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The Insight Accounting Blog

money-in-hand

What You Should Know About Giving Gifts

The tax code allows you to give away up to $14,000 each year to as many people as you want, without triggering gift tax. If you and your spouse “split” your gifts, you can double this $14,000 annual gift-tax exclusion and give $28,000 per recipient. If you’re thinking of sharing your wealth, here are some…

lost money in business

Understanding “Sunk” Costs in Business Decisions

Once your business incurs costs that can’t be recovered, those costs become irrelevant to subsequent business decisions. Such expenditures, known as sunk costs, can include money paid, time spent, or resources used that are no longer retrievable. For example: You’ve invested $20,000 in an expansion project, and it’s become apparent that it will cost another…

investment-bond

Consider the Tax Pros and Cons of Munis

Municipal bonds – often called “munis” for short – can be an attractive investment option. What exactly are munis? They are debt obligations issued by government entities. In effect, investors are lending money to the issuer in exchange for interest payments over a predetermined length of time. When that time period expires, the bond matures…

Organizing Your Taxes

Regroup and Refocus to Save Taxes Before Year-End

Cheer up tax procrastinators! November is not too late to regroup and refocus your tax planning efforts before year-end. Start by examining your withholdings and estimated tax payments to make sure you are not heading toward a penalty. Remember to consider any life changes this year; a change in marital status, dependents, or job can…

employees

How to Get the Most From Part-Time Employees

Part-time employees can play a valuable role in a small business. They can help you deal with variations in workload without having to hire a full-time employee. Because part-timers often look for a job that requires fewer hours, you can find a person with above-average skills for the position. But part-timers can turn into a…

Retirement-check

Include a Reality Check in your Countdown to Retirement

If you are approaching retirement, it’s a good idea to review your finances and develop a strategy for your final working years. Take the time now to perform a reality check on your retirement resources and expectations. Create a retirement budget. Start by tracking your current expenses. Then add or subtract items that you expect…

Protecting-Financial-Records

Don’t Lose Your Financial Records in a Disaster

Every year there are natural disasters that remind us how easily we can lose essential tax and financial records. After a disaster, you’re more likely than ever to need certain records to file insurance claims or apply for loans. It’s smart to take the time before a disaster to identify key records, make copies, and…

tax-breaks

Don’t Let the Tax Tail Wag the Economic Dog

Some tax-cutting strategies make good financial sense. Other tax strategies are simply bad ideas, often because tax considerations are allowed to override basic economics. Here’s one example of the tax tail wagging the economic dog. Let’s say that you run an unincorporated consulting business. You want some additional tax write-off, so you decide to buy…

401k-borrowing

Borrowing From Your 401(K) Can Have Tax Consequences

If you participate in a 401(k) plan at work, you’re probably planning for retirement. But if you need money before retirement, should you borrow from your 401(k)? Whether that’s a good idea depends on your personal financial situation – and in the process of making the decision about lending money to yourself, you may have…

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