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Year-end giving to charity or loved ones

By |2022-11-23T18:27:33+00:00November 23rd, 2022|Latest News|

The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax rules involved in these transactions. Donating to charity In 2022, in order to receive a charitable donation write-off, you must

Choosing a retirement plan for your small business

By |2022-11-23T18:25:42+00:00November 23rd, 2022|Latest News|

Most growing small businesses reach a point where the owner looks around at the leadership team and says, “It’s time. We need to offer employees a retirement plan.” Often, this happens when the company is financially stable enough to administer a retirement plan and make substantive contributions. Other times it occurs when the business grows weary

How inflation will affect your 2022 and 2023 tax bills

By |2022-11-04T18:28:46+00:00November 4th, 2022|Latest News|

The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your federal income tax bill for 2023? The IRS recently announced next year’s inflation-adjusted tax amounts for several provisions. Some highlights Standard deduction. What

Reinforce your cybersecurity defenses regularly

By |2022-11-04T18:26:57+00:00November 4th, 2022|Latest News|

If you’ve been in business for any amount of time, you probably don’t need anyone to tell you about the importance of cybersecurity. However, unlike the lock to a physical door, which generally lasts a good long time, measures you take to protect your company from hackers and malware need to be updated and reinforced

Plan now to make tax-smart year-end gifts to loved ones

By |2022-10-19T14:26:28+00:00October 19th, 2022|Latest News|

Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year through the proper use of the annual exclusion. The exclusion amount is adjusted for inflation annually, and for 2022, the amount is $16,000. The exclusion covers gifts that an individual makes to

Manageable growth should be a strategic planning focus

By |2022-10-19T14:24:20+00:00October 19th, 2022|Latest News|

When a company’s leadership engages in strategic planning, growing the business is typically at the top of the agenda. This is as it should be — ambition is part and parcel of being a successful business owner. What’s more, in many industries, failing to grow could leave the company at the mercy of competitors. However,

Tax and other financial consequences of tax-free bonds

By |2022-10-11T16:38:48+00:00October 11th, 2022|Latest News|

If you’re interested in investing in tax-free municipal bonds, you may wonder if they’re really free of taxes. While the investment generally provides tax-free interest on the federal (and possibly state) level, there may be tax consequences. Here’s how the rules work. Purchasing a bond If you buy a tax-exempt bond for its face amount,

Investing in the future with a 529 education plan

By |2022-10-11T16:36:51+00:00October 11th, 2022|Latest News|

If you have a child or grandchild who’s going to attend college in the future, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for them, allow prepayment of higher education costs on a tax-favored basis. There are two types of

Shine a light on sales prospects to brighten the days ahead

By |2022-10-11T16:34:54+00:00October 11th, 2022|Latest News|

When it comes to sales, most businesses labor under two major mandates: 1) Keep selling to existing customers, and 2) Find new ones. To accomplish the former, your sales staff probably gets some help from the marketing and customer service departments. Succeeding at the latter may be more difficult. Yet perhaps the most discernible way a sales

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

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