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April 2, 2024
Ensuring Transparency When Using non-GAAP Metrics to Prepare Financial Statements

Mind the GAAP! Staff from the Securities and Exchange (SEC) commission expressed concerns at last November’s Financial Executives International’s Corporate Financial Reporting Insights Conference about the use of financial metrics that don’t conform to U.S. Generally Accepted Accounting Principles (GAAP). According to Lindsay McCord, chief accountant of the SEC’s Division of Corporation Finance, many companies […]

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March 29, 2024
Can Your Social Security Benefits Be Taxed?

Did you know that Social Security benefits can be federally taxed? It’s true. Depending on your income, up to 85% of your benefits could be impacted by federal income tax. Understanding provisional income How do you determine the amount of Social Security benefits to report as taxable income? That depends on your “provisional income.” To […]

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March 28, 2024
Read This Before Listing Your Property as a Vacation Rental

Whether you own a lakefront cottage, vacation beach home, or ski chalet, renting out your property for part of the year can have significant tax impacts. Here’s what you need to know. Your level of personal use impacts your taxes The number of days the property is rented has a direct impact on your taxes. […]

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March 26, 2024
Estate Planning? Don’t Forget the Generation-Skipping Transfer (GST) Tax

Would you like to include grandchildren, great grandchildren, or nonrelatives who are significantly younger than you in your estate plan? If so, you’ve got more to consider than gift and estate taxes. The generation-skipping transfer (GST) tax may also apply. GST Tax Basics One of the harshest taxes in the Internal Revenue Code, the GST […]

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March 22, 2024
Stressed About Long-Term Care Expenses? Here’s What You Should Consider

Most people will need some form of long-term care (LTC) at some point in their lives, whether it’s a nursing home or assisted living facility stay.  But the cost of unanticipated long-term care is steep. LTC expenses generally aren’t covered by traditional health insurance policies like Social Security or Medicare. A preemptive funding plan can […]

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March 21, 2024
Can the Research Credit Help Your Small Business Save On Payroll Taxes?

Often called the R&D credit, the research and development credit for increasing research activities offers a valuable tax break to many eligible small businesses. Could yours be one of them?  In addition to the tax credit itself, the R&D credit offers two additional features of note for small businesses:  This second feature, in particular, has […]

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March 18, 2024
How Do Cash Accounting and Accrual Accounting Differ?

Financial statements play a key role in maintaining the financial health of your business. Not only do year-end and interim statements help you make more informed business decisions, but they’re also often non-negotiable when working with investors, franchisors, and lenders. So, which accounting method should you use to maintain these all-important financial records—cash or accrual? […]

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March 15, 2024
Choosing the Best Accounting Method for Business Tax Purposes

Businesses categorized as “small businesses” under the tax code are often eligible to use accrual or cash accounting for tax purposes. Certain businesses may be eligible to take a hybrid approach, as well.  Prior to the implementation of the Tax Cuts and Jobs Act (TCJA), the criteria for defining a small business based on gross […]

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March 1, 2024
What’s the Difference Between Filing Jointly or Separately as a Married Couple?

You know that you must choose a filing status when you file your tax return, but do you know what your choice really means? Picking the right filing status matters because the status you select will influence your tax rates, eligibility for certain tax breaks, standard deduction, and correct tax calculation. And there are plenty […]

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