How to get more from your company’s income statement
Financial reporting is more than an exercise in compliance. Proactive owners and managers view their income statements as a diagnostic tool to gauge performance and fix inefficiencies and anomalies.
Read More Demystifying deferred taxes
When reviewing a company’s financial statements, you may wonder: What are deferred taxes and how does the company quantify them? Wonder no more.
Read More Going green could save greenbacks and more
Has the start of spring piqued your interest in green business practices? Eco-friendly initiatives can be good for the earth, as well as your company’s bottom line and long-term value.
Read More Federal Tax News for Individuals
1. Tax Help for College Expenses
2. Overlooked Deductions and other Tax Errors
3. Check a Charity's Status Before Donating
4. Taxability of Disability Income
5. Health Savings Accounts for 2024
Read More Estimating the Value of Your Business Today
You should always operate your business as if it's up for sale, because you never know when you'll receive an offer that's too good to refuse. Plus, sales of some business interests may not be planned. Part of operating in a sale-ready state is knowing the current value of your company. Here's an overview of the fundamentals of valuing a private business, including key value drivers.
Read More Are Your Social Security Benefits Taxable?
Many people are surprised to learn that more than half of Social Security recipients owe taxes on some of their benefits. The percentage of your benefits that could be taxable varies depending on your income level. Here's an overview of how "combined income" is calculated and possible strategies to help reduce it and, in turn, your overall tax obligation.
Read More The Future of Social Security: The problem and the solutions
The future of Social Security is in peril. Here’s a look at the current situation and potential solutions.
Read More Federal Tax News for Individuals
1. What to Do if You Missed the Tax Day Deadline
2. Deducting Casualty Losses
3. Social Security Wage Base Rises
4. When the IRS Wants to Talk to You
5. The IRS Plan for Spending Audit Money
Read More IRS guidance coming regarding the IRA’s Clean Vehicle Credit
Will the electric vehicle you have your eye on qualify for the Clean Vehicle Credit?
Read More Want to Move? Tax Implications of Converting a Home to a Rental Property
Are you planning to relocate or downsize your home? The residential real estate market has cooled off in many parts of the country. So, it could make sense to hold off on selling your home. Instead, you might consider converting the property into an income-producing rental. Here are some important tax issues that factor into making such a decision.
Read More Resist the Urge to Purge after Filing Your 2022 Tax Return
The mountain of paper and electronic records that's needed to support your tax return may include receipts, bank and investment account statements, K-1s, W-2s, and 1099s. How long do you need to save these records? Three years is the general rule. But don't be hasty: Failure to keep a paper trail for the information provided on your returns could lead to problems if you're audited.
Read More Federal Tax News for Businesses
1. Businesses Targeted for Identity Theft
2. Deduct the Cost of Seeking New Business
3. Business vs. Hobby: Protect Your Tax Deductions
4. A Scam Involving Employee Retention Credits
5. A Proposed New Way to Report Tips
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