The pros and cons of turning your home into a rental
April 17, 2024 | Paula Kennedy, EA
Have you ever thought of turning your home into a rental? Read this blog to find out the pros and cons of doing so.
Read MoreTax record retention guidelines for individuals
June 29, 2018 | Paula Kennedy, EA
What 2017 tax records can you toss once you’ve filed your 2017 return? The answer is simple: none. You need to hold on to all of your 2017 tax records for now. But it’s the perfect time to go through old tax records and see what you can discard. The 3-year and 6-year rules At […]
Your original will: Does your family know it’s location?
June 29, 2018 | Brian Hare, CPA, CGMA
In a world that’s increasingly paperless, you’re likely becoming accustomed to conducting a variety of transactions digitally. But when it comes to your last will and testament, only an original, signed document will do. A photocopy isn’t good enough Many people mistakenly believe that a photocopy of a signed will is sufficient. In fact, most […]
Say, just how competitive is your business anyway?
June 29, 2018 | Brian Hare, CPA, CGMA
Every business owner launches his or her company wanting to be successful. But once you get out there, it usually becomes apparent that you’re not alone. To reach any level of success, you’ve got to be competitive with other similar businesses in your market. When strategic planning, one important question to regularly ask is: Just […]
Tax Savings=Getting started on 2018 tax planning now!
June 6, 2018 | Brian Hare, CPA, CGMA
With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for […]
Tax document retention guidelines for small businesses
June 6, 2018 | Brian Hare, CPA, CGMA
You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or your computer desktop is filled with a multitude of digital tax-related […]
Deduct business travel with a vacation?
June 6, 2018 | Brian Hare, CPA, CGMA
At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread carefully, or you might not be eligible for the deduction you’re expecting. General rules Business […]
Charitable giving: consider a donor-advised fund
June 6, 2018 | Brian Hare, CPA, CGMA
Do you make sizable gifts to charitable causes? If you’re fortunate enough to afford it, you can realize personal gratification from your generosity and may be able to claim a deduction on your tax return. But once you turn over the money or assets, you generally have no further say on how they’re used. You […]
COST CONTROL = TEAM EFFORT FROM MANAGERS & ADVISORS
May 25, 2018 | Brian Hare, CPA, CGMA
“That’s just the cost of doing business.” You’ve probably heard this expression many times. It’s true that, to invoke another cliché, you’ve got to spend money to make money. But that doesn’t mean you have to take rising operational costs sitting down. Cost control is a formal management technique through which you evaluate your company’s […]
Be aware: Tax consequences of selling a home
May 25, 2018 | Paula Kennedy, EA
In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences. Home sale gain exclusion […]
Beware IRD if you’ve received an inheritance
May 23, 2018 | Brian Hare, CPA, CGMA
Most people are genuinely appreciative of an inheritance. But sometimes it may be too good to be true. While inherited property is typically tax-free to the recipient, this isn’t the case with an asset that’s considered income in respect of a decedent (IRD). If you inherit previously untaxed property, such as an IRA or other […]