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October 16, 2023
Important Tax Considerations with Merger and Acquisition Transactions

Many industries have seen an increase in merger and acquisition activity in recent years. Is there potential for your business to merge with or acquire another?  If so, you’ll need to understand the potential tax implications of that decision. Assets vs. stocks These transactions can be structured in two ways for taxes: 1. Stock (or […]

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October 6, 2023
Hit the jackpot? Here’s what it means for your tax bill.

Everything comes at a cost—even “free money.” If you’ve won a sizable cash prize recently, congratulations! But be prepared. Your good fortune will likely impact your tax bill. Contacting your accountant or wealth advisor as soon as possible is probably in your best interest.  Money earned from gambling  Whether you win at a tiny bingo […]

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September 29, 2023
Key Q4 Deadlines for Employers and Businesses 

In the fourth quarter of 2023, businesses and employers should be aware of these key tax-related deadlines. (Note: Additional deadlines may apply. Please contact your accountant directly to ensure you’re meeting all filing requirements.)  While certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have businesses in federally declared disaster […]

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September 26, 2023
Could You Benefit from a Health Savings Account?

The cost of healthcare is rising. As a result, many people are on the hunt for a more cost-effective way to pay for their medical bills.  If you’re eligible, a Health Savings Account (HSA) may offer a way to set aside funds for a future medical “rainy day” while also enjoying tax benefits, like:  Who […]

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September 22, 2023
Running a business with your spouse? Watch out for these tax issues.

For many spouses who run a profitable, unincorporated small business together, filing taxes can be confusing. Here are some of the most common challenges to look out for. Classification: the partnership issue In many cases, the federal government classifies unincorporated businesses owned by two spouses as a partnership. This means you’ll need to file an […]

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September 20, 2023
Understanding the Percentage-of-Completion Method

If your business handles projects that take longer than a year to complete, you’ll need the “percentage-of-completion” method to recognize the associated revenue. Let’s get into how and why to do this. Percentage-of-completion vs. completed contract Individuals and businesses who perform work on long-term contracts—like developers, engineering firms, creative agencies, and homebuilders—typically report financial performance […]

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September 20, 2023
How This Year’s Investment Swings May Affect Your Taxes

If you’ve noticed market fluctuations leading to significant gains or losses on your investments this year, you might be wondering how this will impact your 2023 tax returns. It’s hard to say with complete certainty since nothing is decided until the final results of your trades at year’s end. However, you can still take measures […]

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September 14, 2023
Tax Rules for depreciating business assets are evolving. Here’s what to expect.

The Tax Cuts and Jobs Act relaxed the rules for depreciating business assets. Each year, the amounts change in proportion to inflation adjustments. With the remarkably high inflation rate we saw in 2023, this year’s adjustments are significant. Here’s what you need to know for your small business. Section 179 deduction amounts The maximum Sec. […]

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September 6, 2023
Planning to sell your property? Here’s how your profits could be taxed.

Across the United States, home values have risen dramatically over the last few years. The median price of existing home sales increased 1.9% between July 2022 and July 2023, and there were even larger increases in previous years. While the upward trend appears universal, median home prices have varied by region: Northeast: $467,000Midwest: $304,600South: $366,200West: […]

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