If you choose to make charitable donations of artwork, you may qualify for tax deductions. But there are a number of decisions to make and things to consider in determining the tax benefits for which you qualify.   A charitable contribution of a work of art is subject to reduction if the charity’s use of […]

Social media is a large part of today’s marketing world if you are utilizing it properly. A few tools to implement with your company’s website can pay off big.   In today’s data-driven world, business owners are constantly urged to track everything. And for good reason — having accurate, timely information displayed in an easy-to-understand […]

Do you participate in online gambling or sports betting? Studies have found people have been engaging in these types of activities more since the pandemic began. Even if you don’t do online gambling there are also more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax […]

Global merger and acquisition (M&A) activity has reached new highs in 2021, according to Refinitiv, a provider of financial data. It is important to familiarize yourself with the rules and process of reporting M&A activity. It is very important that all parties involved to report to the IRS and state agencies the same way. Low […]

Due to the spread of the Delta variant of COVID-19, many small businesses are still struggling with diminishing revenues and staffing shortages. In order to help, the Small Business Administration (SBA) has replenished its Economic Injury Disaster Loan (EIDL) program to offer targeted relief to eligible employees. A brief history The EIDL program was in […]

Given the rise in health care costs, there may be a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet current and future medical needs. Here are the main tax benefits. Contributions made […]

Many businesses use vehicles as part of their day to day operations, but how do you know that you are getting the largest deduction possible out of them? The rules are complicated and in certain circumstances have special limitations that apply to them. Let’s discuss the rules that apply for tax depreciation on your business […]

The U.S. Department of Health and Human Services, through the Health Resources and Services Administration (HRSA) recently revised reporting requirements for recipients of Provider Relief Fund (PRF) payments. Period 1 Due September 30, 2021. The revision includes expanding the amount of time providers will have to report information, aims to reduce burdens on smaller providers, […]

In the past year and a half some industries have seen dramatic growth, while others have overcome incredible challenges. If your business is doing well enough for you to consider adding a location, both congratulations and caution are in order. “Fortune favors the bold,” goes the old saying. However, strained cash flow and staffing issues […]

With the housing market climbing this past summer, many homeowners saw a increase in the value of their home. Be aware of the tax implications if you’re selling your home or you sold one in 2021. You may owe capital gains tax and net investment income tax (NIIT). According to the National Association of Realtors, […]