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save-for-your-childrens-college-education-the-tax-wise-way
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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getting-the-most-out-of-your-401k-plan
Getting the Most Out of Your 401(k) Plan 1594 938 smolinlupinco

Getting the Most Out of Your 401(k) Plan

The best way to reduce taxes and set yourself up for a comfortable retirement? Putting money toward a tax-advantaged retirement plan. If you’re not already making the most of an employer-offered 401(k) or Roth 401(k), now is the time to start. The sooner you start contributing to your retirement plan, the more substantial your nest…

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Financial Reporting Tips for Nonprofits 1488 875 smolinlupinco

Financial Reporting Tips for Nonprofits

Financial reporting isn’t just about profits. A lot that falls under the umbrella of accounting, from preparing budgets and monitoring finances to paying invoices and managing payroll tax—and nonprofits can certainly benefit from formal accounting processes.  If you’re a nonprofit entity, consider whether your accounting processes are managed as efficiently as possible. Not sure where…

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5 Ways to Update Your Accounting Practices 1594 938 smolinlupinco

5 Ways to Update Your Accounting Practices

When you think about the internal workflows and processes of your business, are you able to pinpoint why you do things a certain way? If the answer is “because we’ve always done it that way,” it might be time to make some changes.  In fact, with all of the new developments in the financial and…

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IRAs and RMDs: Answering Your FAQs 1600 941 smolinlupinco

IRAs and RMDs: Answering Your FAQs

You may be aware of the fact that you can’t let funds sit in your traditional IRA indefinitely. Once you reach age 72, you’re required to start taking withdrawals.  You may also be aware that the rules for taking required minimum distributions, or RMDs, are complex. Here are some answers to frequently asked questions about…

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Pros and Cons of C Corporations for Business Entities 1275 750 smolinlupinco

Pros and Cons of C Corporations for Business Entities

If you’re launching a new business venture, you may find yourself wondering which type of company to create—and more specifically, whether a C corporation is the right option for you given your unique situation and goals. There are many advantages and disadvantages of doing business as a C corporation that are important to consider.  What…

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5 Tips to Prepare for Year-End Inventory Counts 1600 941 smolinlupinco

5 Tips to Prepare for Year-End Inventory Counts

The end of the year is approaching fast. For many, this means time for a physical year-end inventory count—the best way to ensure an accurate amount reported in your company’s perpetual inventory system. Physical counts may seem tedious and time-consuming, but they can offer valuable insight into your company’s operational efficiency. Fortunately, there are some…

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No Nanny? You May Still Be Liable for “Nanny Tax” 1600 941 smolinlupinco

No Nanny? You May Still Be Liable for “Nanny Tax”

If you’ve hired a house cleaner, gardener, or other household employee that isn’t an independent contractor, you may be liable for what’s called the “nanny tax”—even if you haven’t technically employed a nanny.  You aren’t required to withhold federal income taxes when you hire a household worker, but you can choose to do so if…

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End-of-Year Tax Planning for Individuals 1600 941 smolinlupinco

End-of-Year Tax Planning for Individuals

As we approach the end of the year, it’s important to start thinking about ways to lower your tax bill for 2022. One of the first steps you can check off your list? Determine whether you’ll take the standard deduction or itemized deductions for the year.  Because of the high standard deduction amounts for this…

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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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