The Financial Insights eNewsletter is comprised of important and informative articles related to businesses, entrepreneurs and individuals. The articles cover a broad range of topics from retirement to new accounting laws and regulations.
According to the Employee Benefits Research Institute, spouses retiring in 2014 who take prescription drugs and want a 90 percent chance of having enough money for medical expenses throughout retirement needed an extra $326,000 in savings to pay for it.
If you travel internationally for business or pleasure, you may already know that magnetic strip credit cards are consider something of an anachronism in many other countries. Offering a magnetic strip card when making a purchase in Europe or Canada frequently requires the business owner to take your card and input the data manually, or revert to older technology to process the transaction.
A much-delayed cybersecurity bill aimed at combating cyber crooks by encouraging companies and Government agencies to share relevant information without fear of privacy lawsuits is on the verge of obtaining Senate approval. In April, Congress passed its version of the Cybersecurity Information Sharing Act with backing from both Democrats and Republicans.
Before year’s end, make sure you take advantage of tax deductions that are intended specifically to help reduce technology costs for small- and mid-sized businesses. Section 179 of the tax code allows business owners to write off the cost of new or used computer equipment and off-the-shelf software purchased for their businesses.
As a trusted advisor, Abeles and Hoffman is pleased to provide you with our 2015 Year-End Tax Planning Letter. This year’s letter includes a few tax saving ideas, including:
A recent IRS announcement stated that it will raise the deductible amount from $500 to $2,500 for purchases of tangible property by taxpayers without applicable financial statements.