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How do cash accounting and accrual accounting differ
How Do Cash Accounting and Accrual Accounting Differ? 850 500 smolinlupinco

How Do Cash Accounting and Accrual Accounting Differ?

Financial statements play a key role in maintaining the financial health of your business. Not only do year-end and interim statements help you make more informed business decisions, but they’re also often non-negotiable when working with investors, franchisors, and lenders. So, which accounting method should you use to maintain these all-important financial records—cash or accrual?…

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Choosing the Best Accounting Method for Business Tax Purposes
Choosing the Best Accounting Method for Business Tax Purposes 850 500 smolinlupinco

Choosing the Best Accounting Method for Business Tax Purposes

Businesses categorized as “small businesses” under the tax code are often eligible to use accrual or cash accounting for tax purposes. Certain businesses may be eligible to take a hybrid approach, as well.  Prior to the implementation of the Tax Cuts and Jobs Act (TCJA), the criteria for defining a small business based on gross…

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What’s the Difference Between Filing Jointly or Separately as a Married Couple a Business as a Sole Proprietor Here’s How It Could Impact Your Taxes
What’s the Difference Between Filing Jointly or Separately as a Married Couple? 850 500 smolinlupinco

What’s the Difference Between Filing Jointly or Separately as a Married Couple?

You know that you must choose a filing status when you file your tax return, but do you know what your choice really means? Picking the right filing status matters because the status you select will influence your tax rates, eligibility for certain tax breaks, standard deduction, and correct tax calculation. And there are plenty…

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Is Qualified Small Business Corporation Status Right for You
Is Qualified Small Business Corporation Status Right for You? 850 500 smolinlupinco

Is Qualified Small Business Corporation Status Right for You?

For many business owners, opting for a Qualified Small Business Corporation (QSBC) status is a tax-wise choice. Potential to pay 0% federal income tax on QSBC stock sale gains For the most part, typical C corporations and QSBCs are treated the same when it comes to tax and legal purposes, but there is a key…

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sole proprietor business tax impacts
Starting a Business as a Sole Proprietor? Here’s How It Could Impact Your Taxes 850 500 smolinlupinco

Starting a Business as a Sole Proprietor? Here’s How It Could Impact Your Taxes

It’s not uncommon for entrepreneurs to launch small businesses as sole proprietors. However, it’s crucial to understand the potential tax impacts first. Here are 9 things to consider.  1. The pass-through deduction may apply If your business generates qualified business income, you could be eligible to claim the 20% pass-through deduction. (Of course, limitations may…

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Can too much cash be bad for business
Can Too Much Cash Be Bad For Business? 850 500 smolinlupinco

Can Too Much Cash Be Bad For Business?

Today’s marketplace can feel uncertain, so it’s no surprise that many businesses are stashing operating cash in their bank accounts. However, without imminent plans to deploy these reserves, do these excessive “rainy day funds” really offer efficient use of capital? If you want to estimate reasonable cash reserves while maximizing your company’s return on long-term…

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2 Alternative Methods to Manage Your Business Inventory
2 Alternative Methods to Manage Your Business Inventory 850 500 smolinlupinco

2 Alternative Methods to Manage Your Business Inventory

Warehousing, salaries, insurance, taxes, transportation…. And don’t forget depreciation and shrinkage! Carrying significant inventory on your business’s balance sheet can be costly. Not to mention, when working capital is tied up in inventory, your business’s other strategic investment opportunities become limited. Managing your inventory more effectively reduces these costs, improving profits and increasing operating cash…

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Answers to Your Tax Season Questions
Answers to Your Tax Season Questions 850 500 smolinlupinco

Answers to Your Tax Season Questions

Ready or not—the 2024 tax season is officially open! The IRS is now accepting and processing 2023 income tax returns Just as in years prior, we’re receiving an abundance of questions about this tax season. Let’s take a look at seven of the most relevant ones.  1. What are the 2024 tax season deadlines? For…

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A hybrid DAPT may offer the asset protection you need
A Hybrid DAPT May Offer the Asset Protection You Need 850 500 smolinlupinco

A Hybrid DAPT May Offer the Asset Protection You Need

Asset protection is a vital part of estate planning. Chances are you want to pass on as much of your wealth to family and friends as possible. To do this, you may need to shield your assets from frivolous creditors’ claims and lawsuits. One option available to you as you plan your estate is to…

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Higher Interest Rates Spark Interest in Charitable Remainder Trusts
Higher Interest Rates Spark Interest in Charitable Remainder Trusts 850 500 smolinlupinco

Higher Interest Rates Spark Interest in Charitable Remainder Trusts

If you wish to leave a charitable legacy while still generating income during your lifetime, a charitable remainder trust, or CRT, could be a viable solution.  In addition to an income stream, CRTs offer an up-front charitable income tax deduction, as well as a vehicle for disposing of appreciated assets without immediate taxation on the…

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Will your court awards and out-of-court settlements be taxed
Will your court awards and out-of-court settlements be taxed?  850 500 smolinlupinco

Will your court awards and out-of-court settlements be taxed? 

Courts grant monetary awards and settlements for a range of reasons.  For example, you may receive compensatory and punitive damage payments for personal injury, discrimination, or harassment. In this situation, some of the awarded amount you receive may be taxed by the federal government, and perhaps some will be taxed by your state government.  Hopefully,…

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11 Scenarios Avoid 10% Penalty Tax Early IRA Withdrawals
11 Scenarios Where You Can Avoid the 10% Penalty Tax on Early IRA Withdrawals 850 500 smolinlupinco

11 Scenarios Where You Can Avoid the 10% Penalty Tax on Early IRA Withdrawals

When financial challenges arise, it can be tempting to take an early withdrawal from your traditional IRA. However, making the decision without understanding the tax implications is risky. Here’s what you need to know, including your options for avoiding the 10% early withdrawal penalty tax. First off, the penalty doesn’t always apply. A withdrawal from…

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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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