You won your lawsuit! Is your settlement tax-free?

There are few exceptions to including income received on your tax return. One of these exceptions is amounts received from a lawsuit or settlement for “personal physical injuries or physical sickness”. However, not all lawsuit and settlement awards are tax-free. For example, punitive damages and awards for unlawful discrimination or harassment are taxable. The tax […]

Do you need a new vehicle for your business? Consider looking at a heavy SUV for tax advantages.

A heavy SUV may provide a better tax break than a smaller vehicle would. Smaller vehicles are depreciated differently from heavy SUV’s, so an SUV may be a sensible choice for your new business vehicle. Depreciation rules Business cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets. […]

2022 IRA contribution deadline coming up

One way to decrease your tax liability is to make a deductible contribution to a traditional IRA. If your 2022 tax bill is higher than you would like, you have up until April 18, 2023 to make a contribution and benefit from these tax savings. But make sure you are eligible first. Rules for eligibility […]

The Internet of Things (IoT): What is that?

The internet feels like it has been around for forever, but crazy enough – the birthday of the internet was in the 80’s! Fast-forward to today and almost everything electronic is connected to the Internet or could be — from refrigerators to HVAC to security systems. This phenomenon is known as the Internet of Things […]

The Ever Evolving Child Tax Credit

It seems as if the rules related to the child tax credit change every year, so it may be difficult to know what is current – let’s review: For tax years 2022 and 2023, the CTC applies to taxpayers with children under the age of 17 (who meet CTC requirements to be ‘’qualifying children’’). A […]

Thinking about going through a merger & acquisition?

The value of M&A transactions took a hit in 2022 with interest rates on the rise. The value was down 41.4% from 2021, according to S&P Global Market Intelligence. However, some analysts expect 2023 to see increased M&A activity in certain industries. If you’re considering buying or selling a business, it’s important to understand the […]

How Rudler PSC can help you during today’s interesting economy

If you’re a business owner and you’re having trouble reading the economy, you’re not alone. Concerns still stand on if the economy will grow or suddenly stall. And interest rates continue to rise, meaning the battle against inflation is far from won. What can you do, strategically, to neither under- nor overreact to this “interesting” […]