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 [...]

Comments Off on HOW TO SECURE A BUSINESS BAD DEBT DEDUCTION

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 [...]

Comments Off on ONE-TIME THING: IRA TO HSA TRANSFERS

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 [...]

Comments Off on DO YOU RUN A BUSINESS FROM HOME?

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, [...]

Comments Off on IS DISABILITY INCOME TAXABLE?

STATE TAXES AFFECT BUSINES SALES, TOO

By |2023-09-25T10:37:20-04:00October 30th, 2023|Accounting and Auditing, Business, Taxation|

For various reasons, business owners sometimes decide to put their companies on the market.  To successfully negotiate the sale of a business, it’s critical to understand the tax implications.  Armed with this knowledge, you can assess the impact of various transaction structures and sales price allocations on your net proceeds from the sale and may [...]

Comments Off on STATE TAXES AFFECT BUSINES SALES, TOO

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 [...]

Comments Off on TAX CALENDAR
Go to Top