Our Level 5 Services Will Take
Your Business to the Next Level
110 Gage Blvd., Ste 100 | Richland, WA 99352

The Insight Accounting Blog

business-owner-tax-saving-tips

Five Year-End Tax Savers For Businesses

The year is nearly over, but you can still take action to lower your business income tax during the final months of 2015. Here are five moves to consider. Postpone revenue to 2016. If your business reports on the cash basis, delay billing your customers long enough to ensure that payments will arrive after 2015.…

credit card

Ready or Not, Smart Cards are Coming

First, the “smart phone” was introduced. Next came the “smart television.” It was inevitable that the “smart card” would make its way into the marketplace. Smart cards, commonly called EMVs (an acronym for Europay, MasterCard, and Visa), are already in use in Europe and other parts of the world. With an EMV, the magnetic strip…

happy birthday

Age Matters in Tax Law

Many tax provisions are linked to age, so whenever there’s a birthday in the family, check for changes to take into account as you do your tax planning. Major age milestones include the following: Age     What it means for your taxes Age 13  Beginning at this age, your child no longer qualifies for the child…

Higher Interest Rates

Interest Rates Can Effect Your Taxes

Do you keep up with fluctuations in interest rates? The IRS does too, and changes in those rates could affect your tax return. For instance, applicable federal rates, or AFRs, are published by the IRS to set a minimum interest rate for certain transactions, such as loans to family members. How does that affect you?…

social security

Plan for Social Security Retirement Benefits

If you’re approaching retirement age and will qualify for social security, you’ll need to decide when to start collecting. You can begin as early as age 62 or as late as age 70. Within that window, your monthly receipts will increase for each month you delay taking benefits. Here are three items to consider when…

estate planning

Portability Can Simplify Estate Planning

Final IRS regulations will help married couples pass more estate assets to heirs without creating complicated trusts. The “portability” rules allow surviving spouses to retain the unused portion of a deceased husband or wife’s estate exemption – if the rules are followed. Here’s what you need to know. The estate tax exemption for 2015 is…

estate-planning

Plan Your Estate to Reflect Your Intentions

If you own assets that you’d like to leave to a loved one, you have an estate. But without a plan, your state of residence will choose your heir — not necessarily the result you intended. How can you ensure your intentions will be realized? Start by understanding the basics of estate taxes. How estate…

cash accrual

CASH OR ACCRUAL? DO YOU KNOW THE DIFFERENCE?

When you start a business, you have many decisions to make. One is the method of accounting your business will use for reporting income and expenses on your tax return. Two methods generally used are “cash” and “accrual.” The cash method is the easiest to implement. Under the cash method, you recognize income when you…

affordable care act

THE AFFORDABLE CARE ACT: KNOW THE TERMS

Are you still unclear about your responsibilities as an employer under the Affordable Care Act (ACA)? Do you find the definition of ACA terms confusing? Here’s a plain English guide to selected terms employers are likely to hear. Applicable large employer. A large employer is defined as an employer with at least 50 full-time employees…

plan-future-for-long-term

PLAN TODAY FOR FUTURE LONG-TERM CARE COSTS

According to the U.S. Department of Health and Human Services, nearly 70% of people turning age 65 will require long-term care, such as assistance with basic personal activities during their lifetimes. With costs of this care ranging from $6,000 to $10,000 a month or more, planning to address that risk is a smart move. One…

family

REVIEW YOUR BENEFICIARY CHOICES

Are you storing the documents that designate the beneficiaries of your retirement plans, IRAs, and insurance policies in a safe deposit box? If so, it’s time to dust off these important papers and review them. Why? You probably made decisions about who will receive retirement assets or life insurance proceeds upon your death when you…

basic financial ratios

UNDERSTAND BUSINESS FINANCIAL RATIOS

Financial ratios provide a useful way to pinpoint strengths and weaknesses in the performance and solvency of your business. Here are four types of ratios that you can monitor using the figures from your balance sheet. Liquidity ratios, such as the current ratio, measure the ability to pay bills over the next 12 months. You…

Fax - (509) 388-0087

110 W. Gage Blvd., Suite 100
Richland, WA 99352

©2018 Insight Accounting Solutions
All Rights Reserved.