HARIK THOMPSON CPAs

How to Avoid Micromanaging

5/24/2023

According to Leadershipexcellencenow.com, "Micromanagement is a business management style where the boss or manager controls every aspect, no matter how small, of the work done by his or her employees."

A Cash-Out Refinance Can Be a Lifeline

5/24/2023

A cash-out refinance is a way for homeowners with enough equity in their residences to access a lump sum of cash. They can then use that cash for anything they want, from paying down high-interest-rate credit card debt or funding a kitchen remodel to paying for a child’s college tuition.

Save for Retirement Now; Get a Tax Credit Later

5/24/2023

A tax credit known as the Retirement Savings Contributions Credit is designed to offset a percentage of the initial $2,000 that taxpayers put toward their individual retirement accounts or other retirement accounts established through their employers. Also called the Saver's Credit, this IRS-backed tax credit makes it possible for people with disabilities to contribute to an Achieving a Better Life Experience account as long as they are the beneficiaries of the ABLE account.

How Do Employer ID Numbers Work?

5/24/2023

If you have a company, you need an Employee Identification Number. There are various ways to apply for an EIN, including online at no cost. The online federal EIN application is in a question-and-answer format, with embedded help topics and hyperlinked keywords and definitions. It must be completed in one session — you won't be able to save it and return later.

Step-Up in Basis Rule is an Heir's Best Friend

5/10/2023

The step-up tax adjustment has been under siege for decades but has so far survived the onslaughts. The provision, which reduces capital gains tax for estates, has been controversial since the 1970s. Policymakers would still love to get their hands on the bonanza in tax revenues it represents.

How To Handle Your First Payroll

5/10/2023

Regardless of whether your first payroll involves a few employees or many, the goal is to execute payroll in an accurate and compliant manner. Here are some steps to help you manage your first payroll.

Top Tax Issues for Businesses

5/10/2023

Agencies typically apply different taxes to various situations based on each individual agency's rules, regulations and payment methods. Contrary to what people often say, what you don't know actually can hurt you, so becoming more knowledgeable about tax issues that businesses often face is key.

How to Invest and Then Still Sleep at Night

5/10/2023

Everyone has their own level of risk tolerance or risk appetite, which represents the uncertainty they feel comfortable taking when investing. But do they know their own personal level of risk comfort? Most people are unlikely to understand their true risk appetite until they are facing a serious potential loss; until they are staring at a monster decline, they cannot know whether they have the stomach for it. It is easy to assume that everyone has high risk tolerance in a bull market as their portfolios keep heading upward!

What To Know About Trusts and Taxes

4/26/2023

For all intents and purposes, a trust is considered its own entity. Trusts are legal documents, but they are also taxed separately from those to whom the assets within a trust will be distributed.

CAPE Indicator: Do You Know How to Use It?

4/26/2023

Like a traffic light, the CAPE metric flashes clear red and green signals. When the S&P 500 Shiller CAPE rises over a 30 threshold, the red light suggests that prices are becoming too elevated; when it sinks below 22, markets may soon see bargains. Sound idiot-proof? Remember it only speaks to expected future returns, so it is not a shortcut for timing markets.

<<Previous

How to Avoid Micromanaging

A Cash-Out Refinance Can Be a Lifeline

Save for Retirement Now; Get a Tax Credit Later

How Do Employer ID Numbers Work?

Step-Up in Basis Rule is an Heir's Best Friend

How To Handle Your First Payroll

Top Tax Issues for Businesses

How to Invest and Then Still Sleep at Night

What To Know About Trusts and Taxes

CAPE Indicator: Do You Know How to Use It?

Newsletter articles are posted every 2 weeks.

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Newsletter articles are posted every 2 weeks. ​

Categories

Newsletter articles are posted every 2 weeks.