Three questions you may have after your return is filed

| Tax Briefs

Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we’re frequently asked at this time of year.   Question #1: What tax records can I now throw away?   At a minimum, keep tax records related to your return for as long as the IRS can audit your return or assess additional taxes. In general, the statute of limitations is three years after you file your return. So you can generally get rid of Read more [...]

Why mission always reigns supreme

| Business Miscellaneous

By Chris Mennel, CPA     Think for a moment about starting a restaurant. As an owner, you have to worry about borrowing money from a bank, hiring employees, creating a menu, setting prices, paying bills and an endless list of other tasks.  But if the food doesn’t taste great and the experience isn’t enjoyable, then the restaurant is never going to make it. Nonprofits follow a similar trajectory. There are so many important aspects: fundraising, board governance, succession planning, fraud Read more [...]

Make a deductible IRA contribution for 2018. It’s not too late!

| Tax Briefs

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2018 tax year between now and the tax filing deadline and claim the write-off on your 2018 return. Or you can contribute to a Roth IRA and avoid paying taxes on future withdrawals. You can potentially make a contribution of up to $5,500 (or $6,500 if you were age 50 or older as of December 31, 2018). If you’re married, your spouse can potentially Read more [...]

Still working after age 70½? You may not have to begin 401(k) withdrawals

| Tax Briefs

If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½. However, there’s an exception that applies to certain plan participants who are still working for the entire year in which they turn 70½. The basics of RMDs Required minimum distributions (RMDs) are the amounts you’re legally required to withdraw from your qualified retirement plans and traditional Read more [...]