Roger Rossmeisl, CPA, Author at Roger Rossmeisl, CPA

19 Oct 2018

(#412) What is the Fed Doing?

We’re all aware that the Fed is raising short-term rates. But, as Rodney Johnson, co-editor of Boom & Bust, points out in this month’s Insight video, they’re doing something more important than that . . . (This is not an embedded clip. Ctrl+Click picture above to link to clip location) Rodney Johnson is the co-founder of Dent Research, an economic forecasting and investment research firm and publisher that works diligently to provide clients with the proprietary economic knowledge needed to accurately forecast what lies ahead in our economy so that they can take the necessary and appropriate action to ensure prosperity in their business, investment and financial affairs....

18 Oct 2018

(#411) QOFs Build Value for Investors and Communities

Roger Rossmeisl, CPA

Infographics

17 Oct 2018

(#410) Now’s the Time to Review Your Business Expenses

Roger Rossmeisl, CPA

Taxes

As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year. Be sure to evaluate the impact of the Tax Cuts and Jobs Act (TCJA), which reduces or eliminates many deductions. In some cases, it may be necessary or desirable to change your expense and reimbursement policies. What’s deductible, anyway? There’s no master list of deductible business expenses in the Internal Revenue Code (IRC). Although some deductions are expressly authorized or excluded, most are governed by the general rule of IRC Sec. 162, which permits businesses to deduct their “ordinary and necessary” expenses. An ordinary expense is one that is common and accepted in...

16 Oct 2018

(#409) Tax-Free Fringe Benefits Help Small Businesses and Their Employees

Roger Rossmeisl, CPA

Taxes

In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options. INSURANCE Businesses can provide their employees with various types of insurance on a tax-free basis. Here are some of the most common: Health insurance. If you maintain a health care plan for employees, coverage under the plan isn’t taxable to them. Employee contributions are excluded from income if pre-tax coverage is elected under a cafeteria plan. Otherwise, such amounts are included in their wages, but may be deductible on a limited basis as an itemized deduction. Disability insurance. Your premium payments aren’t included in employees’...

15 Oct 2018

(#408) “The Crash Course” Chapter 20: Peak Cheap Oil

Roger Rossmeisl, CPA

Economic Concepts

As posted on the Peak Prosperity.com and the Chris Martenson's Peak Prosperity YouTube Channel Background The Crash Course has provided millions of viewers with the context for the massive changes now underway, as economic growth as we've known it is ending due to depleting resources. But it also offers real hope. Those individuals who take informed action today, while we still have time, can lower their exposure to these coming trends -- and even discover a better way of life in the process. In this Blog, I am presenting the 27 (inclusive of the introduction) installments of The Crash Course, one per week. Previous installments of "The Crash Course" can be found here: Blog (#311) Introducing "The Crash Course" Blog (#314) Chapter 1: Three Beliefs Blog (#319) Chapter 2: "The Three 'Es'" Blog...

08 Oct 2018

(#407) Threshold for Itemizing Medical Expenses Decreases for 2018

Roger Rossmeisl, CPA

Infographics

08 Oct 2018

(#406) Could a Cost Segregation Study Help You Accelerate Depreciation Deductions?

Roger Rossmeisl, CPA

Taxes

Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. It may allow you to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. And the potential benefits are now even greater due to enhancements to certain depreciation-related breaks under the Tax Cuts and Jobs Act (TCJA). Real property vs. tangible personal property IRS rules generally allow you to depreciate commercial buildings over 39 years (27½ years for residential properties). Most times, you’ll depreciate a building’s structural components — such as walls, windows, HVAC systems, elevators, plumbing and wiring — along with the building. Personal property — such as equipment, machinery, furniture and fixtures — is eligible for accelerated depreciation, usually over five...

08 Oct 2018

(#405) Forecasting the Bitcoin Bubble

Roger Rossmeisl, CPA

Current Events, Economic Concepts

Jim Rickards pulls no punches about his opinion of Bitcoin and it's prospects for the future in a collage of television appearances from 2009 - 2018. James G. Rickards is an American lawyer. He is a regular commentator on finance, and is the author of The New York Times bestseller Currency Wars: The Making of the Next Global Crisis, published in 2011 as well as biennial followup books, James Rickards is the Editor of Strategic Intelligence, a financial newsletter, and Director of The James Rickards Project, an inquiry into the complex dynamics of geopolitics + global capital....

08 Oct 2018

(#404) The Tax Deduction Ins and Outs of Donating Artwork to Charity

Roger Rossmeisl, CPA

Taxes

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit from donating artwork comes from the fact that the top long-term capital gains rate for art and other “collectibles” is 28%, as opposed to 20% for most other appreciated property. Requirements The first thing to keep in mind if you’re considering a donation of artwork is that you must itemize deductions to deduct charitable contributions. Now that the Tax Cuts and Jobs Act (TCJA) has nearly doubled the standard deduction and put...

07 Oct 2018