Year-end is a good time to plan to save taxes by carefully structuring your capital gains and losses. A few tax items should be considered when working on year end investment strategies. If you have losses in the year you should consider selling stock that has appreciated so you can use the losses to offset […]

Supplying an employee with a company car can be a useful and important benefit to the employer and employee. However, it does come with some obstacles that employers must navigate. Providing a company car results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And […]

Among the biggest long-term concerns of many business owners is succession planning. How do you smoothly and safely transfer ownership and control of the company to the next generation? From a tax perspective, the optimal time to start this process is long before the owner is ready to give up control. A family limited partnership […]

Awards and settlements are routinely provided for a variety of reasons. A person could receive compensatory and punitive damage payments for personal injury, discrimination or harassment. Some of this money is taxed by the federal government, and perhaps state governments. Hopefully, you’ll never need to know how payments for personal injuries are taxed. But here […]

Does your business travel a lot and have you ever considered buying a corporate aircraft? There are many tax and non-tax implications of owning an aircraft. Let’s take a look at the basic tax rules. Business travel only In most cases, if your company buys a plane used only for business, the company can deduct […]

Businesses have had to tackle unprecedented changes over the last couple years. Think of all the steps you’ve had to take to safeguard your employees from COVID-19, comply with government mandates and adjust to the economic impact of the pandemic. Let us cast our minds to what the future will look like for 2022 and […]

Are you concerned about your 2021 tax bill? Don’t worry because there is good news, you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. 1. Accelerate deductions/defer income. Certain tax deductions are claimed for the year of payment, such as the […]

Want to reduce your 2021 tax liability? Before the year is up, consider executing a few tax savings strategies noted below. Purchase assets Thinking about buying new or used equipment, machinery or office equipment in the new year? Buy them and place them in service by December 31, and you can deduct 100% of the […]

The IRS recently announced the cost-of-living adjustments to retirement plan contribution limits and thresholds. Here are some of the highlight that were included in Notice 2021-61. Elective deferrals. The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k), 403(b) and 457 plans, as well as for Salary Reduction Simplified […]

The Infrastructure Investment and Jobs Act (IIJA), which was signed into law on November 15, 2021, created reporting requirements for cryptocurrency beginning in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Cryptocurrency use has increased drastically in recent years. This growth naturally leads to new compliance, with the […]