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  • May 20, 2022
    • Uncategorized

    Inflation enhances the 2023 amounts for Health Savings Accounts

    The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA basics An HSA is a trust created or organized exclusively
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  • May 20, 2022
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    After tax day: Take these action steps

    The April tax filing deadline has passed, but that doesn’t mean you should push your taxes out of your mind until next year. Here are three tax-related actions that you should consider taking in the near term (if you filed on time and didn’t file for an extension). Retain the requisite records
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  • May 18, 2022
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    IRA charitable donations: An alternative to taxable required distributions

    Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an IRS-approved charity out of your IRA. When distributions are taken directly out of traditional IRAs, federal income tax of
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  • May 16, 2022
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    Forecasts vs. projections: What’s the big difference?

    Financial statements look at historical performance. But there are times when you want forward-looking reports to help your business make strategic investment decisions, evaluate the viability of a turnaround plan or apply for a loan. Your accountant can help ensure the assumptions underlying
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  • May 13, 2022
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    Businesses: Prepare for the lower 1099-K filing threshold

    Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be reported. Beginning this year, the threshold has dropped significantly for the filing of Form 1099-K, “Payment Card
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  • May 11, 2022
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    Caring for an elderly relative? You may be eligible for tax breaks

    Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. 1. Medical expenses. If the individual qualifies as your “medical dependent,” and you itemize deductions on your tax
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  • May 9, 2022
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    Management letters: Follow up on your auditor’s recommendations

    Maintaining the status quo in today’s volatile marketplace can be risky. To succeed, businesses need to “level up” by being proactive and adaptable. But some managers may be unsure where to start or they’re simply out of new ideas. Fortunately, when audited financial statements are delivered,
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  • May 2, 2022
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    Do you know the signs of financial distress in a business?

    Financial statements tell only part of the story. Investors, lenders and other stakeholders who know how to identify red flags of impending problems can protect their own financial interests. Additional due diligence may be needed to uncover these issues. For instance, stakeholders might need
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  • April 29, 2022
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    The tax mechanics involved in the sale of trade or business property

    There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more than a year. (There are different rules for
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  • April 27, 2022
    • Uncategorized

    Want to turn a hobby into a business? Watch out for the tax rules

    Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return? You can
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Recent Posts

  • Inflation enhances the 2023 amounts for Health Savings Accounts
  • After tax day: Take these action steps
  • IRA charitable donations: An alternative to taxable required distributions
  • Forecasts vs. projections: What’s the big difference?
  • Businesses: Prepare for the lower 1099-K filing threshold

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