Cash in on summertime tax savings
Summer is usually the time for relaxing, but it can also be a time for tax savings, especially if you're still reeling from an unexpectedly large tax bill in April. Here are five timely tips:
1. Rent out your vacation home. Do you own a getaway? If you rent out a vacation home part of the time, you may be entitled to deductions like other landlords. This includes the rental-related portion of mortgage interest, property taxes, repairs, utilities, insurance, etc. Keep in mind, if your personal use exceeds certain limits, you can't deduct a loss.
Get in the habit of saving
Do you save regularly? If not, you should reconsider. Developing a saving habit is one of the best things you can do for your financial health.
In the short term, savings can provide you a cushion to deal with emergencies, such as a job loss, unexpected home repairs, medical bills, etc. It will also help you reduce or eliminate your need to take out loans or other financing. Most importantly, building up savings while you work can mean the difference between a comfortable retirement and scraping by on Social Security benefits.
Deciding how to administer employee raises can perplex even the most seasoned managers. How often should raises be given? Should they be given across the board to all workers? If staff turnover is increasing, can you turn back the tide by granting raises to the most productive workers? There's a lot to consider.
As you create or update your plan for giving out employee raises, here are some ideas to consider:
Pros and cons of merit raises. You may think that giving everyone the same raise (either percentage or dollar amount) seems impartial and will produce harmony. But there's a downside. Your top performers - workers who sell more widgets, meet customer demand more often, and maintain a great work ethic in the face of additional responsibility - often leave if they're recognized the same as employees who show up late, have a bad attitude, or perform poorly. To solve this, consider establishing specific goals along with tiered raises for employees who meet or exceed published goals whenever possible.
Are you being audited by the IRS? Would you like to get a jumpstart on individual tax preparation? If you've been looking for tax services or accounting services, hire Morley Consulting, LLC. Our tax consultants have the skills and knowledge needed to ensure that your individual or corporate documents are correct.
If you've been searching for complete tax services or accounting services, look no further than Morley Consulting. Call our Morton, PA location at 610-544-1094, our Denver, CO location at 303-835-4757 or our Loveland, CO location at 970-663-3564 right away for a consultation.
Don't spend hours going through your corporate books or compiling your individual tax documents. Turn to Morley Consulting for:
857 Kedron Avenue
Morton, PA 19070
Phone: (610) 544-1094
7900 East Union Avenue, Suite 1100
Denver, CO 80237
Phone: (303) 835-4757
4194 North Garfield Avenue
Loveland, CO 80538
Phone: (970) 663-3564