Taxes, Tax Reform, Planning

The tax score of winning

Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the tax rul..........

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Maurice La Verdure
Maurice La Verdure

5 October, 2021

Taxes, Executives, Tax Reform, Business Owners, smallbusiness

Tax depreciation rules for business automobiles

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified ..........

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Maurice La Verdure
Maurice La Verdure

27 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 but you’ll have to substantiate the loss. A recent U.S. Tax..........

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Scott Henvey
Scott Henvey

16 September, 2021

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

Tax breaks to consider during National Small Business Week

The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider. 1. Claim bonus deprecia..........

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Maurice La Verdure
Maurice La Verdure

14 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 biggest personal assets and in many cases, your marital prop..........

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Scott Henvey
Scott Henvey

30 August, 2021

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

Does your employer provide life insurance? See the tax consequences

Employer-provided life insurance is a coveted fringe benefit. However, if group term life insurance is part of your benefit package, and the coverage is higher than $50,000, there may be undesirable i..........

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Maurice La Verdure
Maurice La Verdure

26 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. What are the requirements? Each person who, in the course of operating..........

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Scott Henvey
Scott Henvey

24 August, 2021

Business Owners & Entrepreneurs, Retirement Planning, Executives, Retirees, Business Owners, Investment Advisory & Wealth Mangement, smallbusiness

With a self-directed IRA, you choose your own investments

If you’re the type who would rather order ala carte rather than a set entrée, you might prefer a “self-directed” IRA. With this option, you may be able to amp up the benefits of a traditional or Roth ..........

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Maurice La Verdure
Maurice La Verdure

20 August, 2021

Business Owners & Entrepreneurs, Taxes, Business Owners, Investment Advisory & Wealth Mangement, smallbusiness

Is an LLC the right choice for your small business?

Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know y..........

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Maurice La Verdure
Maurice La Verdure

10 August, 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 years. But even though a small percentage of returns are being..........

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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) payments, which were created in the American Rescue Plan..........

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Scott Henvey
Scott Henvey

12 July, 2021

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

Hiring your minor children this summer? Reap tax and nontax benefits

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college a..........

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Maurice La Verdure
Maurice La Verdure

8 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 to three questions that we’re frequently asked at t..........

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Scott Henvey
Scott Henvey

6 July, 2021

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

Are you holding a joint title to property with a family member?

Owning assets jointly with one or more of your children or other heirs is a common estate planning “shortcut.” But like many shortcuts, it may produce unintended — and costly — consequences. Joint own..........

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Maurice La Verdure
Maurice La Verdure

1 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 incomplete documentation or try to create records months (or yea..........

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Scott Henvey
Scott Henvey

29 June, 2021

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

Traveling for business again? What can you deduct?

As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel with..........

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Maurice La Verdure
Maurice La Verdure

24 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. You want to take maximum advantage of tax benefits to mini..........

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Scott Henvey
Scott Henvey

17 June, 2021

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

Ensure the IRS doesn’t reclassify independent contractors as employees

Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS reclassifies ..........

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Maurice La Verdure
Maurice La Verdure

18 May, 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 the usual April 15 due date due to the COVID-19 pandemic...........

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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 administrative burdens involved in providing a traditional pe..........

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Scott Henvey
Scott Henvey

29 April, 2021