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Here are your Articles for May 30, 2024.
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Small Business Alert: Bankruptcy Debt Limits Soon Could Drop
Is your business struggling in today’s uncertain market conditions? If so and you’re contemplating filing for bankruptcy, you should be aware that temporary increases to the debt limits for small business protections under Subchapter V and Chapter 13 of the U.S. bankruptcy code are scheduled to expire on June 21, 2024. Here are the details.
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How Catch-Up Contributions Can Bolster Retirement Savings
Don’t overlook the potential value of making catch-up contributions to your retirement account. Married or single, these extra contributions can significantly increase your income in retirement. Whatever your expectation about the future of Social Security is, you should carefully consider padding your retirement nest now while those extra contributions have time to grow.
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Is Adaptive Reuse Right for You?
Mark Twain once advised, “Buy land — they’re not making it anymore.” That’s not true about buildings, but owners, developers and investors nonetheless can see impressive profits by buying existing buildings for repurposing instead of starting from scratch. Such “adaptive reuse” is rapidly gaining ground, and this article examines what factors real estate professionals should consider before taking the leap.
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Do Not Take Tax Chances on Gambling
Gambling winnings fall under the Internal Revenue Code definition of gross income “from whatever source derived,” and that means they are taxable. Continue reading to learn what information you should keep if you play bingo, head to the racetrack or hit the tables in Vegas — so you can stay out of trouble with the IRS.
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Why Contingent Beneficiaries Matter
A beneficiary is the person you legally designate to receive the benefits from your trust, retirement plan account or life insurance policy. Naturally, you name your primary beneficiary, but it’s equally important to name contingent beneficiaries. If your primary is unable to receive the asset, it will go to your contingent beneficiary. If you fail to list a contingent beneficiary, your plan for a certain asset may go awry.
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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