Articles & newsletters

February 21, 2023

Protect your business with meticulous records

If you run a business, you know that you need to support expenses with detailed records. To be deductible, every expense on your tax return might have to be defended if your company is subject to an audit. Plus, failing to operate in a businesslike manner, complete with good records,  might lead the IRS to deem the activity … Continue reading Protect your business with meticulous records

February 16, 2023

Qualifying for the home office deduction

In recent years, many people have pivoted to working from home, and that brings up tax questions. If you’re one of those people, you might wonder, “Can I claim the home office deduction on my 2022 tax return?” The short answer is: only if you’re self-employed. Employees can’t currently claim home office expenses, and even self-employed taxpayers … Continue reading Qualifying for the home office deduction

February 1, 2023

Throwing snowballs at a mountain of debt

Many people start the year intending to get out of debt, yet end the year owing just as much, if not more. One approach that might yield success is called “throwing snowballs.” Under this method, you organize your debts from the lowest balance to the highest balance and begin paying off the debt on top … Continue reading Throwing snowballs at a mountain of debt

January 30, 2023

6 key tax Q&As for 2023

Right now, you may be more concerned about your 2022 tax bill than you are about how to handle your personal finances in the new year. However, as you deal with your annual tax filing, it’s a good idea to also familiarize yourself with pertinent amounts that may have changed for 2023. Not all tax … Continue reading 6 key tax Q&As for 2023

January 23, 2023

Are you at risk for investment fraud?

Many perpetrators of investment fraud know how to push the right psychological buttons to entice their “marks” to buy worthless or nonexistent securities. You can mitigate the risks by asking a few questions, performing some research and consulting with trusted advisors. Beware Be alert for these common scams: Pyramid and Ponzi. The con artist promises high returns, often … Continue reading Are you at risk for investment fraud?

January 16, 2023

Are you at risk of retirement plan leakage?

Generally, the term “leakage” has negative connotations. So, it’s not surprising that the same is true in the context of retirement planning, where leakage refers to pre-retirement early withdrawals from a retirement account. Now, as a business owner who sponsors a qualified retirement plan, you might say, “Well, that’s my participants’ business. Not mine.” However, … Continue reading Are you at risk of retirement plan leakage?

January 9, 2023

Smooth sailing: Tips for easier navigation through tax season

The IRS generally begins accepting the previous year’s individual tax returns in late January. Here are quick tips you can use to help speed tax processing and avoid hassles. For starters, contact us soon for your tax preparation appointment. Gather all documents needed to prepare an accurate return, including W-2s, 1099 forms, and statements of interest paid … Continue reading Smooth sailing: Tips for easier navigation through tax season

December 23, 2022

What’s your taxpayer filing status?

For many people, December 31 means a New Year’s Eve celebration. However, from a tax perspective, it means thinking about the filing status you’ll use when filing your tax return for the year. The one you use depends partly on whether you’re married on that date. The five statuses When you file your federal tax … Continue reading What’s your taxpayer filing status?

December 20, 2022

The pros and cons of NQDC plans

Nonqualified deferred compensation (NQDC) plans allow participants to set aside large amounts of tax-deferred compensation while enjoying the flexibility to schedule distributions to align with their financial goals. However, the plans aren’t without risks so before you jump in, consider the pros and the cons. What makes an NQDC plan different? NQDC plans differ significantly … Continue reading The pros and cons of NQDC plans

December 8, 2022

Have you considered a cost segregation study?

Because of the economic impact of inflation, many companies may need to conserve cash and not buy much equipment this year. As a result, you may not be able to claim as many depreciation tax deductions as in the past. However, if your company owns real property, there may be another approach to depreciation to … Continue reading Have you considered a cost segregation study?