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Planning For Foreign Assets in Your Estate 850 500 smolinlupinco

Planning For Foreign Assets in Your Estate

If you own foreign assets but haven’t included them in your estate plan, it’s time to revisit your plan. It’s possible to structure the ownership of your foreign assets according to the laws of the U.S. and the country where they’re located. But you probably should engage the help of an experienced estate planning advisor…

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Is Switching to an S-Corp Right For You? A Tax Guide For Business Owners 850 500 smolinlupinco

Is Switching to an S-Corp Right For You? A Tax Guide For Business Owners

The type of business you run (sole proprietorship, partnership, limited liability company or LLC, C corporation, or S corporation) can greatly impact your tax bill. Choosing the right one is important from the get-go, but you can switch from one entity to the other if it makes sense to maximize your tax benefits. For instance,…

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Q3 Tax Deadlines for Businesses 850 500 smolinlupinco

Q3 Tax Deadlines for Businesses

Can you believe the third quarter is already here? We’ve compiled a list of key tax-related deadlines that might affect your business and employees to give you a leg up as we head into Q3. Keep in mind that this list isn’t all-inclusive and there could be other deadlines that apply to you.  July 15…

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hiring child for summer tax move
Is Hiring Your Child For the Summer a Smart Tax Move? 850 500 smolinlupinco

Is Hiring Your Child For the Summer a Smart Tax Move?

School’s out, and that can mean opportunities for your business. If you have a child interested in your work, consider hiring them for the summer.  Not only does it give your son or daughter a great experience, but you can both reap the tax benefits too!  Benefits for Your Child Depending on your business structure,…

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Boost Business Profits Cost Cutting Tips
Boost Business Profits with These 4 Cost-Cutting Tips 1063 625 smolinlupinco

Boost Business Profits with These 4 Cost-Cutting Tips

While it’s common for businesses to be most concerned with the volume of sales, this is not necessarily the only, nor most reliable, way to raise profits. In fact, the cost of making a sale can sometimes lead to lower than expected net profits.  Business owners must consider their overall expenses, including cost per acquisition,…

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Turning Home Into Rental
What You Need to Know Before Turning Your Home Into a Rental 850 500 smolinlupinco

What You Need to Know Before Turning Your Home Into a Rental

A great option for homebuyers can be to live in their new home and then turn their old house into a rental. As of March 2024, the Zumper National Rent Report found that average monthly rents for one- and two-bedroom apartments rose from $1,487 to $1,847. Of course, this varies depending on the part of…

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Tax Favored Retirement Plans
Tax-Favored Retirement Plan Options for Business Owners 850 500 smolinlupinco

Tax-Favored Retirement Plan Options for Business Owners

Does your business have a retirement plan? If not, it might be the right time to get one. Right now, retirement plan rules allow for significant tax-deductible contributions. If you’re self-employed and set up a SEP-IRA, for example, you could contribute up to 20% of your self-employment earnings with a maximum contribution of $69,000. (That’s…

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Could a Contrary Approach with Income and Deductions Benefit Your Business Tax Rates
Could a Contrary Approach with Income and Deductions Benefit Your Business? 850 500 smolinlupinco

Could a Contrary Approach with Income and Deductions Benefit Your Business?

Businesses typically want to delay the recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to? There are two main reasons why you might take this unusual approach:  You anticipate tax law changes that raise tax…

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21 Estate Planning Terms You Need to Know
21 Estate Planning Terms You Need to Know 850 500 smolinlupinco

21 Estate Planning Terms You Need to Know

Whether you’re making your first estate plan or need to update an existing one, it helps to speak the language. While most people are familiar with common terms like “trust” or “will,” the meanings of other estate planning terms may feel less clear.  Keep this glossary of key terms handy to help you navigate the…

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Answers to 3 Common Questions After Filing Your Tax Return
Answers to 3 Common Questions After Filing Your Tax Return 850 500 smolinlupinco

Answers to 3 Common Questions After Filing Your Tax Return

The 2023 federal tax filing deadline has come and gone. (Unless, of course, you filed for an extension until October 15.) Whether you’ve already filed or you’re still working on your return, you might have some questions once it’s been filed. Let’s take a look at three of the most common ones. 1. When can…

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How WIP is Audited
How Work In Progress (WIP) is Audited  850 500 smolinlupinco

How Work In Progress (WIP) is Audited 

During fieldwork, external auditors dedicate many hours to evaluating the way businesses report work-in-progress (WIP) inventory. Why is this so important? And how do auditors decide whether WIP estimates are realistic and reasonable?  Determining the value of WIP  Depending on the nature of their operations, companies may report a variety of categories of inventory on…

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Retirement Account Required Minimum Distribution (RDM) Laws Are Evolving
Retirement Account Required Minimum Distribution (RDM) Laws Are Evolving 850 500 smolinlupinco

Retirement Account Required Minimum Distribution (RDM) Laws Are Evolving

Do you have a tax-favored retirement account, such as a traditional IRA? If so, that account will be subject to the federal income tax required minimum distribution (RMD) rules once you reach a certain age. (This applies even if you acquired the tax-favored retirement via an inheritance.) These rules mean you’ll have to: A) Make…

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