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7 Ways SECURE 2.0 Could Affect Your Small Business 1600 942 smolinlupinco

7 Ways SECURE 2.0 Could Affect Your Small Business

Does your small business have a retirement plan? Even if it doesn’t, you may start to see beneficial changes as a result of the Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0), which was signed into law in December 2022.  Built upon the original SECURE Act of 2019, SECURE 2.0 will take…

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Answers to Your Tax Season FAQs 1600 942 smolinlupinco

Answers to Your Tax Season FAQs

On January 23, the IRS opened the 2023 individual income tax return filing season for accepting and processing returns for the 2022 tax year.  If you typically file closer to the mid-April deadline (or if you file for an extension), you may want to consider filing your taxes earlier this year. And it’s not just…

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Lifetime Gifts vs. Bequests at Death: Which Option is Right For You? 1600 941 smolinlupinco

Lifetime Gifts vs. Bequests at Death: Which Option is Right For You?

One of the primary goals of estate planning is to pass along as much of your wealth and assets as possible to your family, which involves protecting your estate from gift and estate taxes. One way to do this is by giving gifts during your lifetime.  Considering the inflation-adjusted $12.92 million gift and estate tax…

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5 Tax-Saving Ways to Pay for Your Child’s College Education 1600 942 smolinlupinco

5 Tax-Saving Ways to Pay for Your Child’s College Education

Do you have a child or grandchild currently attending college? Congratulations!  To help cover the costs of post-secondary education, you may have saved up over the course of several years in a tax-favored account, such as a 529 plan. Once your child is enrolled in college, though, you may be able to claim a number…

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SECURE 2.0 Helps You Save for Retirement 1488 875 smolinlupinco

SECURE 2.0 Helps You Save for Retirement

Built on the original SECURE Act of 2019, the Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022.  The SECURE Act of 2019 made major changes to retirement provisions, including the required minimum distribution (RMB) rules. Here are some additional changes you should be aware…

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The Standard Business Mileage Rate is Increasing  1600 941 smolinlupinco

The Standard Business Mileage Rate is Increasing 

National gas prices are lower than they were a year ago, but the optional standard mileage rate used for calculating deductible costs of business vehicles will be higher in 2023.  The IRS recently announced a cents-per-mile rate of 65.6 for the business use of an automobile, which applies to electric and hybrid-electric vehicles, as well…

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Single Parent Estate Planning: What You Need to Know 1600 941 smolinlupinco

Single Parent Estate Planning: What You Need to Know

According to the Pew Research Center, nearly 23% of children in the United States live with only one parent—more than three times the number of children from around the world.  Estate planning for single parents is similar to estate planning for households with two parents in many ways, as they both involve providing for children’s…

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Roche Miseo Barchetto Joins Smolin Lupin  1600 1067 smolinlupinco

Roche Miseo Barchetto Joins Smolin Lupin 

FAIRFIELD, NJ – January 19, 2023 – Smolin Lupin, an Independent Member of the BDO Alliance USA and one of the NJBIZ Top 20 Public Accounting Firms in New Jersey, is pleased to announce the merger of Roche Miseo Barchetto, LLC, a CPA firm headquartered in Parsippany, New Jersey.  The professional team from Roche Miseo…

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Save for Your Children’s College Education the Tax-Wise Way 1600 941 smolinlupinco

Save for Your Children’s College Education the Tax-Wise Way

If you have children, you’ve likely got college savings on your mind. Here are some tax-favored ways to save for future education costs so that you can take advantage of your options.  Savings bonds When used to finance college expenses, Series EE U.S. savings bonds offer two tax-saving benefits:  Until the bonds are cashed in,…

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What to Know Before Donating Appreciated Assets to Charity 1600 941 smolinlupinco

What to Know Before Donating Appreciated Assets to Charity

If you often give to charity, you’re likely aware that long-term appreciated asset donations—stocks, for example—are more advantageous than cash donations. But in some instances, it may be a better idea to sell those appreciated assets and donate the proceeds instead.  This is because, for cash donations, adjusted gross income (AGI) limitations on charitable deductions…

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Too Good To Be True? Be Wary of Third-Party ERC Mills 1600 941 smolinlupinco

Too Good To Be True? Be Wary of Third-Party ERC Mills

During the height of the COVID-19 pandemic, the Employee Retention Credit (ERC) helped employees keep their staff members on payroll. While this tax credit is no longer available, eligible employers who have yet to claim it may be able to do so by filing amended payroll returns for 2020 and 2021.  However, the IRS warns…

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Cash, Tax, or Accrual Basis: What’s the Right Accounting Method for Your Business? 1594 938 smolinlupinco

Cash, Tax, or Accrual Basis: What’s the Right Accounting Method for Your Business?

One of the most critical aspects of running a business is having access to timely, accurate financial information. When it comes to tracking your business’s financial performance, there are several accounting methods to choose from—but how do you know what’s right for your situation?  Here’s an overview of cash, tax, and accrual basis accounting to…

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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.

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