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

smallbusiness

Tax considerations when adding a new partner at your business

Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a ne..........

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Maurice La Verdure
Maurice La Verdure

9 May, 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

Executives, Accounting Services, Business Owners, smallbusiness

The election to apply the research tax credit against payroll taxes

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break ava..........

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Maurice La Verdure
Maurice La Verdure

9 March, 2022

Taxes, Tax Reform, Business Owners, smallbusiness

Important tax aspects of operating your business as a sole proprietor

If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of you..........

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Maurice La Verdure
Maurice La Verdure

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..........

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Scott Henvey
Scott Henvey

20 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

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

Providing a company car? Here’s how taxes are handled

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions fo..........

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Maurice La Verdure
Maurice La Verdure

13 December, 2021

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

Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties

With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its grati..........

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Maurice La Verdure
Maurice La Verdure

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 ..........

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Scott Henvey
Scott Henvey

3 November, 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, ..........

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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 b..........

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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..........

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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 bi..........

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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 c..........

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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.

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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 ma..........

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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..........

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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 year..........

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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..........

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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-t..........

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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 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..........

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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 incomp..........

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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 d..........

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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. ..........

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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 ..........

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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..........

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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 administrat..........

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Scott Henvey
Scott Henvey

29 April, 2021

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