Tax Implications When Selling a Vacation Home

Tuesday, June 18, 2024
Vacation homes located in high-end areas might significantly surpass their initial purchase prices. While this is advantageous, the question arises: what about taxes? Here, we outline three scenarios to illustrate...... Read More

Scrupulous records and legitimate business expenses are the key to less painful IRS audits

Monday, June 17, 2024
If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim...... Read More

A General Look at Generative AI for Businesses

Friday, June 14, 2024
If you follow the news, you’ve probably heard a lot about artificial intelligence (AI) and how it’s slowly and steadily expanding into various aspects of our lives. One widely cited...... Read More

Watch out for “income in respect of a decedent” issues when receiving an inheritance

Tuesday, June 11, 2024
Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? However, in some cases, it may turn out to be too good to be true. While...... Read More

Bartering is a Taxable Transaction Even if No Cash is Exchanged

Monday, June 10, 2024
If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new —...... Read More

Business Owners, Your Financial Statements Are Trying to Tell You Something

Friday, June 07, 2024
Business owners are commonly and rightfully urged to regularly generate financial statements in compliance with Generally Accepted Accounting Principles (GAAP). One reason why is external users of financial statements, such...... Read More

The Pros and Cons of Turning Your Home Into a Rental

Tuesday, June 04, 2024
If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one- and two-bedroom residences were $1,487...... Read More

Maximize the QBI Deduction Before it’s Gone

Monday, June 03, 2024
The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So if you’re eligible, you want to make the most of...... Read More

Should your business change its health care plan for next year?

Friday, May 31, 2024
Open enrollment for most healthcare plans is many months away. That makes now a good time for businesses to consider changing their employer-sponsored coverage for next year, or perhaps to...... Read More

Keep These 3 Issues in Mind After You File Your Return

Tuesday, May 28, 2024
The tax filing deadline for 2023 tax returns is April 15 this year. If you need more time, you can file for an extension until October 15. In either case,...... Read More