Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group term life insurance coverage that your employer provides is excluded from taxable income and doesn’t add anything…
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If you experienced an emergency, you likely would call 911 without giving much thought to the medical bills that would follow. It seems as though many business owners were left with a similar mindset as they tried to secure a lifeline for the health and survival of their businesses earlier this year. As the COVID-19…
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In an effort to provide financial relief for Federal taxpayers impacted by the Covid-19 pandemic, the International Revenue Service (IRS) extended the April 15th tax deadline to July 15th. This 3-month extension was provided to all payers for tax filing, tax payments, and estimated quarterly payments. While this did provide a sigh of relief for…
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With little notice, Covid19 sent what seemed like the world’s entire workforce to their homes to work. (The lucky ones anyway.) With so much of the world telecommuting, it’s so important to stay connected to each other on a personal and professional level. While some people seem to naturally be productive while working from a…
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Did you have big plans to create and stick to a budget this year? Was it part of your New Year resolution? Perhaps the recent stock market losses have you reevaluating your spending. Whatever the reason, it’s always a good idea to take a look at your budget and your unnecessary spending. Keeping within your…
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Have you given your fair share? If you’re like most of us, your inbox has been filled with requests to donate to charitable organizations since Thanksgiving. It is the season of giving and also the time to get those end-of-the-year donations made in time to take advantage of the tax benefit for the fiscal year.…
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The holidays are over and winter still seems to have a long way to go. This time of year it’s often dark when you leave the office and your mid-day breaks may still not see any sunshine. (Thanks clouds.) So how do you keep yourself feeling good throughout the day? “A body at rest tends…
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