HMA

Want a Successful Business? Delegate

Like it or not, you must learn how to delegate work to your employees. It’s easy to get in the mindset that if you want things done the right way you have to do them yourself. But that isn’t always the best approach at work, even if you firmly believe you’re the best person for […]

Incorporate or Not: What’s Best for Your Business?

If you’re a business owner, one of the first questions to ask yourself is whether you should incorporate or not. The biggest advantage of incorporating is that it limits your legal liability. Your responsibility for debts and other liabilities incurred by a corporation is generally limited to the assets of the business. Your personal assets […]

Great Uses for Your Tax Refund

Most Americans get a tax refund every year, with the average check weighing in at $2,895 last year. Even though it’s really money that they earned, many people are tempted to treat it like a windfall and splurge. If you can resist that temptation, here are some of the best ways to put your tax […]

Life Insurance for Children: 3 Reasons for “Yes” or “No”

When determining whether or not to carry life insurance policies on your children, you’ll find that people have a variety of opinions. Here’s a look at some of the most common considerations for and against life insurance for children: Financial security. Traditionally, you take out life insurance to provide for the financial security of dependents. […]

Tax Checklist for Business Startups

Starting your own business can be equal parts thrilling and intimidating. Complying with regulations and tax requirements definitely falls into the latter category. But, with some professional help, it doesn’t have to be that way. You can get started with this checklist of things you’ll need to consider. Are you a hobby or a business? […]

Commonly Asked Tax Questions

With all of the headlines about the changes to tax law, you probably have lots of questions. Here are answers to some of the most commonly asked tax questions taxpayers have this year. Q.  I’m hearing about a lot of changes to 2018 taxes. What should I do? A.  You’re right, there are a lot […]

Need to Take a Required Minimum Distribution (RMD)? April 1 Might be an Important Date for You!

If you reached age 70½ last year, April 1 could be an important deadline. It’s the last day you can take your required minimum distribution (RMD) for 2017 from your traditional IRAs. If you miss that deadline, the penalty may be a 50 percent excise tax on the amount you should have withdrawn. How the […]

Why Walking Away From “Sunk Costs” is the Best Option

Emotions make us human. They can also cause us to make rash decisions. Business owners and managers often let emotions dominate the decision-making process. This is especially true when choices are based on “sunk costs.” Why sunk costs can lead to trouble Broadly defined, sunk costs are past expenses that are irrelevant to current decisions. […]

Big Tax Law Changes – Bigger Opportunities for You

The tax law changes in the Tax Cuts and Jobs Act, passed at the end of December 2017, enacted some of the most sweeping changes taxpayers have seen in 30 years. Here are a few big changes to come out of the new act — and what you can do about it. The medical expense […]

Taxes and virtual currencies: What you need to know

Virtual currencies are all the rage lately. Here are some tax consequences you must know if you decide to dip your toe into that world. The IRS is paying close attention The first thing to know is that the IRS is scrutinizing virtual currency transactions, so if you live in the U.S. you’ll have to […]