The “kiddie tax” is a regulation that could lead to a portion of a child’s unearned income facing taxation at the parents’ higher marginal federal income tax rates, as opposed to the general lower rates applicable to children. It’s important to note that, within the scope of this federal income tax provision, an individual classified […]

Food and beverage and other hospitality service businesses where tipping is customary may qualify for a federal tax credit including Social security and Medicare( FICA) taxes on the tip income received by their employees. Credit fundamentals The FICA credit applies to tips that your staff members receive from customers when they buy food and beverages. […]

In the vast realm of mergers and acquisitions, where due diligence is a customary prelude to finalizing deals, business buyers meticulously investigate the financial, legal, and operational facets of the target company. However, as a business owner, why not turn the tables and embark on a self-conducted exploration of your own company? While delving into […]

As you embark on your New Year’s resolution to prioritize your health, you might find yourself wondering about the possibility of claiming a tax deduction for your out-of-pocket medical costs. While the idea is enticing, the process is not without its challenges and limitations.   Deducting medical expenses is contingent on several factors, including the […]

For those considering the sale of appreciated commercial or investment real estate, the prospect of a hefty tax bill on the gain might give pause. However, a strategic approach to defer such tax obligations exists through a Section 1031 “like-kind” exchange. This unique transaction allows you to exchange the property instead of selling it outright. […]

There is so much to do at the end of the year, but if you have been keeping up with your financials you will have a plethora of information from throughout the year. With this information you can spot positive and negative trends to help you plan and benchmark for the upcoming year. Benchmarking can […]

There are many reasons you may be moving to a new state. Whether you are retiring to a warmer environment, wanting to be closer to family, or moving for a new job, you don’t want to forget to factor state and local taxes into the decision – it may be more complex than you think.

When deducting automobile expenses you have the option of deducting your actual expenses or calculating the miles driven for business use multiplied by a factor. For 2024 that factor is going up by 1.5 cents per mile. So if you are using a car, van, pickup or panel truck for business, the cents-per-mile rate is […]

With the current year coming to an end, its time to start prepping for the new year and plan where you want to take your business. When it comes to success, the driving force behind most businesses is sales. Here are some big-picture ways to reinvigorate your company’s sales efforts heading into the new year.

There might come a day when you actually receive money from the courts. Monetary awards and settlements are often provided for an array of reasons. Some of this money is taxed by the federal government, and perhaps by state governments. Here are the basic rules — just in case you or a loved one does […]