TAX CALENDAR

By | January 7th, 2022|Accounting and Auditing, Business, Taxation, Uncategorized|

January 18 Individual taxpayers’ final 2021 estimated tax payment is due. January 31 File 2021 Forms W-2 (“Wage and Tax Statement”) with the Social Security Administration and provide copies to employees. File 2021 Forms 1099-NEC (“Nonemployee Compensation”) (paper or electronic) reporting nonemployee compensation payments to the IRS and provide copies to recipients, along with a [...]

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HANDLE RETIREMENT PLAN ROLLOVERS WITH CARE

By | January 6th, 2022|Accounting and Auditing, Estate planning, Retirement, Taxation|

Because of the COVID-19 pandemic and other reasons, job upheaval has become common among Americans over the past year or so.  If you may soon change employers, handle your retirement plan with care. LEAVE AS IS If your plan with your previous employer has a balance of at least $5,000, it must allow you the [...]

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IS YOUR BUSINESS ELIGIBLE FOR THE QBI DEDUCTION?

By | December 20th, 2021|Accounting and Auditing, Business, Taxation, Uncategorized|

If you own a business, you may wonder whether you’re eligible to take the qualified business income (QBI) deduction.  (It’s sometimes referred to as the “pass-through” deduction or “Section 199A” deduction.) The QBI deduction is available to owners of sole proprietorships, single-member limited liability companies (LLCs), partnerships, and S corporations, as well as trusts and [...]

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APPRAISAL AREN’T JUST FOR BUSINESSES ANYMORE

By | December 13th, 2021|Accounting and Auditing, Business, Estate planning, Retirement, Taxation, Uncategorized|

Whether you’re in the process of making a retirement or estate plan, or intend to donate property to charity, you’ll need to know the value of your assets.  For many hard-to-value items – such as closely held business interests, real estate, art of collectibles – an appraisal may be necessary. RETIREMENT AND ESTATE PLANNING To [...]

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BUDGETING FOR BABY

By | November 29th, 2021|Taxation, Uncategorized|

Babies bring joy and excitement.  They also bring substantial adjustments to the family budget!  In a September 2021 article, news provider U.S. News and World Report found that, after adjusting for inflation, it costs about $267,233 in 2021 dollars to raise a baby to age 18 based on previously published Bureau of Labor Statistics data.  [...]

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ONE-TIME THING: IRA TO HSA TRANSFERS

By | November 15th, 2021|Accounting and Auditing, Business, 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. Ordinarily, if you have an IRA and an HSA, it’s typically a good idea to contribute [...]

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