Earn A Tax Break By Making "Green" Home Improvements

Tuesday, October 24, 2023
An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home more...... Read More

How should shareholders treat expenses paid personally?

Monday, October 23, 2023
If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an...... Read More

Overhead allocations: Rising costs require a fresh, disciplined mindset

Thursday, October 19, 2023
From utilities and interest expense to executive salaries and insurance, many overhead costs have skyrocketed over the last few years. Some companies have responded by passing along the increases to...... Read More

5 Potential Tax Implications of Moving Your Parent into a Nursing Home

Tuesday, October 17, 2023
More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking about taxes. But there may be...... Read More

Properly classify independent contractors

Monday, October 16, 2023
Many businesses use independent contractors to help keep their costs down — especially during staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly...... Read More

5 steps to track vehicle mileage in Quickbooks

Thursday, October 12, 2023
Your organization may need to track business miles to maximize its tax deductions, reimburse employees for personal vehicle use, and comply with IRS rules and regulations. Navigating this process can...... Read More

Retirement account catch-up contributions can add up

Tuesday, October 10, 2023
If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the...... Read More

Mitigate Federal Employment Tax Bills with an S Corporation

Monday, October 09, 2023
If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE tax is imposed at the...... Read More

Reporting UTPs on your financial statements

Thursday, October 05, 2023
It can be difficult for business owners to navigate the tax code and monitor tax law developments. One area of special concern is financial reporting for uncertain tax positions (UTPs)....... Read More

You’ll receive a favorable “stepped-up basis” when Inheriting stock or other assets

Tuesday, October 03, 2023
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current...... Read More