Careful planning can help you overcome human error and missed opportunities. Key takeaways Math errors are common, but missed opportunities for deductions and credits can also impact your wallet. Calculating the taxes due on your investments starts with getting the tax forms you need and understanding a few key concepts, like holding periods, cost basis,…
December 31 is an important deadline for RMDs and contributions to many tax-advantaged accounts. You might consider itemizing this year if you’ve purchased a house or had large out-of-pocket medical expenses. Tax-loss harvesting can help offset market gains with losses up to $3,000 annually; unused losses can carry forward into future years. Read the Full…
Saver’s Credit can help low- and moderate-income taxpayers to save more in 2024 WASHINGTON —The Internal Revenue Service reminds low- and moderate-income taxpayers that they can save for retirement now and possibly earn a special tax credit in 2024 and years ahead. The Retirement Savings Contributions Credit, also known as the Saver’s Credit, helps offset…
The Internal Revenue Service announced on Thursday that the thresholds for income tax brackets, and the standard amount Americans can deduct, are both moving up. The moves — two among several adjustments based on rising inflation — means that taxpayers will have to earn more money to qualify for higher income brackets and their correspondingly higher rates for…
How do firms choose their cost structure? What is the nature and function of scales of operation? What are sources of functional and dysfunctional scales of operation? These policy questions relate to the optimal overhead of a business enterprise-the appropriate mix of expenditures that maximizes the return on investment and shareholders’ wealth while minimizing the…
Fortune magazine once published an article entitled “The Best Advice I Ever Got.” It was a great article that offered wit and wisdom about achieving business success. I liked it so much, that it motivated me to produce my newest book, Leadership:Best Advice I Ever Got, which describes the best leadership advice 136 successful CEOs,…
The world of a military fighter pilot is fast-paced, thrilling, and absolutely unforgiving. There’s little margin for error, as a single mistake could be disastrous. The world of a business owner is also fast-paced and thrilling. And while you can probably get away with making a single mistake, make a series of poor judgement calls…
The real secret of a success is simple: Do something about your ideas. Each of us has seen a new idea and said, “Why, I thought of that a year ago.” We say it with scorn, but we should direct the scorn at ourselves, not at the person who had the drive to do something…
Our relationships give us the comfort we need. Our relationships also give us pain. A relationship can work in both the ways and either way it affects our career and business success. Let us see how? Why Relationships? We relate with someone because otherwise we feel incomplete. We need a person to share our life.…
And did you know the IRS is substantially increasing its audits of small businesses? Or that a welfare benefit plan can make your estate, business succession, or buy-sell plan tax deductible? You can even have a welfare benefit plan in addition to a retirement plan. Not only that, but medical expenses reimbursed to employees are…