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News
Our take on all things financial.
Does Your Business Have Employees Who Get Tips? You May Qualify for a Tax Credit
If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and...
It’s Possible (but Not Easy) to Claim a Medical Expense Tax Deduction
One of your New Year’s resolutions may be to pay more attention to your health. Of course, that may cost you. Can you deduct your out-of-pocket medical costs on your tax return?...
Defer a Current Tax Bill with a Like-Kind Exchange
If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is with a Section 1031...
Court Awards and Out-of-court Settlements May (or May Not) Be Taxed
Monetary awards and settlements are often provided for an array of reasons. For example, a person could receive compensatory and punitive damage payments for personal injury,...
Businesses: Do You Have to Comply with the New Corporate Transparency Reporting Rules?
Your business may soon have to meet new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), enacted in 2021, certain companies...
Year End is Gift-giving Time: Use the Annual Gift Tax Exclusion to the Max
With the holidays approaching, you might be considering making gifts of stock or cash to family members and other loved ones. By using the annual gift tax exclusion, those gifts...
Is Your Business Underestimating the Value of Older Workers?
The job market remains relatively tight for businesses looking to fill open positions or simply add top talent when the fit is right. That means it’s still important for...
IRS Delays New Reporting Rule for Online Payment Processors
For the second consecutive year, the IRS has postponed implementation of the new reporting rule for online payment processors. The new rule that would have led to an estimated 44...
5 Strategies to Cut Your Company’s 2023 Tax Bill
As another year ends with interest rates and markets in flux, one thing remains certain: Reducing your company’s tax bill can improve your cash flow and your bottom line. Below...