If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules Renting out a home or apartment that you own may result in a tax loss for you, even if the rental income is more than your operating […]

If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last in, first out (LIFO) inventory method. That’s because of the LIFO recapture income that will be triggered by converting to S corporation status. Your Rudler, PSC advisor can meet with […]

Beginning in 2021 taxpayers can claim an Ohio tax credit for contributions made to an eligible scholarship granting organization (SGO). A list of Certified Scholarship Granting Organizations can be found here: https://charitable.ohioago.gov/Scholarship-Granting-Organization-Certification/List . The credit itself is a dollar for dollar non-refundable credit up to $750 per individual ($1,500 married filing joint). If you receive […]

It might sound like the lingo of air traffic controllers — inbound vs. outbound. But businesses of all types must grapple with these concepts and their associated challenges when developing sales strategies. Inbound sales originate when someone contacts your company to inquire about buying a product or service, whereas outbound sales arise from members of […]

Socking away money in a tax-advantaged retirement plan can help you reduce taxes and help secure a comfortable retirement. If your employer offers a 401(k) or Roth 401(k), contributing to the plan is a smart way to build a substantial nest egg. If you’re not already contributing the maximum allowed, consider increasing your contribution. Because […]

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. January 17 (The usual deadline of January 15 is on a Sunday and January 16 is a federal […]

“Well, it still works, and everyone knows how to use it, but….” Do these words sound familiar? Many businesses stick with their accounting software far too long for these very reasons. What’s important to find out and consider is everything that comes after the word “but.” Managers and employees often struggle with systems that don’t […]

If you’re thinking about selling stock shares at a loss to offset gains that you’ve realized during 2022, it’s important to watch out for the “wash sale” rule. The loss could be disallowed Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within the […]

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction is: Available to owners of sole proprietorships, single member limited liability companies (LLCs), partnerships, and S corporations, as well […]

Family-owned businesses face distinctive challenges when it comes to succession planning. Early planning is important to distinguish ownership succession and management succession. When a nonfamily business is sold to a third party, ownership and management succession typically happen simultaneously. However, in the context of a family business, there may be reasons to separate the two. […]