ONE-TIME THING: IRA TO HSA TRANSFERS

By |2023-10-26T09:22:36-04:00November 20th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation|

Did you know that you can transfer funds directly from your IRA to a Health Savings Account (HSA) without taxes or penalties? According to the IRS, you’re permitted to make one such “qualified HSA funding distribution” during your lifetime. Typically, if you have an IRA and an HSA, it’s a good idea to contribute as [...]

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DO YOU RUN A BUSINESS FROM HOME?

By |2023-11-08T08:08:39-05:00November 8th, 2023|Accounting and Auditing, Business, Taxation|

The COVID-19 pandemic changed the landscape of work for a lot of people, as numerous business owners began working from their homes.  Many are still working from their home offices, whether full-time or on a hybrid basis.  If you’re self-employed and run your business from home, or perform certain functions there, you might be able [...]

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IS DISABILITY INCOME TAXABLE?

By |2023-10-26T09:34:17-04:00November 6th, 2023|Accounting and Auditing, Business, Taxation|

Many Americans receive disability income.  If you’re one of them or know someone who is, you may wonder whether it’s taxable.  As is often the case with tax questions, the answer is “it depends.”   KEY FACTOR The key factor is who paid it.  If the income is paid directly to you by your employer, [...]

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A POSSIBLE TAX QUIRK OF BEING A BUSINESS PARTNER

By |2023-07-24T09:56:31-04:00August 21st, 2023|Accounting and Auditing, Business, Taxation|

  If you’re a partner in a business, you may have encountered a situation that gave you pause.  In any given year, you may have been taxed on more partnership income than was distributed to you.  The cause of this quirk of taxation lies in the way partnerships and partners are taxed. Unlike regular corporations, [...]

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APPRECIATING THE HELPFUL BALANCE OF BONDS

By |2023-05-22T15:23:34-04:00June 26th, 2023|Accounting and Auditing, Taxation|

Stock market and interest rate uncertainty may cause some investors to turn to bonds.  Perhaps the most “user friendly” bond is a U.S. government savings bond.  Buying one means you’re essentially lending the federal government money under certain terms, in exchange for a future return.  U.S. savings bonds don’t offer as high a yield as [...]

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THE TAX OBLIGATIONS IF YOUR BUSINESS CLOSES ITS DOORS

By |2023-06-21T15:30:18-04:00June 21st, 2023|Accounting and Auditing, Business, Taxation|

Sadly, many businesses have been forced to shut down recently due to the challenges of the economy, including the supply chain.  If this is your situation, we can help you meet the various tax responsibilities that go with closing a business.   Of course, a business must file a final income tax return and some [...]

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