by Megan Kosciolek, MST | May 15, 2024 | Blog, Tax, Uncategorized
If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions....
by Megan Kosciolek, MST | May 8, 2024 | Blog, Business, Tax, Uncategorized
There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a...
by Megan Kosciolek, MST | Apr 24, 2024 | Uncategorized
Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to? One reason might be tax law changes that raise tax rates. The Biden...
by Megan Kosciolek, MST | Apr 7, 2024 | Uncategorized
If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum distribution (RMD) rules after reaching a certain age. If you inherit a tax-favored retirement account, including a traditional...
by Megan Kosciolek, MST | Mar 28, 2024 | Blog, Tax, Uncategorized
Are you dreaming of buying a vacation beach home, lakefront cottage or ski chalet? Or perhaps you’re fortunate enough to already own a vacation home. In either case, you may wonder about the tax implications of renting it out for part of the year. Count the days The...
