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Life Insurance & Annuities
We offer several types of Life Insurance products and Annuities.
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Tax Tips Small Business
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Bartering and trading? Each transaction is taxable to both parties
Sometimes, when the right opportunity presents itself, you may be able to pay for goods and services that you need or want by trading goods that you own, or providing a service that you can perform in return. An example of this is if you own a lawn maintenance company and receive legal services from an attorney and pay for those services by providing an agreed upon amount of mowing and maintenance services at the attorney's home or place of business.
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Small Business Quick Tip
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Personal Assets to a Business
If you have contributed personal assets, such as a computer or vehicle to your business, the lower of the fair market value or your cost basis of these assets qualifies as a business deduction, subject to depreciation limitations, beginning with the date of conversion.
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Tax Tips Personal
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Is an Inheritance Taxable?
In most cases, an inheritance is not taxable to you, but there are exceptions
At some point, you may inherit money or property that, in most cases, is not taxable to you. Life insurance proceeds are included in the deceased person's estate, but are not taxable to the beneficiaries. Bank accounts and other income-producing assets such as stocks are not taxable to you when received, but the income these assets generate is taxable to you.
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Personal Quick Tip
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Mileage Rates
Beginning January 1, 2017, the standard mileage rates for the use of a car (including vans, pickups, or panel trucks) are: - 53.5 cents per mile for business miles driven;
- 17 cents per mile for all miles driven for medical or moving purposes; and
- 14 cents per mile for all miles drive for charitable purposes.