by Megan Kosciolek, MST | Sep 27, 2023 | Tax, Uncategorized
This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible...
by Megan Kosciolek, MST | Sep 14, 2023 | Business, Tax, Uncategorized
Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless...
by Megan Kosciolek, MST | Sep 6, 2023 | Blog, Business, Tax, Uncategorized
The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here are the numbers that small business owners need to...
by Megan Kosciolek, MST | Aug 30, 2023 | Blog, Business, Tax, Uncategorized
If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and in many cases, your marital...
by Megan Kosciolek, MST | Aug 19, 2023 | Business, Tax
Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. The requirements Each person who, in the course of operating a trade or business, receives...
