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Guidance on Tax Planning and Strategies, Life Transition Strategies, Asset Protection and Growth, & MORE

 

Protecting and growing personal assets is top of mind for just about everyone these days, whether you're looking for a way to minimize personal taxes, exit a business, or plan for retirement.

Read what Bonadio's CPAs, wealth advisors, financial planners, and financial services specialists have to say about a wide variety of these issues for government entities in New York State. Share your observations and insights with peers, and subscribe via the Community's RSS feed to get our latest postings via e-mail or through your reader.

 

Small Business Retirement Plans
Cynthia L. Turoski, CPA/PFS, CFP®

We all know we need to save for retirement, especially as another year has passed us by. But as a small business owner, what is the best way to do so? That depends on a number of things. There are various small business retirement plans available, but picking the right one for your situation depends on how much cash you want to put into it, your tax situation, your goals for providing for your employees, the time of year, etc. Let’s look at a general overview of some options and then some things to consider when deciding on which plan would be best for your situation.

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Taxes are only one aspect of your financial life – What about the rest?
Cynthia L. Turoski, CPA/PFS, CFP®

How about a financial checkup?

As individuals delve into gathering their tax information this time of year, they often get thinking about their finances in general. Why not take advantage of your focus in this area to do a financial checkup?

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Generation-Skipping Transfer Tax Update
Cynthia L. Turoski, CPA/PFS, CFP®

On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The new law has created a federal generation-skipping transfer (GST) tax savings opportunity, but you must act quickly!

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Form 1099’s Reporting Requirements

Seeking ways to improve voluntary compliance and increase tax collections, the IRS has implemented a number of far-reaching reporting requirements that will take effect over the next several years.  And while the new reporting requirements will not result in increased tax liabilities for most law-abiding businesses and individuals, it will significantly increase their paperwork burden.   Leah Powell, CPA and Principal weighs in on what to do so as not to be caught off-guard.  

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Estate Tax Update

If Congress fails to enact federal estate tax legislation before the end of the year the status of the estate tax in 2001 will return on January 1, 2011.  That means a 55% top rate will apply to estates in excess of $1 million.

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