Taxes when you sell an appreciated vacation home
May 1, 2024 | Paula Kennedy, EA
If you have sold your appreciated vacation home, read this blog to find out the tax consequences.
Read MoreCharitable 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 […]
4 ways to encourage innovation in customer service
May 23, 2018 | Brian Hare, CPA, CGMA
When business people speak of innovation, the focus is usually on a pioneering product or state-of-the-art service that will “revolutionize the industry.” But innovation can apply to any aspect of your company — including customer service. Many business owners perceive customer service as a fairly cut-and-dried affair. Customers call, you answer their questions or solve […]
Reporting Cash Payments to a Business of $10k+
May 3, 2018 | Brian Hare, CPA, CGMA
A client recently asked us about reporting cash payments to a business of $10,000 or more. Understanding what is and isn’t considered “cash” as well as the process can be confusing, but the consequences for failing to file correctly and on time are serious. Here are the basic guidelines and a couple of examples: First, […]
File Form SS-8 to ask the IRS to determine a worker’s status
April 24, 2018 | Paula Kennedy, EA
Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly to avoid taxes and employee benefit obligations. To find out how the IRS will classify a particular worker, businesses can file optional IRS Form […]
Defer tax: Section 1031 exchange, new limits
April 24, 2018 | Brian Hare, CPA, CGMA
Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of property eligible for this favorable tax treatment. What is a like-kind exchange? […]
Could your next business loan get “ratio’d”?
April 24, 2018 | Brian Hare, CPA, CGMA
We live and work in an era of big data. Banks are active participants, keeping a keen eye on metrics that help them accurately estimate risk of default. Could your next business loan get “ratio’d”? As you look for a loan, try to find out how each bank will evaluate your default probability. Many do […]
Home-tax breaks are valuable on 2017 returns vs. 2018
April 24, 2018 | Paula Kennedy, EA
Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a home, you may be eligible for several valuable breaks when you file your 2017 return. But under the Tax Cuts and Jobs Act, your home-related […]