News & Updates
Education Benefits Help Attract and Retain Employees While Saving Taxes
Your business can attract and retain employees by providing education benefits that enable team members to improve their skills and gain additional knowledge, all on a tax-advantaged basis. Here's a closer look at some education benefits options. Educational...
Self-Directed IRAs Provide Both Flexibility and Risk
Traditional and Roth IRAs can be relatively “safe” retirement-saving vehicles, though, depending on what they're invested in, they limit your investment choices. For more flexibility in investment choices but also more risk, another option is a self-directed IRA....
Use the Tax Code to Make Business Losses Less Painful
Whether you're operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations. Qualifying for a...
2024 Tax Rates
The IRS has announced over 60 revised annual tax provisions for 2024 due to inflation. This includes increased tax rates for various income levels, a new tax on oil & petroleum products, estate tax & gift exclusions, and more. These go into effect for returns...
One-Time Thing: IRA to HSA transfer
Did you know that you can transfer funds directly from your IRA to a Health Savings Account (HSA) without taxes or penalties? Under current law, you're permitted to make one such “qualified HSA funding distribution” during your lifetime. Typically, if you have an IRA...
Is Disability Income Taxable?
If you may be eligible for disability income should you become disabled, it's important to know whether that income will be taxable. As is often the case with tax questions, the answer is “it depends.” Key Factor The key factor is who paid it. If your employer will...
Withdrawing ERC Claims
Recently, the IRS halted processing of claims for the Employee Retention Credit (ERC), due to a high volume of fraudulent claims. The moratorium is through at least the end of 2023. ERC claims already filed are now subject to longer processing, including heightened...
How To Be Ready To Secure a Business Bad Debt Deduction on Your 2023 Tax Return
Is your business having trouble collecting payments from clients or vendors? You might be able to claim a bad debt deduction on your tax return. But if you hope to take the deduction on your 2023 return, you'll have to get busy, because you must be able to show that...
Don’t Get Carried Away by a Windfall
Receiving a sudden and sizable influx of cash may seem like a dream come true. It can be, but many people get carried away and end up in worse financial shape. If you're hit with a financial windfall, here are some points you should know. Risky Conditions You may be...
The Ins and Outs of the Home Office Deduction
The pandemic changed the landscape of work for a lot of people, including the numerous business owners who began running their businesses from their homes. Many are still working from their home offices, whether full-time or on a...