February 2022 E-Newsletter

FEBRUARY 2022 E-NEWSLETTER

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February Featured News

Understanding Capital Gains and Losses

How you manage the sale of your investments impacts your overall tax picture. And to get the most out of the current tax law, you’ll need to understand capital gains and losses.

Keep Your Business Safe From Fraud

Sadly, fraudsters are continually looking for ways to make a quick buck at your company’s expense, so make sure you’re taking steps to protect your business from all types of threats.

You're Selling Your Business?

Selling your business can be a bittersweet experience. While you may be excited for the future, it’s the end of an era. Be sure you don’t overlook these considerations.

Pros and Cons of Filing Your Taxes Early

Taxes aren't due until April, but there are some good reasons not to wait to file your tax return early.

February 2022 Q & A

Q: After I file my taxes this year, how long do I need to keep my tax records?

A: The general rule is to keep your records for three years from the date you filed your original return. But there are exceptions. For example, if you claim a loss from worthless securities or bad debt, keep your information for seven years. And your state may have different expectations for retaining tax documents. Keep in mind you may need to keep some documents longer for non-tax purposes. For example, you may want to keep records related to purchasing your home, car or other insured assets for insurance purposes or to prove your basis in an asset.

Q: What’s involved if I want to franchise my business?

A: Franchising your business can be expensive and time-consuming, so be sure you’ve done your homework to ensure you have a unique product with a proven track record of sales. Then you’ll want to engage with an experienced attorney to help you create your franchise agreement and disclosures. Consider working with a franchise consultant to help develop operations manuals and marketing materials. And spend time choosing the new locations, whether that’s staying in your home state, taking it national, or expanding into international markets.

SHORT BITS

MATH ERRORS

The IRS had a record-setting year in 2021 for sending notices to taxpayers who made math errors on their returns. From January 1 to July 15, about nine million notices were sent out, compared to just over 600,000 for the same period in 2020. Most of the math errors were related to the stimulus payments provided by the pandemic financial relief legislation.

TRAILBLAZING WOMEN

Starting this year and through 2025, the U.S. Mint will release five new quarter designs each year to recognize the accomplishments and contributions of trailblazing American women. The 2022 coins recognize the achievements of Maya Angelou, Dr. Sally Ride, Wilma Mankiller, Nina Otero-Warren, and Anna May Wong.

TEACHING PERSONAL FINANCE

Ohio became the latest state to pass legislation requiring high school students to take a personal finance class before graduation. Beginning in the 2024-2025 school year, Ohio joins other states like Mississippi, North Carolina and Rhode Island with similar education requirements. Topics kids will learn include basic budgeting, opening a bank account and managing student loans.

REMOTE WORK

According to a recent Gallup Poll, 91% of remote employees surveyed reported their desire to continue working from home, while over half support a hybrid at-home and at-office arrangement. And about 30% of workers said they would look for another job if their current employer eliminates remote work. Commute time coupled with wellbeing and flexibility were the top reasons workers mentioned for continuing remote working. And the majority of employees didn’t believe company culture would be harmed without a physical office location.