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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.

Individuals Who Travel for Business May Be Eligible for Tax Deductions.

June 15, 2023

"Business Travelers", as defined by the IRS, may be eligible for tax deductions.

Reduce the Impact of the 3.8% Net Investment Income tax

June 13, 2023

In addition to regular income tax, high-income taxpayers may face the 3.8% net investment income tax. This article explains who the tax applies to, as well as some strategies to minimize it.

FASB Votes to Exempt Private Companies from Disaggregation of Income Statement Project

June 8, 2023

As costs rise, investors and lenders are eyeing profits closely. Here’s the latest development on the FASB’s project to up the ante on expense disclosures.

Keep These DOs and DON’Ts in Mind when Deducting Business Meal and Vehicle Expenses

June 6, 2023

Keeping careful business records for meal and vehicle expenses can safeguard your tax deductions. Here are some DOs and DON’Ts.

Have You Taken Steps to Make Your Home More Energy Efficient?

June 1, 2023

If you've installed energy efficient windows or doors, or added solar panels, you may qualify for related tax credits.

Benefits of a Living Trust for Your Estate

May 30, 2023

You’ve probably heard that you should avoid probate in estate planning. But what does that mean and how is it done?

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