if they occur in a federally declared disaster area. As a result, if a home is destroyed in a forest fire or other disaster within a declared disaster zone, the homeowner can claim a casualty loss on that year’s tax return. However, if a home is destroyed as a result of a normal accident – or is destroyed in a natural disaster but lies outside of a disaster zone – the homeowner cannot claim a casualty loss. These rules may not be fair, but there is nothing that can be done about them (other than calling congressional representatives to indicate your displeasure). Currently, the rules are only in effect for the years 2018 through 2025. Because of these rules, you should also make sure that your home insurance coverage is adequate.
- What are my odds of being audited?
- To cut to the point right away, your chances are being audited by the IRS are quite slim.
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