As fall approaches, Congress has not made a decision on pending tax legislation that could impact 2015. In the meantime, presented here are estimated tax figures for 2016 based upon the Consumer Price Index. There are also articles on a recent IRS error in handling some educator expense deductions and a review of the B-Corp phenomena. Ideas to help create a satisfying retirement round out this month's newsletter.
Preview Key 2016 Tax Figures
Other Key figures:
Caution: Remember, these are early figures using the recently announced Consumer Price Index. Official numbers are released by the IRS later in the year.
B-Corps; What are They?
Kickstarter, a popular crowdsource company that helps new inventors raise money to fund their creative projects, recently announced they are becoming a Benefit Corporation. While many of us may not know what this means, the move by Kickstarter is becoming more popular. Here is what you need to know.
Benefit Corporation defined
How is this different?
When a traditional company takes actions that do not maximize their value, they can be vulnerable to owner lawsuits. To solve this problem, some states allow companies to legally organize themselves as B-Corps or Benefit Corporations. The B-Corp formation provides the company legal protection from shareholders while pursuing a social mission. This social mission is made public. Here are some examples;
Other things to note
While an investment in a B-Corp may not be profit maximizing, you may feel a little better about where you put your money. As with any investment, please understand your risks and ask for help before investing.
IRS Erroneously Denies Educator Deduction Claims
What you need to know
The $250 educator expense deduction is one of the tax provisions that is repeatedly expiring only to be extended once again by late Congressional action. As of now the benefit is not available in 2015. In all likelihood, the benefit will be available once again. In the meantime,
Seven Ideas to Create a Satisfying Retirement
These are but a few ideas to help transition into a satisfying retirement. There are many resources to provide additional ideas.