Welcome to this Blog, created to share the latest from Smolin Lupin. It’s your resource for industry insight and updates from the Smolin Lupin Blog.

Blog

Stay informed on our industry updates, and make the most of the latest news by following content on Smolin Lupin Blog.

Determining Business Entity Tax-Favorable
Determining Which Business Entity is Most Tax-Favorable 850 500 smolinlupinco

Determining Which Business Entity is Most Tax-Favorable

Are you planning to start a business? Perhaps you have already and are now thinking about changing your business entity. In either circumstance, careful evaluation is needed to determine which business structure works best for you. From C-corporations to sole proprietorships, there are many issues to consider. At present, individual federal income tax rates begin…

read more
Owning Assets Jointly Child Estate Planning
Is owning assets jointly with your child an effective estate planning strategy?  850 500 smolinlupinco

Is owning assets jointly with your child an effective estate planning strategy? 

Are you considering sharing ownership of an asset jointly with your child (or another heir) in an effort to save time on estate planning? Though appealing, this approach should be executed with caution. This is because it can open the door to unwelcome consequences that might ultimately undermine your efforts. There are some advantages to…

read more
Accounting M&As
Accounting for M&As 850 500 smolinlupinco

Accounting for M&As

Mergers and acquisitions (M&A) transactions significantly impact financial reporting, especially the balance sheet, which will look markedly different after the business combination. Keep reading for basic guidance on reporting business combinations under U.S. Generally Accepted Accounting Principles (GAAP). Understanding the purchase price allocation process Under GAAP, the buyer must allocate the purchase price to all…

read more
Adjustments Social Security Wage Base
Adjustments to Social Security Wage Base Ahead 850 500 smolinlupinco

Adjustments to Social Security Wage Base Ahead

In 2024, the Social Security wage base for employees and self-employed people will increase. Employees and employers can expect the wage base for computing Social Security tax to rise to $168,600 next year—a significant jump from the wage base of $160,200 in 2023.  Self-employment income and wages above this amount won’t be subject to Social…

read more
Tax Depreciation Rules Business Automobiles
How do tax depreciation rules apply to business automobiles? 850 500 smolinlupinco

How do tax depreciation rules apply to business automobiles?

If you use an automobile in your trade or business, you may question how depreciation tax deductions are determined. The rules are complex. In particular, special limitations apply to business vehicles classified as passenger autos (which include many pickups and SUVs). Often, these limitations result in longer-than-expected wait times to depreciate a vehicle completely. As…

read more
Listing home vacation rental tax impacts
Listing your home as a vacation rental? Here are the tax impacts to watch for 850 500 smolinlupinco

Listing your home as a vacation rental? Here are the tax impacts to watch for

Whether in the mountains or a waterfront community, many Americans dream of owning their perfect vacation home. If you already own a second house in a desirable area, you might consider renting it out for part of the year. Before you post that listing, though, take a moment to learn about the tax implications. Taxes…

read more
Tax Considerations Merger Acquisition Transactions
Important Tax Considerations with Merger and Acquisition Transactions 850 500 smolinlupinco

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…

read more
Hit the jackpot? Tax bill
Hit the jackpot? Here’s what it means for your tax bill. 850 500 smolinlupinco

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…

read more
Key Q4 Deadlines Employers Businesses
Key Q4 Deadlines for Employers and Businesses  850 500 smolinlupinco

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…

read more
could you benefit health savings account
Could You Benefit from a Health Savings Account? 850 500 smolinlupinco

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:  Withdrawals…

read more
Running business spouse Tax issues
Running a business with your spouse? Watch out for these tax issues. 850 500 smolinlupinco

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…

read more
Understanding Percentage-of-Completion Method
Understanding the Percentage-of-Completion Method 850 500 smolinlupinco

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…

read more

leverage our expertise.

Our experts can present you with a clear, understandable approach to your finances. You can rely on insights provided in the Blog by Smolin Lupin, which is part of our commitment to your financial clarity. We can help you:

  • Develop insights into new markets
  • Streamline operations
  • Raise capital, control risks
  • Devise tax strategies
  • Maintain research and development
  • Help position your business for long-term growth in emerging fields

For biotechnology accounting advice tailored to your needs, contact your trusted Smolin advisor today.

Name
Start Typing
in NJ & FL | Smolin Lupin & Co.