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Christmas time and the coming end of the year are historically times of increased giving by many.Included in that is often a last-minute surge in charitable giving, as people are in a more generous mood or maybe thinking about their coming tax bill. For those who have reached age 70 and a half (don't ask me why the 1/2 - I have no idea), donations can be made to qualified 501(c)(3) charities directly from your ...

Congress is enacting the biggest tax reform law in thirty years. These changes will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Here's a brief summary of some of the changes. Lower tax rates: The Tax Cuts and Jobs Act will reduce tax rates for many taxpayers, effective for the 2018 tax year with the maximum ...

Angela Frazier at age five with her Uncle Glen Campbell and Mother Barbara Campbell-Frazier Many have heard about the recent passing of our beloved Rhinestone Cowboy, Arkansas native Glen Campbell. What you may not know is the impact Glen and his family has made on bringing awareness to Alzheimer's and the painful consequences of the disease. The Campbell/Frazier family has bravely shared the reality of this difficult disease through Glen's documentary, I'll Be Me. The ...

As seen in the Arkansas Business Journal Executive Q&A Colin Gorman has been in public accounting since 2000. He has experience in several areas of taxation, accounting and financial management and specialized experience with construction accounting, small businesses, and litigation support and valuations planning. Gorman earned a bachelor’s degree in business and economics and a master’s degree in accounting from Hendrix College in Conway. He served as treasurer of the Associated Builders & Contractors of ...

In this space two weeks ago, we discussed possible tax planning ideas for individuals. Today, we present points for businesses and business owners. Remember, this is not an all-encompassing discussion, but rather should be viewed as a checklist of ideas for further exploration. Businesses should consider making expenditures that qualify for the business property expensing option. For tax years beginning in 2017, the expensing limit is $510,000 and the investment ceiling limit is $2,030,000. Expensing ...

As the end of the year approaches, it is a good time to consider planning moves that will help lower your tax bill for this year and possibly the next. In many cases, this will involve the time-honored approach of deferring income until next year and accelerating deductions into this year. This time-honored approach may turn out to be even more valuable if Congress succeeds in enacting tax reform that reduces tax rates beginning next ...

"The construction industry can be complex, navigating through the accounting and tax rules is an ongoing challenge. Construction has always been a focus for the firm but several years ago, we took this niche to another level and continue to raise the bar. Our CPAs focus on construction specific continuing education and heavily participate in local and national trade associations which allows us to integrate ourselves within the industry and to understand what really matters ...

Over the next few articles, I will be writing about year-end tax planning strategies and issues you may need to consider. However, before we get to that, there were a number of important tax developments during the third quarter of 2017 that you may find interesting or useful to know. The following is a summary of some of these developments that that may affect you, your family, your investments, and your livelihood. President Trump and ...

As year-end approaches, some parents and grandparents turn their thoughts to year-end tax and estate planning strategies. Among these strategies often is making year-end gifts to children or grandchildren to take advantage of the annual gift-tax exclusion. However, if the kiddos are receiving college financial aid (or possibly applying for such in the future), these gifts can cause a problem. You see, such gifts, while perhaps being good tax and/or estate planning strategies, can often ...

As you likely know by now, Equifax, one of the three major US credit reporting agencies, recently reported a massive breach of their database, in which roughly 143 million Americans' personal information was hacked. It is very likely you were affected, but the question is, do you know if you were? And if so, what do you do now? Here is how you can find out and what you can do to protect yourself. First, ...

Having a 401k plan account may be one of the best and most popular ways to save for retirement. And while focusing on the performance of your investments is crucial to maximizing the funds you will have at retirement, it is not the only critical factor. It is easy to overlook some of these other factors when times are good, such as during the market's current bull run. But even in the "boom" times, there ...

In this space two weeks ago, we began discussing the wisdom of educating our kiddos in the area of personal finance and age-appropriate concepts that should be taught, getting up to about age 11. This week let's continue on with ideas for older children. 11 to 12 Year-olds: At this age, I think it is appropriate to begin teaching youngsters about credit cards. I don't mean letting them have one necessarily, but at least introducing ...

But personal finance is one of those subjects that will impact our children for their entire lives! It's imperative that we, as the grownups (i.e., parents) figure out a way to teach this stuff to our children because they likely won't get it anywhere else. In a blog earlier this year on BusyKid.com, Mike Prusinski wrote "We don't allow teenagers to drive a car, fly a plane or operate heavy equipment without requiring sufficient education ...

A couple of weeks back, this space was devoted to up front tax breaks that could aid in building up savings to help pay for college and other education costs. But what if you are already in the throws of shelling out the big bucks for current education? Well, good news, there are significant tax benefits that may help subsidize those costs you are incurring now! First and foremost among these benefits are a couple ...

The numbers can stagger the mind! According to the College Board, a "moderate" budget for sending your kiddo to a four-year public college for the last academic year was $24,610. Have something more upscale in mind for Baby Einstein? Average cost for a four-year private school was $49,320, according to the organization. It's ok to swallow hard here! So with that in mind, short of being Daddy Warbucks, how will you pay for your child's ...