Business Succession Planning
The Importance of Business Succession Planning Every business – large and small – needs a business succession plan. Just like Warren Buffett and Jeff Bezos prepared for the day that they would step away from the…
Foreign Account Reporting for 2022 Due October 16
All United States entities (including citizens and resident aliens as well as corporations, partnerships, and trusts) with financial interests in or authority over one or more foreign financial accounts (e.g., bank accounts and securities) need to…
October Extended Due Date Just Around the Corner
If you could not complete your 2022 tax return by April 18, 2023 and are now on extension, that extension expires on October 16, 2023. Failure to file before the extension period runs out can subject…
October Due Dates
INDIVIDUAL DUE DATES October 2 - Fiduciaries of Estates and Trusts File a 2022 calendar year return (Form 1041). This due date applies only if you were given an extension of 5½ months. If applicable, provide…
September Due Dates
INDIVIDUAL DUE DATES September 1 - 2023 Fall and 2024 Tax Planning Contact this office to schedule a consultation appointment. September 11 - Report Tips to Employer If you are an employee who works for tips…
Tax Implications of Student Loan Forgiveness
Back in August of 2022, President Biden issued an executive order that would forgive federal student loan debt for lower income individuals. The program would have provided up to $20,000 in loan relief to borrowers with…
Mid-Year Tax Planning Checklist
Waiting until after the close of the tax year to worry about your taxes can result in missed opportunities that could have reduced your tax liability or provided financial benefits. Mid-year is the perfect time for…
Taxation and Sales of Inherited Property Get Beneficial Treatment
If you are the recent beneficiary of an inheritance, you may be wondering if you will need to pay tax on the cash, stocks or real property that you received. Generally, the answer is no, and…
EMPLOYEE OR INDEPENDENT CONTRACTOR – A PRIMER FOR EMPLOYERS AND EMPLOYEES
It is not uncommon for employers to misclassify employees as independent contractors, either to intentionally avoid their withholding and tax responsibilities or because they are not aware of the laws regarding the issue. Misclassifying a worker…
NEW EMPLOYEE ONBOARDING BEST PRACTICES: FACTORS TO CONSIDER FOR SUCCESS
According to one recent study, replacing an employee who has left your business can cost between 50% to 60% of that person's salary. This is why it's virtually always more expensive to hire a new person…
WHAT’S BEST, FSA OR HSA?
Many employers offer health flexible spending accounts (FSAs) and health savings accounts (HSAs) as part of their employee benefits packages. Both plans allow you to set aside money to pay medical expenses with pre-tax dollars, providing a significant…
DEFER TAXES WITH INSTALLMENT SALES
Selling a property one has owned for a long period of time will frequently result in a large capital gain, and reporting all the gain in one year will generally expose the gain to higher-than-normal capital…
CONSIDERING A NEW OR PRE-OWNED ELECTRIC VEHICLE? READ THIS FIRST TO SEE IF YOU WILL BENEFIT FROM A TAX CREDIT
2023 brings with it a whole new set of rules related to qualifying for the tax credit for purchasing a new or used electric vehicle. Among the changes that must be navigated are buyer income limitations,…
BUSINESS GROWTH: HOW TO PLAN FOR (AND MAKE THE MOST OF) THIS CRITICAL STAGE
While it's true that every business is different from the next - and every entrepreneur will go on his or her own unique journey - there are still a few constants that we know to be…
June Due Dates
INDIVIDUAL DUE DATES June 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to your…
DON’T IGNORE HOUSEHOLD EMPLOYEE PAYROLL TAX RULES
If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do know about but are ignoring…
Inheritances Enjoy a Special Tax Benefit
You may hear people use the term “Stepped-Up Basis” that many believe is a tax provision that allows beneficiaries of an inheritance to reduce or even avoid taxes when and if they sell inherited property. When…
You May Need to File Estimated Tax Payments
Estimated tax payments are not just for the self-employed. They are for anyone whose withholding and tax credits are significantly less than their projected tax liability, and if used properly, can protect a taxpayer from underpayment…
April Due Dates
April 2022 Individual Due Dates April 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during March, you are required to report them…
Advance Child Tax Credit and EIP Must Be Reconciled on Your 2021 Return
Early in 2021 Congress passed the American Rescue Plan which included a provision that increased the child tax credit amount and upped the age limit of eligible children. Normally, the credit was $2,000 per eligible child…