Now’s the time to consider less taxing strategies

Rising interest rates, inflation and market volatility make tax planning more essential than ever for taxpayers looking to manage cash flow and pay the least amount of taxes possible.    As the end of the year approaches, now’s the time for individuals to review their 2022 and 2023 tax situations and identify opportunities and strategies […]

Find relief in tax strategies that generate cash flow

During these challenging times, companies need access to cash to offset unforeseen costs, whether that’s personal protective equipment for on-site employees or technology to keep a remote workforce efficiently connected. Tax strategies can help identify and execute cash flow opportunities and maintain the liquidity needed to navigate the uncertainty ahead. In the short term, business […]

Expenses: Know what’s deductible and substantiate

When owners, managers and salespeople attend trade shows, call on customers or evaluate suppliers, they might incur meal, travel and entertainment expenses. Many of these expenses could be deductible if they’re properly substantiated. But some of the rules have changed under the Tax Cuts and Jobs Act (TCJA). Business “entertainment” expenses used to be lumped […]

New law brings changes to 2018 income tax returns

Now that we’re more than half way through 2018, it’s a good time to review some of the changes imposed under the Tax Cuts and Jobs Act enacted in December. While most of the changes didn’t affect your 2017 income tax return, they will come into play when you file for 2018. Most TCJA changes […]

Consider the tax consequences of selling your home

If you plan to sell your home at a profit, you probably assume there won’t be any taxes to pay on the transaction. In most cases, this is a pretty good assumption because of the $250,000 exclusion of gains on the sale of a principal residence — $500,000 for a married couple filing jointly. Even […]

Tax incentives offer welcome breaks for parents

From the moment you take your newborn baby home to the time you help them out of the nest, you’ll incur numerous costs in the 20 something years in between. The U.S. Department of Agriculture estimates it costs the average middle-income family in the United States about $304,500 to raise a child born today. This […]

Save on college and taxes? It’s possible

Many families understand the value of higher education and desire to help their college-bound children accomplish this goal. There are numerous ways in which saving and paying for college education also can save income tax. The most common benefits include tax credits, deductions and savings plans. These incentives have different limitations on the tax benefit, […]

Reimbursements: Income to an employee or not?

When an employer advances or reimburses an employee for business expenses, there must be appropriate documentation to support the deduction as a business expense. Otherwise, these types of payments are considered additional wages subject to income and payroll taxes. Under Internal Revenue Service regulations, amounts paid under an accountable plan are excluded from income and […]

Investment in women leaders reaps rewards

In the 1950s, women accounted for less than 35 percent of the U.S. work force and were often were limited to such occupations as teachers, nurses and clerks. The situation is far different today, when women represent half the work force and mothers constitute the primary wage earner or co-earner in almost 68 percent of […]

Reimbursing employees for expenses: income or not?

When an employer advances or reimburses an employee for business expenses, appropriate documentation must support the deduction as a business expense. Otherwise, these types of payments are considered additional wages paid to the employee subject to payroll and income taxes. Under Internal Revenue Service regulations, amounts paid under an “accountable plan” are excluded from employee  […]