When planning for your estate or inheriting property it’s important to consider what the tax “cost” (or “basis”) implications could be for the individual inheriting as this can often been neglected when families start planning their affairs. Under the fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives […]

If your business is growing and will need to increase the space or maybe even move in the near future, remember there’s a rehabilitation tax credit that could be to your advantage – especially for historic buildings. The credit is equal to 20% of the qualified rehabilitation expenditures (QREs) for a qualified rehabilitated building that’s […]

An appraisal is essential in the event of a business sale, merger, estate planning, strategic planning, or acquisition. Here are five terms you should know if you are planning to have a valuation in the future: 1. Fair market value. This is a term you may associate with selling a car, but it applies to […]

After filing your 2022 tax return, you may want to get rid of clutter, but are not sure which documents to retain and which documents are safe to throw away. In case you are audited by the IRS, there are certain documents that will need to be produced. Luckily, except in cases of fraud or […]

Are you thinking about setting up a retirement plan for yourself and your employees? “Simplified employee pension” (SEP) or “savings incentive match plan for employees” (SIMPLE) are two options for small business retirement plans. Detailed below are some of the highlights of SEP and SIMPLE plans. SEP involves easy setup If you don’t already have […]

Social media and business are intertwined more than ever today, which affects how businesses interact with their customers. It creates an opportunity for customers to ask questions, businesses to answer those questions and address comments and complaints from buyers. It may also connect companies with potential customers – those interested in their products or services.

Artists and art collectors, may have questions when it comes to donating a work of art to charity. A variety of different tax rules may apply to such contributions. The specifics of these rules range from the length of time the art work was owned, the value of it, the type of organization you donate […]

With warmer weather, you might be thinking about summer hiring strategies. With your children out of school, maybe they are looking to earn extra spending money. Putting your child on payroll might allow you to save some of your family income while benefiting the business with lower payroll taxes. Below are a four tax advantages […]

If you’ve been following the news lately, you’ve surely heard or read about the sudden rise in concern about the banking industry. Although the story is still unfolding, an important lesson for business owners is already clear: You’ve got to be constantly on guard against the many risks to your company’s financial solvency. One way […]

When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Filing a return as a head of household is more favorable than filing as a single taxpayer. For example, the 2023 standard deduction for a single taxpayer is $13,850 while […]