Insights
It’s W-2 time…not so fast!
W-2s serve the important function of giving an employee a record of their taxable earnings, as well as the federal and state taxes that were withheld by their employer on their behalf. W-2 forms are familiar to most people and are a well-known part of payroll and an individual’s Form 1040 tax preparation. Many believe…
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Small businesses: There still may be time to cut your 2021 taxes
Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies. Purchase assets Thinking about buying new or used equipment, machinery or office equipment in the new year? Buy them and place them in service by December 31, and…
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Get your piece of the depreciation pie now with a cost segregation study
If the entire cost of constructing the building that houses your operation is depreciating over a 30-year period you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a cost segregation study are…
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Would you like to establish a Health Savings Account for your small business?
With the increasing cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the important…
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Construction Fraud in a Post-Pandemic World
Kristin Moody, CPA, CFE As restrictions put in place to limit the spread of COVID-19 have been lifted, many business owners and members of organizational management have been faced with decisions related to nearly every aspect of their organizations’ functions in a post-pandemic world. Over the past year and a half, shifts related to the…
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4 red flags of an unreliable budget
Every business should prepare an annual budget. Creating a comprehensive, realistic spending plan allows you to identify potential shortages of cash, possible constraints on your capacity to fulfill strategic objectives, and other threats. Whether you’ve already put together a 2022 budget or still need to get on that before year-end, here are four red flags…
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Factor in taxes if you’re retiring to another state
Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant. But while you’re thinking about how many square feet you’ll need in a retirement home, don’t forget to factor in state and local taxes. Establishing…
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West Virginia Division of Highways Revises Contractor Prequalification Application
The WVDOH is revising its Contractor Prequalification Application as of January 1, 2022. If you were prequalified in 2021, you should have received a letter identifying the items/categories of work you were qualified to perform from the WVDOH. Your 2021 pre-qual will be effective for 2 years and then you will need to complete the…
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Remember to use up your flexible spending accounts
Do you have tax-saving flexible spending accounts (FSA) with your employer to help pay for health or dependent care expenses? As the end of 2021 nears, there are some rules and reminders to keep in mind. An account for health expenses A pre-tax contribution of $2,750 to a health FSA is permitted in 2021. This…
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2021 ACA Reporting Reminder
The Affordable Care Act (ACA) is the Patient Protection and Affordable Care Act as amended by the Health Care and Education Reconciliation Act of 2010. The ACA requires certain employers to report to the IRS annually regarding the health care coverage they offer to full-time employees. Under Section 6056 of the Internal Revenue Code, an…
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