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Retirement Account Catch-up Contributions Can add Up

July 27, 2023

If you’re eligible and not making catch-up contributions to your retirement plan, you’re missing out on building more tax-favored savings. Here are the rules of the road.

Business Owners Can Deduct Ordinary and Necessary Expenses on Their Tax Returns in the Year the Costs Were Incurred, if the Costs Are Substantiated.

July 25, 2023

The U.S. Tax Court ruled that a married couple who reported no income for a new business wasn’t allowed to deduct most costs.

Receivables: Quality Counts

July 20, 2023

Don’t take accounts receivable at face value. Here’s how to evaluate the quality of receivables.

Inheriting Stock or Other Assets? You’ll Receive a Favorable “Stepped-up Basis”

July 18, 2023

When planning your estate or inheriting assets, it’s essential to understand the “step-up” basis rules. They can affect the taxes due on the sale of the assets.

That Email or Text from the IRS: It’s a Scam!

July 13, 2023

Criminals keep coming up with new ways to try and steal information from taxpayers. Here are a few of their scams and how you can avoid them.

Starting a Business? How Expenses Will Be Treated on Your Tax Return

July 11, 2023

If you’re starting or planning to launch a new business, there are some rules to keep in mind. The way you handle some of your initial expenses can make a large difference in your federal tax bill.

Why Some Small Businesses Are Switching to Tax-basis Reporting

July 6, 2023

Are you fed up with all the recent accounting rule changes? For many private companies, the new lease standard that went into effect in 2022 was the last straw. Here’s an alternative reporting framework to consider.

The Best Way to Survive an IRS Audit is to Prepare

July 3, 2023

Don’t panic if you get a letter from the IRS telling you your tax return is being audited. In many cases, the IRS completes audits after receiving requested documentation. Here are the latest IRS statistics, as well as some tips on how to help survive an audit.

June Brides (and Grooms) Take Note: Marriage Alters Your Tax Status and Adds a Few More To-dos to What’s Probably a Long List.

June 29, 2023

If one or both of you change your names, notify the Social Security Administration because their records must match those on your tax returns.

Are You Married and Not Earning Compensation? You May Be Able to Put Money in an IRA

June 27, 2023

In general, only taxpayers can make IRA contributions. However, there's an exception involving a "spousal" IRA that allows spouses who are out of work to make IRA contributions.

In Financial Planning, Forecasts and Projections Aren’t the Same

June 22, 2023

No business owner has a fully functional crystal ball. But a carefully created forecast or projection can help you better prepare for the future.

When Can Seniors Deduct Medicare Premiums on Their Tax Returns?

June 20, 2023

Seniors who have Medicare insurance (including supplemental) know that it can be costly to get the desired coverage. If this is your situation, you may be able to deduct the cost of premiums, along with other medical expenses, on your tax return.

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