The death of a loved one is devastating, and as a surviving spouse, can be one of life’s most challenging scenarios. It also triggers unique financial and tax events that must be dealt with by the survivors. Especially if the death was sudden with little or no time to make financial preparations. This material is …
Qualified Small Business Stock: Do You Qualify For Its Taxable Gain Exclusion?
IRC Section 1202, the Qualified Small Business Stock (QSBS) gain exclusion, provides a significant tax planning strategy. Section 1202, also called the Small Business Stock Gains Exclusion, was enacted in 1993 to encourage investment in small businesses. It allows individuals to avoid paying taxes on up to 100% of the taxable gain recognized on the …
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Navigating Remote Work Tax Implications for SMBs: A Comprehensive Guide
Understanding the remote work tax implications is crucial for small and medium-sized businesses (SMBs) to avoid potential penalties and ensure compliance with tax laws. As businesses across a wide range of industries have shifted to a remote model, employees and employers alike have experienced numerous benefits such as reduced overhead costs, increased employee satisfaction, and …
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Video Tips: Time To Prepare For Your 2023 Tax Return
The Internal Revenue Service is encouraging taxpayers to take simple steps before the end of the year to make filing their 2023 federal 2023 tax return easier. With a little advance preparation, taxpayers can approach the upcoming tax season with confidence. If you are a current client, you can expect to receive your 2023 Tax …
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NEW – 2024 Mileage Reimbursement Rates Announced
The Internal Revenue Service recently announced the inflation-adjusted 2024 mileage reimbursement rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning Jan. 1, the 2024 mileage reimbursement rates for the use of a car (or a van, pickup or panel truck) are: Business standard mileage rates …
NEW – Business Beneficial Ownership Information (BOI) Reporting Starts in 2024
Ready to learn about Beneficial Ownership Information (BOI) Reporting rules that start January 1, 2024? In the ever-evolving landscape of business regulations, the Corporate Transparency Act (CTA), passed as part of the National Defense Authorization Act for Fiscal Year 2021. The Act introduces new reporting requirements for businesses in the United States; specifically focusing on …
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New in January – Businesses Are Required to E-file Form 8300
Starting Jan. 1, 2024, businesses are required to e-file Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new requirement follows final regulations amending e-filing rules for information returns, including Forms 8300. Trades and businesses must report cash payments received if all the following criteria is met: To comply …
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Navigating The Impact Of Rising Interest Rates On Personal Finances
As the current 30-year mortgage rate hovers at 8%, and the 10-year treasury approaches 5%, it’s crucial to understand the implications of rising interest rates on personal finances. Depending on your life stage and financial situation, these changes can bring both benefits and challenges. By incorporating effective tax planning strategies, you can mitigate the impact …
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2023 Tax Organizer – The Best Tax Deduction Finder & Problem Solver
Are you ready for an updated 2023 Tax Organizer? To get ready for your tax appointment, we use tax organizers to help us identify missing tax deductions and get you more organized before your appointment. We update the tax organizer annually to make sure you are compliant with the latest tax law changes. Configuration of …
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