As we approach the time to close the books, taking a look at your inventory is an item that to needs to checked off your year-end checklist – or added to. The pandemic may have your attentions elsewhere, however, the way you manage and track your inventory could impact your financial statements greatly. Cut back […]

Investing in and selling mutual funds is a great way to pocket money, however, there are some rules and consequences you need to be aware of before you do so. Surprise Sales, Recordkeeping, Timing Purchases and Sales and Identify Shares You Sell. Surprise Sales You may already have made “taxable sales” as part of your […]

The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021, the FICA tax rate for both employers and employees is 7.65% (6.2% for Social Security and 1.45% for Medicare). For 2021, the Social Security tax rate is 6.2% […]

For most of us, 2020 has been a punch to the gut. The intense impact of COVID-19 has put unforeseen pressure on many of us. Hopefully, your disaster plan was in place and you kept the mindset of when and not if! So, how did yours do? Although it may still be a little early […]

Who says that spring is the best season for cleaning. With the October 15th tax deadline for extended filers passed, let’s take inventory of what tax information you need to retain and what can be destroyed. Let’s channel our inner Marie Kondo and tidy things up! The general rules At minimum, you should keep tax […]

Passive activity loss rules can be some of the most confusing parts of this great nation’s tax code. No need to worry, Rudler, PSC can help guide you through these complex issues. If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated by them in excess […]

Many businesses have taken a hit during the COVID-19 pandemic. Consumers and businesses may not necessarily be in the buying mood, resulting in sales staff returning less than desirable numbers. Below you will find 4 simple steps to help focus your sales staff to seek more definite sales, which can save both time and energy […]

When filing a tax return with your spouse the “default” option is to file jointly. However, many people do not think of the potential implications this can have on the spouse or taxpayer as individuals. Depending on your situation, the spouse may be just as liable for tax liability as the taxpayer. This can lead […]

For many, the IRS is not an agency which suggests a welcoming message. Receiving a letter requesting payment of overdue taxes or a change to your return is rarely pleasant and can lead to additional stress to your already stressful life. By staying prepared and anticipating an audit from the IRS, your stress can be […]

Whether it’s a smart phone, tablet or laptop, mobile devices have become the constant companions of today’s employees. From a productivity standpoint, this is a good thing. So many tasks that once kept employees tied to their desks are now doable from anywhere on flexible schedules. All this convenience, however, brings considerable risk. Multiple threats […]