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

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 [...]

Comments Off on DON’T GET CARRIED AWAY BY A WINDFALL

THE DEDUCTIBILITY OF MEDICAL EXPENSES

By |2023-09-25T10:24:19-04:00October 9th, 2023|Accounting and Auditing, Retirement, Taxation|

Individual taxpayers may be able to claim medical expense deductions on their tax returns.  However, the rules can be challenging, and it can be difficult to qualify.  Here are five points to keep in mind: You must itemize to claim the deduction and have quite a few expenses. The medical expense deduction can only be [...]

Comments Off on THE DEDUCTIBILITY OF MEDICAL EXPENSES

SAFEGUARDING YOUR CRITICAL DOCUMENTS

By |2023-08-29T11:29:38-04:00September 25th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation|

So many of the documents we all use in our personal lives these days are digital.  However, there are still many that you should retain as hard copies.  These include:   Birth, marriage and death certificates Social Security cards Tax returns Passports Estate planning documents, such as deeds and wills   Be sure to safeguard [...]

Comments Off on SAFEGUARDING YOUR CRITICAL DOCUMENTS

PLAN AHEAD FOR HEALTH SAVINGS ACCOUNTS IN 2024

By |2023-08-29T11:21:49-04:00September 18th, 2023|Accounting and Auditing, Business, Taxation|

  The IRS has released guidance that includes the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs).  The benefits of HSAs include: contributions are made on a pretax basis; funds can be withdrawn tax-free to pay for a variety of medical expenses, such as doctor visits, prescriptions, chiropractic care and long-term care insurance premiums; and [...]

Comments Off on PLAN AHEAD FOR HEALTH SAVINGS ACCOUNTS IN 2024
Go to Top