Richard “Dick” Scheffel, the founding Principal of the public accounting firm Scheffel & Co., passed away at his home in the early morning hours of Monday, February 27th. He was 94 years old at the time of his death. Richard was a World War II United States Navy Veteran. After serving his country, he earned […]
CONSIDER SEPARATING REAL ESTATE ASSETS FROM YOUR BUSINESS Many companies choose not to combine real estate and other assets into a single entity. Perhaps the business fears liability for injuries suffered on the property. Or legal liabilities encountered by the company could affect property ownership. But there are valid and potentially beneficial tax reasons for holding real […]
DAFS BRING AN INVESTMENT ANGLE TO CHARITABLE GIVING If you”re planning to make significant charitable donations in the coming year, consider a donor-advised fund (DAF). These accounts allow you to take a charitable income tax deduction immediately, while deferring decisions about how much to give — and to whom — until the time is right. […]
DON’T LET CAPITAL LOSSES GET YOU DOWN No one wishes to lose money on an investment. But, if it happens to you, don’t let it get you down. You may be able to lower your tax bill to cheer yourself up. The bright side A capital loss occurs when you sell a security for less than […]
TAKE THE WORRY OUT OF BUSINESS VALUATIONS Appraisals can inspire anxiety for many business owners. And it’s understandable why. You’re obviously not short on things to do, and valuations cost time and money. Nonetheless, there are some legitimate reasons to obtain an appraisal regularly or, at the very least, to familiarize yourself with the process […]
AMT AWARENESS: BE READY FOR ANYTHING When it comes to tax planning, you’ve got to be ready for anything. For example, do you know whether you’re likely to be subject to the alternative minimum tax (AMT) when you file your 2016 return? If not, you need to find out now so that you can consider […]
KNOW YOUR OPTIONS FOR BUSINESS INTEREST TRANSFERS Business owners should always know their options when it comes to their company and its relation to their estate plans. Let’s take a look at some commonly chosen vehicles for transferring ownership interests in a business. The great GRAT With a grantor retained annuity trust (GRAT), you transfer […]
HAVE A HOUSEHOLD EMPLOYEE? BE SURE TO FOLLOW THE TAX RULES Many families hire people to work in their homes, such as nannies, housekeepers, cooks, gardeners and health care workers. If you employ a domestic worker, make sure you know the tax rules. Important distinction Not everyone who works at your home is considered a […]
JUGGLING FAMILY WEALTH MANAGEMENT IS NO TRICK Preserving and managing family wealth requires addressing a number of major issues. These include saving for your children’s education and funding your own retirement. Juggling these competing demands is no trick. Rather, it requires a carefully devised and maintained family wealth management plan. Start with the basics First, […]
Protect Yourself Against Tax Scams Taxpayers are still receiving the same highly aggressive and threatening phone calls by criminals impersonating IRS agents asking for payment. However, the IRS has recently been made aware of a new tactic underway in which scammers are calling consumers asking to verify tax return information over the phone. The IRS […]
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