Harless Tax Blog

Harless Tax Blog

IRS Says Taxpayers Should Review Their Withholding; Avoid Having Too Much or Too Little Federal Income Tax Witheld

Friday, July 21, 2017

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Summer Newlyweds Should Think About Taxes

Thursday, July 20, 2017

Spring showers bring summer flowers and weddings typically aren’t far behind. Newlyweds have a lot to think about and taxes might not be on the list. However, there is good reason for a new couple to consider how the nuptials may affect their tax situation. Click here to read the full article from the IRS.   See More

Travel Factoid

Monday, July 10, 2017

Did you know?  For the lowest air travel prices, purchase tickets on a Sunday. If you’re traveling within the United States, buying on Sunday can cut prices by 11% compared with the average for other days. Sunday savings for flights from the United States to Europe are even better for travelers: 16%.

Source: expedia.com

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Best Investments Article 1 of 3

Friday, July 07, 2017
The second-best investment you can make is paying off high interest rate debt.  That could come after you’ve contributed enough to your 401(k) to get a full match from your employer. What should come next? If you have no expensive debt to pay down and you’re getting the full employer match, where should you direct your money? Here are some suggestions.  See More

Going Higher

Wednesday, June 28, 2017

Did you know?  Nearly 40% of people under 65 with employer-based insurance had high-deductible health plans in 2016, up from over 25% in 2010.
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ESOPs can be expensive

Wednesday, May 24, 2017

Business owners sponsoring ESOPs may realize advantages, but there are drawbacks as well. Payouts to departing employees, for share buybacks, can be a cash drain. The same is true for regulatory requirements, including annual appraisals. In addition, ESOP participants lack diversification in their retirement plans because the primary holding is the sponsoring company’s stock. Therefore, companies that sponsor ESOPs also may offer a retirement plan such as a 401(k), where employees can defer some of their salary (and the tax on that income) in order to acquire other investments.

If the idea of using an ESOP as a retirement plan appeals to you, our office can help you evaluate the costs and the potential benefits.  See More

Advantages to owners

Monday, May 22, 2017

Why should business owners consider an ESOP? Some studies indicate that employees become motivated to excel when they become employee-owners. They know that good corporate results will boost the annually appraised value of their shares, and ultimately provide a bigger payout. Strong results will benefit major shareholders as well.

What’s more, ESOPs offer some exceptional tax benefits to the sponsoring company and its principals.  See More

ESOPs as Retirement Plans

Friday, May 19, 2017

Among the retirement plans that small businesses can offer to their workers are employee stock ownership plans (ESOPs). As the title indicates, an ESOP is a process for transferring ownership of the company to employees. How does that work as a retirement plan?

In some ways, an ESOP is similar to a profit-sharing plan (see the CPA Client Bulletin, January 2017), in which the company makes cash contributions. With a “vanilla” or unleveraged ESOP, the company funds the plan by contributing shares of its stock, or cash to buy those shares.  See More

Deciding About a Vacation Home

Wednesday, May 17, 2017

Whether you live in the thawing North or in the always mild South, the onset of spring leads to thoughts of summer vacations. After all, next month will be May, which includes Memorial Day, often considered the unofficial beginning of weekend and weeklong getaways.

At this time, you might be weighing the purchase of a second home specifically for vacations. Here are some of the issues to think about, so you can make a well-reasoned decision.  See More

Dealing With an IRS Audit Part 2

Friday, May 12, 2017

Dealing With an IRS Audit See More