ATTENTION all taxpayers that itemize on their individual income tax return: The IRS recently issued some frequently asked questions addressing when certain costs are qualified medical expenses for federal income tax purposes. Basic rules and IRS clarifications You can claim an itemized deduction for qualified medical expenses that exceed 7.5% of your adjusted gross income. […]

Two things are true in todays society: it’s hard to find good help and no one likes to be in debt. Offering an education assistance program could be the answer. An education assistance program allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. It’s a way to keep […]

Inflation has been a hot topic in the news for months, which has caused growing concerns within the business industry. Most business owners are keeping a close eye on costs. Costs that are related to mission-critical functions such as overhead and materials can be difficult to control. However, you might find some budge room in […]

If you’re a crypto investor or user, you may soon notice a new form reporting requirements for digital assets. Checking the box Beginning in the 2022 tax year, taxpayers must check a box on their tax returns indicating whether they have received digital assets as a reward, award or payment for property or services, or […]

There’s a tax advantage if you take money out of a C corporation as compensation, rather than as dividends. The reason behind this is a corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. There are limits to how much money you can take out of the corporation. Furthermore, […]

Many leadership teams and owners in the business world participate in regular strategic planning to improve their business in a positive way. However, no matter how sound a set of strategic objectives might be, it’s always important to bear in mind that your competitors have plans of their own. That’s why you should consider integrating […]

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 […]