Run The Numbers Before Donating Appreciated Assets To Charity

Are you charitably inclined? If so, you probably know that donations of long-term appreciated assets, such as stocks, have an advantage over cash donations. But in some cases, selling appreciated assets and donating the proceeds may be a better strategy. That’s because adjusted gross income (AGI) li..........

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Scott Henvey
Scott Henvey

16 January, 2023

Scott Henvey

Scott Henvey
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Recent Posts

Run The Numbers Before Donating Appreciated Assets To Charity

Are you charitably inclined? If so, you probably know that donations of long-term appreciated assets, such as stocks, have an advantage over cash donations. But in some cases, selling appreciated a..........

Read More
Scott Henvey
Scott Henvey

16 January, 2023

The Standard Business Mileage Rate Is Going Up In 2023

Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be go..........

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Scott Henvey
Scott Henvey

16 January, 2023

Can You Qualify For The QBI Deduction In 2022?

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduc..........

Read More
Scott Henvey
Scott Henvey

16 December, 2022

Business Owners

Intangible assets: How must the costs incurred be capitalized?

These days, most businesses have some intangible assets. The tax treatment of these assets can be complex.

Read More
Scott Henvey
Scott Henvey

29 November, 2022

Taxes, Gift Tax

Annual Gift Tax Exclusion Amount Increases For 2023

Did you know that one of the most effective estate-tax-saving techniques is also one of the simplest and most convenient? By making maximum use of the annual gift tax exclusion, you can pass substa..........

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Scott Henvey
Scott Henvey

17 November, 2022

Year-End Tax Planning Ideas For Individuals

Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next.

Read More
Scott Henvey
Scott Henvey

10 October, 2022

Worried about an IRS audit? Prepare in advance.

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) Read More

Scott Henvey
Scott Henvey

10 October, 2022

Taxes

Is your income high enough to owe two extra taxes?

High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of the taxes and wha..........

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Scott Henvey
Scott Henvey

6 September, 2022

Is your tax withholding adequate? Here’s how to check

When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this doesn’t happen again next year. You might even wa..........

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Scott Henvey
Scott Henvey

9 August, 2022

Taxes, Planning

The GST tax and your estate plan: What you need to know

The GST tax and your estate plan: What you need to know

Here’s a not-so-fun fact: The generation-skipping transfer (GST) tax is among the harshest and most complex in the tax code. So, if..........

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Scott Henvey
Scott Henvey

11 July, 2022

Understanding the increase in mileage deduction.

Businesses will soon be able to deduct more under the standard mileage rate

Business owners are aware that the price of gas is historically high, which has made their v..........

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Scott Henvey
Scott Henvey

21 June, 2022

Are you and your spouse considering “splitting” gifts?

Gift splitting can be a valuable estate planning tool, allowing you and your spouse to maximize the amount of wealth you can transfer tax-free..........

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Scott Henvey
Scott Henvey

9 May, 2022

Estate Planning

Power up your trust with Crummey powers

The unified gift and estate tax exemption is set at an inflation-adjusted $12.06 million for 2022, up from $11.7 million for 2021. This means that for..........

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Scott Henvey
Scott Henvey

11 April, 2022

Business Owners & Entrepreneurs, Retirement Planning, Tax Reform, Planning, Business Owners, smallbusiness

There still may be time to cut your tax bill with an IRA

If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If yo..........

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Scott Henvey
Scott Henvey

11 March, 2022

Retirement Planning, Estate Planning, Tax Reform, Retirees, Investment Advisory & Wealth Mangement

Owning real estate in more than one state may multiply probate costs

One goal of estate planning is to avoid or minimize probate. This is particularly important if you own real estate in more than one state. Why..........

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Scott Henvey
Scott Henvey

9 March, 2022

Taxes, Unemployed

Lost your job? Here are the tax aspects of an employee termination

Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are prob..........

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Scott Henvey
Scott Henvey

9 March, 2022

Taxes, Tax Reform, Planning, Accounting Services, Tax Audit

Did you give to charity in 2021? Make sure you have substantiation

If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But wh..........

Read More
Scott Henvey
Scott Henvey

16 February, 2022

Taxes, Planning, Business Consulting, Advance Child Tax Credit, Tax Audit

Making withdrawals from your closely held corporation that aren’t taxed as dividends

Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. H..........

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Scott Henvey
Scott Henvey

16 February, 2022

Business Owners & Entrepreneurs, Taxes, Executives, Business Consulting, smallbusiness, Tax Audit

Commission fraud: When salespeople get paid more than they’ve earned

Many employees — from retail workers to sales staffers involved in complex business-to-business transactions — receive part of their compensat..........

Read More
Scott Henvey
Scott Henvey

20 January, 2022

Retirement Planning, Taxes, Tax Reform, Planning, Retirees, Divorcees and Widows

Are you eligible for a medical expense tax deduction?

You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Med..........

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Scott Henvey
Scott Henvey

12 January, 2022

Taxes, Executives, Tax Reform, Planning, Business Owners, smallbusiness

Businesses with employees who receive tips may be eligible for a tax credit

If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit in..........

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Scott Henvey
Scott Henvey

12 January, 2022

Taxes, Tax Reform, Planning, Business Owners, smallbusiness

Small businesses: There still may be time to cut your 2021 taxes

Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a ..........

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Scott Henvey
Scott Henvey

15 December, 2021

Taxes, Estate Planning, Tax Reform, Planning, Divorcees and Widows

Is your estate plan up to date following a divorce?

If you’ve recently divorced, your time likely has been consumed with attorney meetings and negotiations, even if everything was amicable. Prob..........

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Scott Henvey
Scott Henvey

13 December, 2021

Taxes, Estate Planning, Tax Reform, Planning, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement

Prepare for a new year by reviewing your estate plan

Hopefully, you already have a sound estate plan in place to protect the interests of your heirs and minimize potential estate tax liability. B..........

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Scott Henvey
Scott Henvey

9 December, 2021

Taxes, Estate Planning, Tax Reform, Planning, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement, Gift Tax

Feeling generous at year end? Strategies for donating to charity or gifting to loved ones

As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the ..........

Read More
Scott Henvey
Scott Henvey

15 November, 2021

Business Owners & Entrepreneurs, Taxes, Tax Reform, Planning, Business Owners, smallbusiness

Employers: The Social Security wage base is increasing in 2022

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 ..........

Read More
Scott Henvey
Scott Henvey

3 November, 2021

Business Owners & Entrepreneurs, Investing, Taxes, Executives, Tax Reform

Is a significant portion of your wealth concentrated in a single stock?

Estate planning and investment risk management go hand in hand. After all, an estate plan is effective only if you have some wealth to transfe..........

Read More
Scott Henvey
Scott Henvey

1 October, 2021

Retirement Planning, Taxes, Tax Reform, Planning

Is a Health Savings Account right for you?

Given the escalating cost of health care, there may be a more cost-effective way to pay for it. For eligible individuals, a Health Savings Acc..........

Read More
Scott Henvey
Scott Henvey

23 September, 2021

Taxes, Executives, Tax Reform, Planning, Business Owners, smallbusiness

Claiming theft loss deduction if business is victim of embezzlement

A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does b..........

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Scott Henvey
Scott Henvey

16 September, 2021

Taxes, Planning, Divorcees and Widows, Casualty Loss, Federally Declared Disaster

You can only claim a casualty loss tax deduction in certain situations

In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where yo..........

Read More
Scott Henvey
Scott Henvey

9 September, 2021

Taxes, Planning, Investment Advisory & Wealth Mangement, Education

Scholarships are usually tax free but may result in taxable income

If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fello..........

Read More
Scott Henvey
Scott Henvey

3 September, 2021

Business Owners & Entrepreneurs, Taxes, Executives, Planning, Business Owners, Divorcees and Widows, smallbusiness

Getting a divorce? Be aware of tax implications if you own a business

If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your bi..........

Read More
Scott Henvey
Scott Henvey

30 August, 2021

Business Owners & Entrepreneurs, Executives, Business Owners, Business Consulting, smallbusiness, Tax Audit

Large cash transactions with your business must be reported to the IRS

If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS.

Read More
Scott Henvey
Scott Henvey

24 August, 2021

Retirement Planning, Taxes, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement

5 possible tax aspects of a parent moving into a nursing home

If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here a..........

Read More
Scott Henvey
Scott Henvey

12 August, 2021

Business Owners & Entrepreneurs, Taxes, Retirees, Business Owners, Divorcees and Widows, Investment Advisory & Wealth Mangement

A family bank professionalizes intrafamily lending

Because of the COVID-19 pandemic and the resulting economic turndown in some areas, you may have family members in need of financial support. ..........

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Scott Henvey
Scott Henvey

6 August, 2021

Taxes, Estate Planning, Planning, Retirees, Investment Advisory & Wealth Mangement

Can a broken trust be fixed?

An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves your purposes? Is it too late to chan..........

Read More
Scott Henvey
Scott Henvey

28 July, 2021

Taxes, Tax Reform, Retirees, Business Owners, Divorcees and Widows, smallbusiness, Tax Audit

IRS audits may be increasing, so be prepared

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior year..........

Read More
Scott Henvey
Scott Henvey

16 July, 2021

Taxes, Tax Reform, Planning, Business Owners, Divorcees and Widows, smallbusiness, Advance Child Tax Credit

Many parents will receive advance tax credit payments starting July 15

Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC..........

Read More
Scott Henvey
Scott Henvey

12 July, 2021

Taxes, Executives, Tax Reform, Retirees, Business Owners, Divorcees and Widows, smallbusiness

Still have questions after you file your tax return?

Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers t..........

Read More
Scott Henvey
Scott Henvey

6 July, 2021

Business Owners & Entrepreneurs, Executives, Planning, Business Owners, Business Consulting, smallbusiness

Recordkeeping DOs and DON’Ts for business meal and vehicle expenses

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomp..........

Read More
Scott Henvey
Scott Henvey

29 June, 2021

Executives, Tax Reform, Planning, Retirees, Text Preparation Planning, Business Owners, Divorcees and Widows, Investment Advisory & Wealth Mangement

Help guide your family with a road map for your estate plan

You’ve likely spent a lot of time working with your advisor to plan your estate. While documents such as your will, various trusts and a power..........

Read More
Scott Henvey
Scott Henvey

22 June, 2021

Taxes, Executives, Planning

2021 Q3 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list ..........

Read More
Scott Henvey
Scott Henvey

17 June, 2021

Investing, Estate Planning, Tax Reform, Planning, Business Owners, Investment Advisory & Wealth Mangement, smallbusiness

Tax-favored ways to build up a college fund

If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. ..........

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Scott Henvey
Scott Henvey

17 June, 2021

Business Owners & Entrepreneurs, Taxes, Executives, smallbusiness

Tax filing deadline is coming up: What to do if you need more time

"Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed..........

Read More
Scott Henvey
Scott Henvey

14 May, 2021

Business Owners & Entrepreneurs, Taxes, Executives, Tax Reform, smallbusiness

Simple retirement savings options for your small business

Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrat..........

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Scott Henvey
Scott Henvey

29 April, 2021

Business Owners & Entrepreneurs, Retirement Planning, Estate Planning, Retirees, Business Owners

Keep it all in the family: Transferring your vacation home

If your family owns a vacation home, you know what a relaxing refuge it can be. This is especially true these days due to the limited travel o..........

Read More
Scott Henvey
Scott Henvey

7 April, 2021

Taxes

How to ensure life insurance isn’t part of your taxable estate

If you have a life insurance policy, you may want to ensure that the benefits your family will receive after your death won’t be included in your esta..........

Read More
Scott Henvey
Scott Henvey

30 March, 2021

Taxes

Estimated tax payments: The deadline for the first 2021 installment is coming ups

April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021, if y..........

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Scott Henvey
Scott Henvey

29 March, 2021

Taxes

New law: Parents and other eligible Americans to receive direct payments

The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19..........

Read More
Scott Henvey
Scott Henvey

29 March, 2021

Business Owners & Entrepreneurs, Business Owners

If you run a business from home, you could qualify for home office deductions

During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain funct..........

Read More
Scott Henvey
Scott Henvey

15 March, 2021

Taxes

Did you make donations in 2020? There’s still time to get substantiation

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happe..........

Read More
Scott Henvey
Scott Henvey

15 March, 2021

Estate Planning

Dissecting the contents of a will

For many people, the first thing they think of when they hear the words “estate plan” is a will. And for good reason, as it’s the cornerstone of any e..........

Read More
Scott Henvey
Scott Henvey

11 March, 2021

Taxes

Retiring soon? Recent law changes may have an impact on your retirement savings

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware th..........

Read More
Scott Henvey
Scott Henvey

2 March, 2021

Take control of your charitable donations using restrictions

Did you know that you can put restrictions on charitable donations you make through your estate? If you want the peace of mind that your donations are..........

Read More
Scott Henvey
Scott Henvey

1 March, 2021

Taxes

2021 individual taxes: Answers to your questions about limits

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed i..........

Read More
Scott Henvey
Scott Henvey

10 February, 2021

Taxes

The power of the tax credit for buying an electric vehicle

Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you bu..........

Read More
Scott Henvey
Scott Henvey

3 February, 2021

Business Owners & Entrepreneurs, Business Owners

The cents-per-mile rate for business miles decreases again for 2021

The cents-per-mile rate for business miles decreases again for 2021

This year, the optional standard mi..........

Read More
Scott Henvey
Scott Henvey

2 February, 2021

Taxes

Don’t forget to take required minimum distributions this year

If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when..........

Read More
Scott Henvey
Scott Henvey

28 January, 2021

Estate Planning

What does a trustee do?

Your estate plan may include several different trusts. The reason is that various types of trusts can accomplish a myriad of estate planning goals. Th..........

Read More
Scott Henvey
Scott Henvey

22 January, 2021

Taxes

One reason to file your 2020 tax return early

The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new..........

Read More
Scott Henvey
Scott Henvey

20 January, 2021

Taxes

Educate yourself about the revised tax benefits for higher education

Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may..........

Read More
Scott Henvey
Scott Henvey

18 January, 2021

Business Owners & Entrepreneurs, Business Owners

Can your business benefit from the enhanced Employee Retention Tax Credit?

COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Cre..........

Read More
Scott Henvey
Scott Henvey

15 January, 2021

Estate Planning

4 questions single parents should ask about their estate plans

Did you know that the United States has the highest rate of children living in single parent households? According to the Pew Research Center, nearly a quarter (23%) of U.S. children under the age ..........

Read More
Scott Henvey
Scott Henvey

14 January, 2021

Business Owners & Entrepreneurs, Business Owners

The right entity choice: Should you convert from a C to an S corporation?

The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. Although S cor..........

Read More
Scott Henvey
Scott Henvey

1 January, 2021

Estate Planning

Does your estate plan clearly communicate your wishes?

Precise language is critical in wills, trusts and other estate planning documents. A lack of clarity may be an invitation to litigation. An example of this is the dispute that arose after Tom Petty..........

Read More
Scott Henvey
Scott Henvey

30 December, 2020

Fraud

Prevent and detect insider cyberattacks

In one recent cybercrime scheme, a mortgage company employee accessed his employer’s records without authorization, then used stolen customer lists to start his own mortgage business. The perpetrat..........

Read More
Scott Henvey
Scott Henvey

30 December, 2020

Business Owners & Entrepreneurs, Business Owners

2021 Q1 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list ..........

Read More
Scott Henvey
Scott Henvey

21 December, 2020

Taxes

Can you qualify for a medical expense tax deduction?

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for..........

Read More
Scott Henvey
Scott Henvey

16 December, 2020

Estate Planning

2 options for families with disabled loved ones: ABLE accounts and SNTs

If you have a family member who’s disabled, you likely know that financial and estate planning can be tricky. You don’t want to jeopardize his or her ..........

Read More
Scott Henvey
Scott Henvey

11 December, 2020

Business Owners & Entrepreneurs, Business Owners

The QBI deduction basics and a year-end tax tip that might help you qualify

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduc..........

Read More
Scott Henvey
Scott Henvey

7 December, 2020

Taxes

Steer clear of the wash sale rule if you’re selling stock by year end

Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important not to run afoul of the ..........

Read More
Scott Henvey
Scott Henvey

3 December, 2020

Business Owners & Entrepreneurs, Business Owners

Small businesses: Cash in on depreciation tax savers

As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable proper..........

Read More
Scott Henvey
Scott Henvey

2 December, 2020

Taxes

Employees: Don’t forget about your FSA funds

Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrange..........

Read More
Scott Henvey
Scott Henvey

24 November, 2020

Only specific trusts are eligible to hold S corporation stock

S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more th..........

Read More
Scott Henvey
Scott Henvey

19 November, 2020

Business Owners & Entrepreneurs, Business Owners

Health Savings Accounts for your small business

Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in provid..........

Read More
Scott Henvey
Scott Henvey

16 November, 2020

Business Owners & Entrepreneurs, Business Owners

Do you want to withdraw cash from your closely held corporation at a low tax cost?

Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simp..........

Read More
Scott Henvey
Scott Henvey

10 November, 2020

Taxes

Disability income: How is it taxed?

Many Americans receive disability income. You may wonder if — and how — it’s taxed. As is often the case with tax questions, the answer is … it depe..........

Read More
Scott Henvey
Scott Henvey

4 November, 2020

Estate Planning

Don’t forget about making a portability election

When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find d..........

Read More
Scott Henvey
Scott Henvey

30 October, 2020

Estate Planning

4 ways to address elderly parents in your estate plan

Typically, an estate plan includes accommodations for your spouse, children, grandchildren and even future generations. But you may overlook some ol..........

Read More
Scott Henvey
Scott Henvey

23 October, 2020

Business Owners & Entrepreneurs, Business Owners

The 2021 “Social Security wage base” is increasing

If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing.

Read More
Scott Henvey
Scott Henvey

19 October, 2020

Business Owners & Entrepreneurs, Business Owners

Understanding the passive activity loss rules

Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in?

Read More
Scott Henvey
Scott Henvey

14 October, 2020

Business Owners & Entrepreneurs, Business Owners

The easiest way to survive an IRS audit is to get ready in advance

IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be exami..........

Read More
Scott Henvey
Scott Henvey

6 October, 2020

Estate Planning

Don’t procrastinate if you plan to transfer ownership of your life insurance policy

Generally, the proceeds of your life insurance policy are included in your taxable estate. You can remove them by transferring ownership of the poli..........

Read More
Scott Henvey
Scott Henvey

29 September, 2020

Business Owners & Entrepreneurs, Business Owners

Business website costs: How to handle them for tax purposes

The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deduct..........

Read More
Scott Henvey
Scott Henvey

22 September, 2020

Tax implications of working from home and collecting unemployment

COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. Read More

Scott Henvey
Scott Henvey

16 September, 2020

Estate Planning

Buy-sell agreements: A smart business decision also makes estate planning sense

Do you own a business with one or more individuals? Undoubtedly, your interest in the business represents a substantial part of your net worth and i..........

Read More
Scott Henvey
Scott Henvey

11 September, 2020

Taxes

Homebuyers: Can you deduct seller-paid points?

Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared wi..........

Read More
Scott Henvey
Scott Henvey

8 September, 2020

Taxes

Back-to-school tax breaks on the books

Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to he..........

Read More
Scott Henvey
Scott Henvey

1 September, 2020

Estate Planning

Oh, no, your original will is missing!

In a world that’s increasingly paperless, you’re likely becoming accustomed to conducting a variety of transactions digitally. But when it comes to your last will and testament, only an original, s..........

Read More
Scott Henvey
Scott Henvey

27 August, 2020

Business Owners & Entrepreneurs, Business Owners

CARES Act made changes to excess business losses

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some busines..........

Read More
Scott Henvey
Scott Henvey

24 August, 2020

Taxes

What happens if an individual can’t pay taxes

While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s a look at the options.

..........

Read More
Scott Henvey
Scott Henvey

31 August, 2020

Estate Planning

5 good reasons to turn down an inheritance

You may use a qualified disclaimer to refuse a bequest from a loved one. Doing so will cause an asset to bypass your estate and go to the next beneficiary in line. What are the reasons you’d take t..........

Read More
Scott Henvey
Scott Henvey

13 August, 2020

Business Owners & Entrepreneurs, Business Owners

The possible tax consequences of PPP loans

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications.

<..........
Read More
Scott Henvey
Scott Henvey

31 August, 2020

Taxes

The tax implications of employer-provided life insurance

Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you.

Read More
Scott Henvey
Scott Henvey

5 August, 2020

Estate Planning

Avoid “bad blood” among family members: Protect your will from legal challenges

You’ve probably seen it in the movies or on TV: A close-knit family gathers to find out what’s contained in the will of a wealthy patriarch or matriarch. When the terms are revealed, a niece, for e..........

Read More
Scott Henvey
Scott Henvey

31 July, 2020

Taxes

Take advantage of a “stepped-up basis” when you inherit property

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure..........

Read More
Scott Henvey
Scott Henvey

24 July, 2020

Business Owners & Entrepreneurs, Business Owners

Even if no money changes hands, bartering is a taxable transaction

During the COVID-19 pandemic, many small businesses are strapped for cash. They may fi..........

Read More
Scott Henvey
Scott Henvey

23 July, 2020

Business Owners & Entrepreneurs, Business Owners

Businesses: Get ready for the new Form 1099-NEC

There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation.

Read More
Scott Henvey
Scott Henvey

21 July, 2020

Estate Planning

Family matters: Estate planning considerations if you have adopted children or unadopted stepchildren

If you have adopted children or unadopted stepchildren, estate planning is critical to..........

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Scott Henvey
Scott Henvey

20 July, 2020

Taxes

After you file your tax return: 3 issues to consider

The tax filing deadline for 2019 tax returns has been extended until July 15 this year..........

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Scott Henvey
Scott Henvey

10 July, 2020

Estate Planning

A win-win proposition: A CRT can benefit you and your favorite charity

Are you a multitasker? If so, you may appreciate an estate planning technique that can..........

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Scott Henvey
Scott Henvey

8 July, 2020

Business Owners & Entrepreneurs, Business Owners

Haven’t filed your 2019 business tax return yet?

The extended federal income tax deadline is coming up fast. As you know, the IRS postp..........

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Scott Henvey
Scott Henvey

30 June, 2020

Retirement Planning, Retirees

What qualifies as a “coronavirus-related distribution” from a retirement plan?

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act a..........

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Scott Henvey
Scott Henvey

23 June, 2020

Taxes, Planning

If you’re selling your home, don’t forget about taxes

Traditionally, spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in sales. The National Association of Realtors (NAR) reports tha..........

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Scott Henvey
Scott Henvey

17 June, 2020

Business Owners & Entrepreneurs, Business Owners

Rioting damage at your business? You may be able to claim casualty loss deductions

The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of th..........

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Scott Henvey
Scott Henvey

14 July, 2020

Business Owners & Entrepreneurs, Business Owners

Business meal deductions: The current rules amid proposed changes

Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amou..........

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Scott Henvey
Scott Henvey

14 July, 2020

Estate Planning

Estate planning when time is short

The novel coronavirus (COVID-19) pandemic has caused some people to contemplate their own mortality or that of a family member. For those whose life expectancies are short — because of COVID-19 or ..........

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Scott Henvey
Scott Henvey

14 July, 2020

Business Owners & Entrepreneurs, Executives, Retirees, Business Owners, Physicians

There’s still time to make a deductible IRA contribution for 2019

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended ..........

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Scott Henvey
Scott Henvey

14 July, 2020

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