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Caring for an elderly relative? You may be eligible for tax breaks

By |2022-05-10T18:21:18+00:00May 10th, 2022|Latest News|

Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. 1. Medical expenses. If the individual qualifies as your “medical dependent,” and you itemize deductions on your tax return, you can include any medical expenses you

Want to turn a hobby into a business? Watch out for the tax rules

By |2022-05-04T16:07:17+00:00May 4th, 2022|Latest News|

Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return? You can generally deduct losses for expenses

Valuable gifts to charity may require an appraisal

By |2022-05-04T16:04:55+00:00May 4th, 2022|Latest News|

If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. If you donate an item of property (or a group of similar items) worth more than $5,000, certain appraisal requirements apply.

Tighten up billing and collections to mitigate economic uncertainties

By |2022-05-04T16:02:47+00:00May 4th, 2022|Latest News|

While many economic indicators remain strong, the U.S. economy is still giving business owners plenty to think about. The nation’s gross domestic product unexpectedly contracted in the first quarter of 2022. Rising inflation is on everyone’s mind. And global supply chain issues persist, spurred on by events such as the COVID-19 lockdowns in China and

Thinking about converting your home into a rental property?

By |2022-04-26T15:25:12+00:00April 26th, 2022|Latest News|

In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that renting out your home carries potential tax benefits and pitfalls. You’re generally treated as a

Offering summer job opportunities? Double-check child labor laws

By |2022-04-26T15:22:08+00:00April 26th, 2022|Latest News|

Spring has sprung — and summer isn’t far off. If your business typically hires minors for summer jobs, now’s a good time to brush up on child labor laws. In News Release No. 22-546-DEN, the U.S. Department of Labor’s Wage and Hour Division (WHD) recently announced that it’s stepping up efforts to identify child labor

The tax rules of renting out a vacation property

By |2022-03-28T18:30:10+00:00March 28th, 2022|Latest News|

Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the year. The tax treatment depends on how many days it’s rented and your level of personal use. Personal use includes vacation use by your relatives

ERISA and EAPs: What’s the deal?

By |2022-03-28T18:27:01+00:00March 28th, 2022|Latest News|

In recent years, more and more businesses have increased efforts to support the well-being of their employees. This means not only providing health care benefits, but also offering other initiatives designed to help workers cope with challenges such as substance dependence, financial planning, legal woes and mental health issues. Among the options usually considered is

360-degree feedback helps business owners see the big picture

By |2022-03-28T18:21:21+00:00March 28th, 2022|Latest News|

Business owners are regularly urged to “see the big picture.” In many cases, this imperative applies to a pricing adjustment or some other strategic planning idea. However, seeing the big picture also matters when it comes to managing the performance of your staff. Perhaps the best way to get a fully rounded perspective on how

When inheriting money, be aware of “income in respect of a decedent” issues

By |2022-03-17T19:10:55+00:00March 17th, 2022|Latest News|

Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there may be ways to minimize or even eliminate the IRD tax bite. Basic rules For the most part, property you

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