2 min read
6 key elements of a business budget
Scott Henvey: Sep 5, 2024 12:14:14 PM
To help you understand the implications of the recent Corporate Transparency Act
We have prepared a selection of frequently asked questions.
2 min read
Are you liable for two additional taxes on your income?
Scott Henvey: Sep 5, 2024 11:52:47 AM
Having a high income may mean you owe two extra taxes: the 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and...
2 min read
Understanding taxes on real estate gains
Scott Henvey: Sep 5, 2024 11:31:30 AM
Let’s say you own real estate that has been held for more than one year and is sold for a taxable gain. Perhaps this gain comes from indirect...
2 min read
The possible tax landscape for businesses in the future
Scott Henvey: Aug 7, 2024 1:25:42 PM
Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The...
2 min read
Closing a business involves a number of tax responsibilities
Scott Henvey: Aug 7, 2024 1:16:42 PM
While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close...
1 min read
Certain charitable donations allow you to avoid taxable IRA withdrawals
Scott Henvey: Aug 7, 2024 1:11:58 PM
If you’re a philanthropic individual who is also obligated to take required minimum distributions (RMDs) from a traditional IRA, you may want to...
2 min read
What might be ahead as many tax provisions are scheduled to expire?
Scott Henvey: Aug 7, 2024 12:58:42 PM
Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections.
3 min read
Social Security tax update: How high can it go?
Scott Henvey: Jul 8, 2024 12:57:29 PM
Employees, self-employed individuals, and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people...
2 min read
4 ways businesses can better control cash flow
Scott Henvey: Jul 8, 2024 12:46:28 PM
From the minute they open their doors, business owners are urged to keep a close eye on cash flow. And for good reason — even companies with booming...
2 min read
Timelines: 3 ways business owners should look at succession planning
Scott Henvey: Jun 6, 2024 9:29:14 AM
Business owners are rightly urged to develop succession plans so their companies will pass on to the next generation, or another iteration of...
2 min read
You may be entitled to tax breaks if caring for an elderly relative
Scott Henvey: Jun 5, 2024 2:28:02 PM
There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing...
2 min read
A three-step strategy to save tax when selling appreciated vacant land
Scott Henvey: Jun 5, 2024 2:20:47 PM
Let’s say you own one or more vacant lots. The property has appreciated greatly and you’re ready to sell. Or maybe you have a parcel of appreciated...
2 min read
When do valuable gifts to charity require an appraisal?
Scott Henvey: Jun 5, 2024 2:12:57 PM
If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires...