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Could a Contrary Approach with Income and Deductions Benefit Your Business Tax Rates
Could a Contrary Approach with Income and Deductions Benefit Your Business? 850 500 smolinlupinco

Could a Contrary Approach with Income and Deductions Benefit Your Business?

Businesses typically want to delay the recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to? There are two main reasons why you might take this unusual approach:  You anticipate tax law changes that raise tax…

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21 Estate Planning Terms You Need to Know
21 Estate Planning Terms You Need to Know 850 500 smolinlupinco

21 Estate Planning Terms You Need to Know

Whether you’re making your first estate plan or need to update an existing one, it helps to speak the language. While most people are familiar with common terms like “trust” or “will,” the meanings of other estate planning terms may feel less clear.  Keep this glossary of key terms handy to help you navigate the…

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Answers to 3 Common Questions After Filing Your Tax Return
Answers to 3 Common Questions After Filing Your Tax Return 850 500 smolinlupinco

Answers to 3 Common Questions After Filing Your Tax Return

The 2023 federal tax filing deadline has come and gone. (Unless, of course, you filed for an extension until October 15.) Whether you’ve already filed or you’re still working on your return, you might have some questions once it’s been filed. Let’s take a look at three of the most common ones. 1. When can…

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How WIP is Audited
How Work In Progress (WIP) is Audited  850 500 smolinlupinco

How Work In Progress (WIP) is Audited 

During fieldwork, external auditors dedicate many hours to evaluating the way businesses report work-in-progress (WIP) inventory. Why is this so important? And how do auditors decide whether WIP estimates are realistic and reasonable?  Determining the value of WIP  Depending on the nature of their operations, companies may report a variety of categories of inventory on…

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Retirement Account Required Minimum Distribution (RDM) Laws Are Evolving
Retirement Account Required Minimum Distribution (RDM) Laws Are Evolving 850 500 smolinlupinco

Retirement Account Required Minimum Distribution (RDM) Laws Are Evolving

Do you have a tax-favored retirement account, such as a traditional IRA? If so, that account will be subject to the federal income tax required minimum distribution (RMD) rules once you reach a certain age. (This applies even if you acquired the tax-favored retirement via an inheritance.) These rules mean you’ll have to: A) Make…

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2024 Q2 Tax Deadlines for Businesses and Employers
Key 2024 Q2 Tax Deadlines for Businesses and Employers 850 500 smolinlupinco

Key 2024 Q2 Tax Deadlines for Businesses and Employers

The second quarter of 2024 has arrived! If you’re a business owner or other employer, add these tax-related deadlines to your calendar.  April 15 Calendar-year corporations: File a 2023 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. Corporations: Pay the first installment of estimated…

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Ensuring Transparency When Using Non-GAAP Metrics to Prepare Financial Statements
Ensuring Transparency When Using non-GAAP Metrics to Prepare Financial Statements 850 500 smolinlupinco

Ensuring Transparency When Using non-GAAP Metrics to Prepare Financial Statements

Mind the GAAP! Staff from the Securities and Exchange (SEC) commission expressed concerns at last November’s Financial Executives International’s Corporate Financial Reporting Insights Conference about the use of financial metrics that don’t conform to U.S. Generally Accepted Accounting Principles (GAAP). According to Lindsay McCord, chief accountant of the SEC’s Division of Corporation Finance, many companies…

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Can Social Security Benefits Be Taxed?
Can Your Social Security Benefits Be Taxed? 850 500 smolinlupinco

Can Your Social Security Benefits Be Taxed?

Did you know that Social Security benefits can be federally taxed? It’s true. Depending on your income, up to 85% of your benefits could be impacted by federal income tax. Understanding provisional income How do you determine the amount of Social Security benefits to report as taxable income? That depends on your “provisional income.” To…

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Read This Before Listing Your Property as a Vacation Rental
Read This Before Listing Your Property as a Vacation Rental 850 500 smolinlupinco

Read This Before Listing Your Property as a Vacation Rental

Whether you own a lakefront cottage, vacation beach home, or ski chalet, renting out your property for part of the year can have significant tax impacts. Here’s what you need to know. Your level of personal use impacts your taxes The number of days the property is rented has a direct impact on your taxes.…

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Estate Planning Don’t Forget the Generation-Skipping Transfer (GST) Tax
Estate Planning? Don’t Forget the Generation-Skipping Transfer (GST) Tax 850 500 smolinlupinco

Estate Planning? Don’t Forget the Generation-Skipping Transfer (GST) Tax

Would you like to include grandchildren, great grandchildren, or nonrelatives who are significantly younger than you in your estate plan? If so, you’ve got more to consider than gift and estate taxes. The generation-skipping transfer (GST) tax may also apply. GST Tax Basics One of the harshest taxes in the Internal Revenue Code, the GST…

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Stressed About Long-Term Care Expenses Here’s What You Should Consider.
Stressed About Long-Term Care Expenses? Here’s What You Should Consider 850 500 smolinlupinco

Stressed About Long-Term Care Expenses? Here’s What You Should Consider

Most people will need some form of long-term care (LTC) at some point in their lives, whether it’s a nursing home or assisted living facility stay.  But the cost of unanticipated long-term care is steep. LTC expenses generally aren’t covered by traditional health insurance policies like Social Security or Medicare. A preemptive funding plan can…

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Can the Research Credit Help Your Small Business Save On Payroll Taxes
Can the Research Credit Help Your Small Business Save On Payroll Taxes? 850 500 smolinlupinco

Can the Research Credit Help Your Small Business Save On Payroll Taxes?

Often called the R&D credit, the research and development credit for increasing research activities offers a valuable tax break to many eligible small businesses. Could yours be one of them?  In addition to the tax credit itself, the R&D credit offers two additional features of note for small businesses:  Small businesses with $50 million or…

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

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