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.
The end of the year is the traditional time for supervisors to sit down with employees to conduct performance reviews. But is anyone getting much out of this tried-and-true technique? Probably not if the manager is merely doing reviews by rote. Consequently, whatever input the employees provide in these sessions is likely to fall on deaf ears.
A taxpayer in a new Tax Court case learned a hard lesson about charitable deductions of property: Observe the strict letter of the tax law. The taxpayer, who probably should have known better, ended up with a zero deduction, even though he had clearly donated property worth millions!
The IRS not only limits the amount you can contribute to qualified retirement plans and IRAs while you are working, it tells how much you must withdraw when you’re retired. Under the rules for “required minimum distributions” (RMDs), you may have to take distributions before the end of the year—whether you want to or not.
The stars are aligned to make 2012 a truly memorable year-end from a tax-planning perspective. Just consider the following points: