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A three-step strategy to save tax when selling appreciated vacant land

By |2024-05-23T20:52:15+00:00May 23rd, 2024|Latest News|

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 land that you want to subdivide into lots, develop them and sell them off for a big profit. Either way, you’ll incur a tax bill. For purposes of

When do valuable gifts to charity require an appraisal?

By |2024-05-16T15:02:19+00:00May 16th, 2024|Latest News|

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 donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. How can you protect your deduction? First, be aware that in

Businesses must face the reality of cyberattacks and continue fighting back

By |2024-05-20T19:15:47+00:00May 16th, 2024|Latest News|

With each passing year, as networked technology becomes more and more integral to how companies do business, a simple yet grim reality comes further into focus: The cyberattacks will continue. In fact, many experts are now urging business owners and their leadership teams to view malicious cyberactivity as more of a certainty than a possibility.

Pay attention to the tax rules if you turn a hobby into a business

By |2024-05-08T16:55:20+00:00May 8th, 2024|Latest News|

Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business. You probably won’t have any tax headaches if your new business is profitable over a certain

Taxes when you sell an appreciated vacation home

By |2024-05-08T16:53:26+00:00May 8th, 2024|Latest News|

Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home. Scenario 1: You’ve never used the home as your primary residence In this case, the

8 key features of a customer dispute resolution process for businesses

By |2024-05-08T16:51:18+00:00May 8th, 2024|Latest News|

No matter how carefully and congenially you run your business, customer disputes will likely happen from time to time. Some of the complaints may be people looking to negotiate a discount, “game the system” or even outright defraud you. But others could be legitimate complaints arising from mistakes on your company’s part, technological glitches or, perhaps

Watch out for “income in respect of a decedent” issues when receiving an inheritance

By |2024-05-02T14:47:23+00:00May 2nd, 2024|Latest News|

Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to be too good to be true. While most inherited property is tax-free to the recipient, this isn’t always the case with property that’s considered income in respect of a decedent (IRD). If

The pros and cons of turning your home into a rental

By |2024-05-02T14:45:11+00:00May 2nd, 2024|Latest News|

If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one- and two-bedroom residences were $1,487 and $1,847, respectively, according to the latest Zumper National Rent Report. In some parts of the country, rents are much higher or lower than the

Health care self-insurance and stop-loss coverage: What business owners need to know

By |2024-05-02T14:41:09+00:00May 2nd, 2024|Latest News|

For businesses, cost-effectively sponsoring a health insurance plan for employees is an ongoing battle. In the broadest sense, you have two options: fully insured or self-funded. A fully insured plan is simply one you buy from an insurer. Doing so limits your financial risk while offering the most predictable costs. The other option is what’s

Keep these 3 issues in mind after you file your return

By |2024-04-22T15:30:50+00:00April 22nd, 2024|Latest News|

Once your 2023 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations. 1. Waiting for your refund? You can check on it The IRS has an online tool that can tell you the status of your refund. Go to irs.gov and

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