Financial Planning Insights

US citizens or resident aliens living abroad are subject to paying federal income taxes. The IRS automatically grants a two-month extension to file tax returns, but any taxes due must be paid by April 15 to avoid penalties and interest. In this guide to foreign income tax we discuss the Foreign Earned Income Exclusion in depth and how you can..

If you are a small business owner looking to create an investment program for yourself and your employees, a Keogh Plan may be a good option. Keogh Plans were invented by Eugene Keogh in the 1960's. Designed specifically for the self-employed, the plans have since then become somewhat obsolete with SEP-IRA plans being the preferred choice. Due to..

In government vs nonprofit accounting there are three main differences. Those differences are in accounting standards, accounting statements, and reports.

In June, 2018, the FASB published new accounting standards for contributions. As nonprofits receive the bulk of their support from donors, these new practices will affect them the most. The new non-profit tax planning rules will not only influence how contributions are represented on financial statements but also how a nonprofit's supporters will..

As the great American Ben Franklin once said: "In this world, nothing can be said to be certain, except death and taxes". If you own a business or are a high net-worth individual, tax planning is important. While financial planning may already be something that you are seriously either considering or implementing, a good financial plan should also..

S Corporations and C Corporations are two very different types of business entities recognized for legal and taxation purposes. The corporate structures protect individuals from personal liability. They permit a legal identity and uninterrupted conduct of business without regard to the particular individuals involved. They share the same general..

What Is a Mutual Fund?

A mutual fund is an account where you pay professionals to invest your funds in diversified holdings. You join a pool of investors who entrust their money to a fund manager, who makes the investment decisions. The portfolio manager is paid from the pool of money in the fund. 

Annuities are basically insurance policies. Financial organizations that sell annuities typically collect the value of the annuity in a lump sum, invest the money and add the interest to the original amount. That added interest compounds and is not taxed until the annuitant begins taking money from the account.

So you have decided to start a new business. One of the most important decisions that you will make is the form that this structure will take. Should you take no action and let it be a sole proprietorship or should you create an LLC? In some ways, both structures are very similar and in other ways, they are vastly different. By doing a comparison..

Is cryptocurrency a viable payment or investment opportunity for your small business? What exactly is cryptocurrency? Simply put, it is an online digital currency, protected by strong cryptography, without a central authority or regulator. The key innovation that makes this possible is blockchain technology. Blockchain is a public ledger..