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New Overtime Rules Could Be Costly for Small Businesses

December 2016

When the U.S. Department of Labor (DOL) finalized its changes to the Fair Labor Standards Act (FLSA) overtime rules in May 2016, the minimum salary for exempt workers more than doubled — from $23,660 to $47,476. It’s estimated that 4.2 million more U.S. workers could become eligible for overtime pay when the rules take effect… Read more

Could the AMT Boost Your Taxes?

December 2016

After years of Congress enacting temporary “patches,” the American Taxpayer Relief Act of 2012 permanently indexed the exemption level of the alternative minimum tax (AMT) to inflation. Although this change limited future expansion of the tax, the AMT is still expected to affect about 4.3 million taxpayers in 2016 (see chart). The AMT is a… Read more

Why You Need a Will…Even If You’re Not a Prince

December 2016

The unexpected death of famed musician Prince in April 2016 put the importance of a will in the national spotlight. Prince, who apparently died intestate — without a legal will — left an estate worth an estimated $150 million to $300 million. The disposition of those assets will now be up to the state of… Read more

Finding Lost Money

December 2016

The idea of finding buried treasure or receiving an inheritance from a long-lost relative is a staple of fantasies and adventure stories. Though finding treasure is unlikely, discovering “lost” money or other assets from a relative, a business, or a government agency may not be a fantasy after all. The Unclaimed Property Professionals Organization estimates… Read more

Consider Munis for Tax-Free Income

December 2016

The city of Detroit’s 2013 bankruptcy and the continuing debt crisis in Puerto Rico have cast municipal bonds in a negative light for some investors. In general, however, “munis” are considered to be a relatively safe investment and more stable than corporate bonds. A 2015 study found that only 0.14% of municipal bonds default within… Read more

HOT TOPIC: Three Financial Issues to Watch Under the New Administration

December 2016

On January 20, 2017, Donald J. Trump will be sworn in as the 45th president of the United States. Between now and then, attention should largely focus on efforts to facilitate an orderly transfer of power, but there will be no shortage of conjecture over what may happen after the inauguration. While changes are likely,… Read more

Bracing for Potential Cybersecurity Threats

November 2016

A recent report suggests that hackers are targeting small businesses at an alarming rate. In fact, cyber attacks on businesses with fewer than 250 employees accounted for 43% of all reported attacks in 2015, up from 34% in 2014.1 By one estimate, cybercrime costs the global economy as much as $575 billion each year.2 Given… Read more

Medicare Means Testing

November 2016

As more baby boomers turn 65, Medicare enrollment is projected to swell from 57 million in 2016 to around 64 million in 2020 and 81 million by 2030.1 In 2015, legislation known as the “Doc Fix” changed the formula used to reimburse physicians for Medicare services, offering a long-term solution for one of Medicare’s most… Read more

Step Up to Help Reduce Taxes on Inherited Assets

November 2016

If you have assets that have appreciated in value, such as stocks or real property, you could be subject to substantial capital gains taxes when you sell the assets (see chart below). However, if you leave these assets to your heirs, any gain accrued before your death would not be taxed because of the step-up… Read more

Balancing Medicare and Work-Based Insurance

November 2016

Almost 20% of Americans 65 and older are still working — the highest level since before Medicare was established in 1965. This amounts to almost 9 million workers who are eligible for Medicare, and the number is expected to grow as about 8,000 baby boomers turn 65 every day until 2030.1–2 Some employers may require… Read more

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