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Year-end tax planning ideas for individuals

By |2022-09-29T18:27:29+00:00September 29th, 2022|Latest News|

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. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2022. Many taxpayers won’t itemize because of the high 2022 standard

Formalizing your business’s BYOD policy

By |2022-09-29T18:25:04+00:00September 29th, 2022|Latest News|

When the pandemic hit about two and a half years ago, thousands of employees suddenly found themselves working from home. In many cases, this meant turning to personal devices to access their work email, handle documents and perform other tasks. Even before COVID, more and more businesses were allowing employees to use their own phones,

Don’t forget income taxes when planning your estate

By |2022-09-23T16:43:47+00:00September 23rd, 2022|Latest News|

As a result of the current estate tax exemption amount ($12.06 million in 2022), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. But now, because many estates won’t be subject to estate tax, more planning can be

How to handle evidence in a fraud investigation at your business

By |2022-09-23T16:41:16+00:00September 23rd, 2022|Latest News|

Every business owner should establish strong policies, procedures and internal controls to prevent fraud. But don’t stop there. Also be prepared to act if indications arise that, despite your best efforts, wrongdoing has taken place at your company. How you handle the evidence obtained could determine whether you’ll be able to prove the charges brought

Seller-paid points: Can homeowners deduct them?

By |2022-09-14T19:43:55+00:00September 14th, 2022|Latest News|

In its latest report, the National Association of Realtors (NAR) announced that July 2022 existing home sales were down but prices were up nationwide, compared with last year. “The ongoing sales decline reflects the impact of the mortgage rate peak of 6% in early June,” said NAR Chief Economist Lawrence Yun. However, he added that

Sometimes businesses need to show customers tough love

By |2022-09-14T19:41:48+00:00September 14th, 2022|Latest News|

“We love our customers!” Many businesses proclaim this at the bottom of their invoices, in their marketing materials and even on the very walls of their physical locations. Obviously, every company needs a solid customer or client base to survive. But, to truly thrive, you need to evaluate which customers are reliably contributing to the

Is your income high enough to owe two extra taxes?

By |2022-09-08T15:01:14+00:00September 8th, 2022|Latest News|

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 what they may mean for you. 3.8% NIIT This tax applies, in addition to income tax, on your net investment income. The NIIT

Want to see into the future? Delve deeper into forecasting

By |2022-09-08T14:49:30+00:00September 8th, 2022|Latest News|

For a company to be truly successful, its ownership needs to attempt the impossible: see into the future. Forecasting key metrics — such as sales demand, receivables, payables and working capital — can help you manage overhead, offer competitive prices and keep your business on firm financial footing. Although financial statements are often the starting

The Inflation Reduction Act: what’s in it for you?

By |2022-09-01T18:21:07+00:00September 1st, 2022|Latest News|

You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether it will reduce inflation in the near future, it contains, extends and modifies many climate and energy-related tax credits that may be of interest to individuals. Nonbusiness energy property Before the IRA was

Make marketing better with a brand audit

By |2022-09-01T18:15:33+00:00September 1st, 2022|Latest News|

Mention the word “audit” to a business owner and you’ll probably get an anxious look. But not all audits are of the tax, financial statement or retirement plan variety. You can audit many areas of your company to help you better manage those functions. Take your brand, for example. Your business brand is more than

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