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    Recent Posts

    Valuable gifts to charity may require an appraisal

    Valuable gifts to charity may require an appraisal

    Inflation enhances the 2023 amounts for Health Savings Accounts

    Inflation enhances the 2023 amounts for Health Savings Accounts

    Thinking about converting your home into a rental property?

    Thinking about converting your home into a rental property?

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    ABLE accounts may help disabled or blind family members
    • Aug 26, 2021
    • 2 min

    ABLE accounts may help disabled or blind family members

    There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done through an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related expenses. Who is eligible? ABLE accounts can be created by eligible individuals to support themselves, by family members to support their depe
    IRS issues ERC guidance as Congress mulls early termination
    • Aug 24, 2021
    • 4 min

    IRS issues ERC guidance as Congress mulls early termination

    The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues, particularly those related to the extension of the credit through 2021 by the American Rescue Plan Act (ARPA). The guidance comes as Congress weighs ending the ERC early to help offset the costs of the pending infrastructure bill. As of now,
    Scholarships are usually tax-free but they may result in taxable income
    • Aug 19, 2021
    • 2 min

    Scholarships are usually tax-free but they may result in taxable income

    If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax-free for students at elementary, middle, and high schools, as well as those attending college, graduate school, or accredited vocational schools. It doesn’t matter if the scholarship makes a direct payment to the individual or reduces tuition. Requirements for tax-free treatment However, scholarships are not al
    Large cash transactions with your business must be reported to the IRS
    • Aug 17, 2021
    • 2 min

    Large cash transactions with your business must be reported to the IRS

    If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What are the requirements? Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction (or two or more related transactions), must file Form 8300. What is considered a “related transaction?” Any transactions conducted in a 24-hour period. Transactions can also be considered related even if
    5 possible tax aspects of a parent moving into a nursing home
    • Aug 12, 2021
    • 2 min

    5 possible tax aspects of a parent moving into a nursing home

    If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical expenses, exceed 7.5% of adjusted gross income (AGI). Qualified long-term care services are necessary diagnostic, preventive, therapeutic, curing, treating
    Is an LLC the right choice for your small business?
    • Aug 10, 2021
    • 2 min

    Is an LLC the right choice for your small business?

    Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might be appropriate for your business. An LLC is somewhat of a hybrid entity because it can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax
    You may have loads of student debt, but it may be hard to deduct the interest
    • Aug 5, 2021
    • 2 min

    You may have loads of student debt, but it may be hard to deduct the interest

    More than 43 million student borrowers are in debt with an average of $39,351 each, according to the research group EducationData.org. If you have student loan debt, you may wonder if you can deduct the interest you pay. The answer is yes, subject to certain limits. However, the deduction is phased out if your adjusted gross income exceeds certain levels — and they aren’t as high as the income levels for many other deductions. Basics of the deduction The maximum amount of stu
    The deductibility of corporate expenses covered by officers or shareholders
    • Aug 3, 2021
    • 2 min

    The deductibility of corporate expenses covered by officers or shareholders

    Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation. Deductible vs. nondeductible expenses In general, you can’t deduct an expense you incur on behalf of your corporation, even if it’s a legitimate “trade or busine

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