Senior tax-saving alert: Make charitable donations from your IRA
December 11, 2024 | Caleb Pulst
Making charitable donations from your IRA. This can help Seniors save on their taxes.
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Choosing a business entity? Here are the pros and cons of a C corporation
December 10, 2022 | Ryan Burke, CPA, MSF
Summary of the advantages and disadvantages of starting a C-Corporation.
Strategies for investors to cut taxes as year-end approaches
December 7, 2022 | Brian Hare, CPA, CGMA
Tax-harvesting. When is the right time to use this strategy?
Is your business closing? Here are your final tax responsibilities
December 4, 2022 | Megan Kosciolek, MST
Read to learn about final tax responsibilities when you are closing your business.
Year-end giving to charity or loved ones
November 30, 2022 | Paula Kennedy, EA
Basic Tax Rules for donating to Charity or Loved Ones this holiday season.
Computer Software Costs: How Does Your Business Deduct Them?
November 21, 2022 | Brian Hare, CPA, CGMA
These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others. In any of these situations, you should be aware of the complex rules that determine the tax treatment of the […]
How Savings Bonds Are Taxed
November 18, 2022 | Ryan Burke, CPA, MSF
Many people have savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself. You may wonder how the interest you earn is taxed. And if they reach final maturity, what action do you need to take to ensure there’s no loss of […]
2023 Limits for Businesses That Have HSAs, or Want to Establish Them
November 13, 2022 | Akila Sivakumar
No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet […]
How inflation will affect your 2022 and 2023 tax bills
November 9, 2022 | Megan Kosciolek, MST
The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your federal income tax bill for 2023? The IRS recently announced next year’s inflation-adjusted tax amounts for several provisions. Some highlights Standard deduction. […]
You may be liable for “nanny tax” for all types of domestic workers
October 31, 2022 | Paula Kennedy, EA
You’ve probably heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a […]
Providing fringe benefits to employees with no tax strings attached
October 24, 2022 | Brian Hare, CPA, CGMA
Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits. Here are examples of two types of benefits which employees generally can exclude from income: A no-additional-cost benefit. This involves a service provided to […]