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5-tips-to-prepare-for-year-end-inventory-counts
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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Moving Out of State? It’s Time to Review Your Estate Plan 1600 941 smolinlupinco

Moving Out of State? It’s Time to Review Your Estate Plan

If you’re planning a move to a different state, you probably have a long list of items to address: securing vehicle registrations, finding new primary care providers, and updating financial records, just to name a few.  As you work your way through your to-do list, don’t forget to review your will and other estate planning…

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Are Tax-Free Bonds Really Free of Taxes? 1600 941 smolinlupinco

Are Tax-Free Bonds Really Free of Taxes?

While investing in tax-free municipal bonds generally provides tax-free interest, you may still encounter tax consequences. Keep reading to learn more about the potential tax and other financial consequences of investing in tax-free bonds. Purchasing tax-exempt bonds There are no immediate tax consequences for purchasing a tax-exempt bond for its face amount, whether on the…

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Work Opportunity Tax Credit: How Can You Benefit as an Employer? 1600 941 smolinlupinco

Work Opportunity Tax Credit: How Can You Benefit as an Employer?

In today’s tough job market, the Work Opportunity Tax Credit (WOTC) may benefit employers—particularly those who hire workers from targeted groups who often face barriers to employment.  In September, the IRS issued updated information on the WOTC pre-screening and certification process. To meet the pre-screening requirements for job applicants, both applicants and employers must complete…

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Why Auditors Prefer to Assess Fraud Risks Face-to-Face 1600 941 smolinlupinco

Why Auditors Prefer to Assess Fraud Risks Face-to-Face

Due to AICPA auditing standards—namely the Clarified Statement on Auditing Standards (AU-C) Section 240, Consideration of Fraud in a Financial Statement Audit—financial statement auditors are required to evaluate and assess fraud-related material misstatement risks and determine appropriate responses.  Keep reading to learn why it’s important to conduct in-person interviews when evaluating fraud-related misstatement risks.  What…

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does-your-income-warrant-extra-taxes
Does Your Income Warrant Extra Taxes? 1600 941 smolinlupinco

Does Your Income Warrant Extra Taxes?

If you’re a high-income taxpayer, you may need to pay two extra taxes: a 3.8% net investment income tax (NIIT), and an additional 0.9% Medicare tax on wage and self-employment income.  Keep reading to learn more about these taxes and what they might mean for you.  3.8% NIIT In addition to income taxes, the NIIT…

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End-of-Year Tax Planning Ideas for Small Business Owners 1600 941 smolinlupinco

End-of-Year Tax Planning Ideas for Small Business Owners

As we approach the last few months of the calendar year, it’s time to start thinking about ways to reduce your small business taxes.  Deferring income and accelerating deductions to minimize taxes—the standard year-end approach—will likely give your business the best results. This also applies to bunching deductible expenses into this year and next to…

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Lowering Risks Through Stress Testing: A Smart Consideration 1600 941 smolinlupinco

Lowering Risks Through Stress Testing: A Smart Consideration

The economic rollercoaster that ensued after the pandemic began in early 2020 put many businesses through the wringer. While companies seemed financially stable on the surface, their financial statements revealed significant unpreparedness for the challenges they faced.  Stress testing your organization can provide a comprehensive look at how well your financial position can withstand a…

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Using a Split Annuity as a Balanced Approach to Retirement and Estate Planning 1600 941 smolinlupinco

Using a Split Annuity as a Balanced Approach to Retirement and Estate Planning

Maintaining your standard of living while trying to preserve your wealth for loved ones is a tightrope walk, something you’re probably aware of if you’re close to retiring or already enjoying this milestone in life. Finding a balance between these two goals is especially challenging since your retirement years could span decades. A way to…

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4 Essential Estate Planning Documents College-Aged Children Need 1600 941 smolinlupinco

4 Essential Estate Planning Documents College-Aged Children Need

If your child is off to college this year, have you already set up a basic estate plan for them? If not, you’re part of the majority that answers “no” to this question. Fortunately, with summer break already here, you can take this time to sit down with an estate planning attorney to create a…

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