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Selling a home: Will you owe tax on the profit?

By |2021-09-15T19:07:00+00:00September 15th, 2021|Latest News|

Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South and $508,300 in

Opening a new location calls for careful planning

By |2021-09-15T19:04:47+00:00September 15th, 2021|Latest News|

The U.S. economy has been nothing short of a roller-coaster ride for the past year and a half. Some industries have had to overcome seemingly insurmountable challenges, while others have seen remarkable growth opportunities arise. If your business is doing well enough for you to consider adding a location, both congratulations and caution are in

Planning for year-end gifts with the gift tax annual exclusion

By |2021-09-09T18:48:48+00:00September 9th, 2021|Latest News|

As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or

You can only claim a casualty loss tax deduction in certain situations

By |2021-09-09T18:46:42+00:00September 9th, 2021|Latest News|

In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there are

Think like a lender before applying for a business loan

By |2021-09-09T18:44:20+00:00September 9th, 2021|Latest News|

Commercial loans, particularly small business loans, have been in the news over the past year or so. The federal government’s Paycheck Protection Program has been helpful to many companies, though fraught with administrative challenges. As your business pushes forward, you may find yourself in need of cash in the months ahead. If so, more traditional

Does your employer provide life insurance? Here are the tax consequences

By |2021-08-25T16:25:05+00:00August 25th, 2021|Latest News|

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 income tax implications. Tax on income you don’t receive The first $50,000 of group term life insurance coverage that your employer provides is excluded

Expanding succession planning beyond ownership

By |2021-08-25T16:23:09+00:00August 25th, 2021|Latest News|

Business owners are regularly urged to create and update their succession plans. And rightfully so — in the event of an ownership change, a solid succession plan can help prevent conflicts and preserve the legacy you’ve spent years or decades building. But if you want to take your succession plan to the next level, consider

ABLE accounts may help disabled or blind family members

By |2021-08-18T14:54:29+00:00August 18th, 2021|Latest News|

There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related

IRS additional guidance addresses COBRA assistance under ARPA

By |2021-08-18T14:52:33+00:00August 18th, 2021|Latest News|

In Notice 2021-46, the IRS recently issued additional guidance on the COBRA premium assistance provisions of the American Rescue Plan Act (ARPA). Under the ARPA, a 100% COBRA premium subsidy and additional COBRA enrollment rights are available to certain assistance eligible individuals (AEIs) during the period beginning on April 1, 2021, and ending on September

Is your business underusing its accounting software?

By |2021-08-16T17:06:21+00:00August 16th, 2021|Latest News|

Someone might have once told you that human beings use only 10% of our brains. The implication is that we have vast, untapped stores of cerebral power waiting to be discovered. In truth, this is a myth widely debunked by neurologists. What you may be underusing, as a business owner, is your accounting software. Much

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