Lines may blur when it comes to estate and family business succession planning
If you own a closely held business and don’t take the proper estate planning steps to ensure that it lives on after you’re gone, you may be placing your family at risk. One challenge of transferring a family business is distinguishing between ownership and management succession. Contact the CPAs and business advisors at SEK to learn how to protect your family business and ensure the right estate planning.
Small businesses can help employees save for retirement, too
Many small business owners believe they can’t afford to sponsor a qualified retirement plan for employees. If this is the case for your company, be aware that there are some relatively inexpensive, simple options worth considering. Contact the CPAs and business tax advisors at SEK for more info.
Arm your nonprofit against financial threats
Whether it’s inflation, trouble finding staffers in a tight labor market or cybersecurity, nonprofit leaders have a lot to worry about. Even though the economy is generally healthy, there are big ways to strengthen your not-for-profit to help withstand future challenges. Contact the CPAs and business advisors at SEK with questions and for more tax tips.
When to consider subsequent events in a business valuation
Business valuators sometimes consider major events that happen after the valuation date. Examples include business sales, bankruptcy filings and major fraud losses. In general, events that are “known or knowable” on the valuation date are factored into a valuation. Let the CPAs and business advisors at SEK know of any major events that happened so we can determine the appropriate treatment of the event for your valuation.
If you didn’t contribute to an IRA last year, there’s still time
If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up to the April 15, 2024, filing date and benefit from the tax savings on your 2023 return. Contact the CPAs and business tax advisors at SEK to get the most out of your tax return and for more tax tips.
Taking your spouse on a business trip? Can you write off the costs?
If you own a business, you may wonder if you can deduct the costs of having your spouse accompany you on business trips. To qualify, your spouse must be your employee. If your spouse isn’t an employee, you can still deduct the costs of driving your own car or renting one to reach your destination. And you can write off the hotel costs you would have paid if traveling alone. Contact the CPAs and business tax advisors at SEK for more questions and tips to get the most out of your tax return.
Take care of a loved one who has special needs with a special needs trust
Special needs trusts (SNTs) benefit children or other family members with disabilities that require extended-term care or that prevent them from being able to support themselves. An SNT is an irrevocable trust that may provide peace of mind that your loved one’s quality of life will be enhanced without disqualifying him or her for Medicaid or Supplemental Security Income benefits. Contact the CPAs and tax advisors at SEK for more details and estate planning tips.
6 ways nonprofit retirement plans are changing
The SECURE Act 2.0 includes many provisions affecting 403(b) retirement plans. Make sure your nonprofit is adhering to the rules and implementing optional enhancements where they make sense. Contact the CPAs and business advisors at SEK for the latest tips for your not for profit.
Get ready for the 2023 gift tax return deadline
Did you make large gifts to children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. The deadline for filing is April 15 (Oct. 15 if you file for an extension). The annual gift tax exclusion has increased in 2024 to $18,000 but was $17,000 for 2023. If you’re not sure whether you must (or should) file a gift tax return, contact the CPAs and business tax advisors at SEK.
Addressing your elderly parents in your estate plan in 5 steps
An estate plan typically includes accommodations for your spouse, children, grandchildren and even future generations. Yet the older generation may also need your financial assistance. How can you best handle the financial affairs of parents in the later stages of life? Incorporate their needs into your own estate plan while tweaking, when necessary, the arrangements they’ve already made. Contact the CPA's and business advisors at SEK to answer your questions about estate planning for your and your parents.