AHP Blog

Created: Wednesday, October 30, 2019

Business owners, your bad debts may be deductible

Business owners who hold a business-related debt that’s become worthless or uncollectible may be able to claim a “bad debt” deduction. But there are a few hoops to jump through and not all debts are eligible. This article examines those hoops and touches on the accounting concept of “charge-offs” when it comes to business bad debts.
Created: Thursday, October 10, 2019

Understanding and Controlling the Unemployment Tax Costs of Your Business

As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit. Most employers end up paying an effective FUTA tax rate of 0.6%.
Created: Thursday, October 10, 2019

New Overtime Pay Rules Finalized for 2020

The U.S. Department of Labor (DOL) has issued the long-anticipated final version of its overtime eligibility rules. The changes will take effect on January 1, 2020. As a result, the DOL estimates that 1.3 million workers will be newly eligible for overtime pay. Are any of them on your payroll? Read on to find out.
Created: Friday, September 13, 2019

Cost Segregation Studies Can Benefit Business Owners

Any business owner who’s acquired, constructed or substantially improved a building this year — or even in previous years — should read up on the tax benefits of a cost segregation study. This article explains how undertaking one may lead to accelerated depreciation deductions, which reduce current taxes and boost cash flow.
Created: Wednesday, September 4, 2019

Putting Together the Succession Planning and Retirement Planning Puzzle

Business owners must save for retirement and create a succession plan. To put together the pieces, ask some fundamental questions.
Created: Tuesday, August 27, 2019

Expenses that teachers can and can’t deduct on their tax returns

As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this special deduction, and some expenses can’t be written off.
Created: Tuesday, August 20, 2019

Claiming Your Parent as a Dependent

If you pay over half the cost of supporting a parent, he or she is considered your dependent for federal income tax purposes — which may qualify you to some significant tax breaks. Here are the details.
Created: Tuesday, August 6, 2019

The Tax Implications of Being a Winner

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune.
Created: Friday, August 2, 2019

Changing Jobs? What Will Become of Your 401(k) Balance?

Most private sector employers, for better or worse, put you in the driver's seat when it comes to saving for retirement. If you're a genuinely savvy and diligent investor, you might prefer the flexibility of rolling over your accumulated retirement savings into an IRA. This choice assumes, however, that your next employer's 401(k) plan allows you to move money into it from another 401(k) plan. Most, but not all, do.
Created: Tuesday, July 30, 2019

FAQs about LTC Insurance and Your Taxes

If you or a loved one needs long-term care, you probably don't want to pay it from your hard-earned savings. Instead, consider purchasing a long-term care (LTC) insurance policy. As a bonus, qualified LTC policies may deliver some tax breaks. Here are answers to some frequently asked questions about this type of coverage