HOW TO SECURE A BUSINESS BAD DEBT DEDUCTION

By |2023-11-20T09:56:26-05:00November 20th, 2023|Accounting and Auditing, Business, Taxation|

Is your business having trouble collection payments from clients or vendors? Years after the onset of the pandemic, some operations continue to feel the impact on business activity.  It may be small solace, but at least you might be able to salvage a bad debt deduction on your tax return. Caution: This tax treatment isn’t [...]

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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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TAX CALENDAR

By |2023-09-25T10:29:21-04:00October 23rd, 2023|Accounting and Auditing, Business, Taxation|

  October 10 Employees must report September tip income of $20 or more to employers (Form 4070).   October 16 Individual whose personal federal income tax returns for 2022 receive an automatic extension must file them no later than today and pay any tax, interest and penalties due.  In addition: Those with offshore bank accounts [...]

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DON’T GET CARRIED AWAY BY A WINDFALL

By |2023-09-25T10:27:03-04:00October 16th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation|

Receiving a sudden and sizable influx of cash may seem like a dream come true.  It can be, but many people get carried away by a windfall and end up in worse financial shape.  If you’re hit with a financial windfall, here are some points you should know.   RISKY CONDITIONS Perhaps the most obvious [...]

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