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He is set to retire in October after 42 years with the firm. It’s been a while in coming, according to Don Kurth, owner and partner of HAGEN, KURTH, PERMAN & Co., P.S. (HKP), when talking about his upcoming retirement after 42 years with the firm. The path to becoming an accountant had a few … Continued
Did you know that you can deduct your investment interest if you itemize? “Investment interest” is interest paid or accrued on indebtedness on property held for investment that is otherwise deductible. A good example of investment interest is the interest charged when buying stocks and bonds on margin. It does not include qualified residence interest, … Continued
The tax treatment for renting out your vacation home depends on the number of days it’s rented. If you don’t use your vacation home all the time and are considering renting it out for a portion of the year, you have three possible situations – all with different tax ramifications: Not rented at all Rented … Continued
Financial statement fraud has been defined as the deliberate misrepresentation of the financial health of the company – either by intentional misstatements or omission of dollar amounts within the company’s financial statement. Without access to the internal books of the company, it’s difficult for an outside user to detect fraud. But there are certain signals … Continued
If you begin putting away $5,000 per year in a traditional IRA at age 45 and don’t start taking withdrawals until you’re 67, you’ll have more than $178,000 when you retire. This assumes a 4 percent average return on your investment. And, don’t forget, your taxable income will be $5,000 less each year for 22 … Continued
Have you always dreamed of being a business owner? Before jumping in, ask yourself some questions. Then take the appropriate steps to safeguard your investment. Determine the type of business you want: Do you prefer a franchise or not? Do you want a service-based company, retail business or manufacturing company? Home-based, storefront or online? In … Continued
Do you have an office in your home? If so, you know how complicated the IRS rules can be when it comes to keeping records for your tax deduction. Good news. If you haven’t claimed the home office deduction recently, the IRS has simplified method of claiming a home office deduction. Under the updated … Continued
Crowdfunding is a method of funding ventures, projects or good causes through contributions from a large number of people. Typically, contributions are solicited via the Internet using a “platform,” a third party that brings the project initiator and the investors or contributors together. If you Google “crowdfunding,” you will find a host of such platforms. … Continued
Failing to make a will, or to review an existing will, can distort or destroy your best intentions. That may seem obvious but, according to USA Today, 41 percent of aging Baby Boomers do not have a will, and 71 percent of adults under age 34 don’t have one. The reasons they give: they don’t … Continued
Americans reportedly hold more than $9 trillion in retirement savings accounts. If you’re like most Americans, your retirement accounts, such as IRAs and 401(k)s, together with your family home, are your principal source of wealth. But if you die prior to exhausting your retirement savings, who will receive the remaining balance in those accounts? Many … Continued