Insights
Employer tax benefits of student loan repayment programs
The sheer amount of student loan debt individuals are graduating from higher education with has been increasingly covered in the news. While the government has been working to forgive student loan debt for certain people, there is something employers can do to help take the burden off employees and their tax liability. In addition to…
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Three tax breaks for small businesses
Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. 1. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts and estates. But it’s not available to C corporations or…
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I Bonds Can Help You Tackle Inflation, But You Must Know the Rules
With inflation rates reaching historical highs and driving up the cost of doing business, business owners are seeking out creative ways to fight inflation. The Series I Savings Bond is one tool that’s been getting some buzz. Also known as I Bonds, these low-risk savings products depend on higher inflation to produce better returns.…
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Suttle Subjects – Cryptocurrency Ep. 001
Ryan Mink, CPA Hi everyone! Welcome to the very first episode of Suttle Subjects. My name is Ryan Mink. I’m a CPA and a Senior Manager with Suttle & Stalnaker. I want to preface this episode by reminding everyone that regulation is still forming for the cryptocurrency and digital asset space,…
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Interested in an EV? How to qualify for a powerful tax credit
Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars on the road today, they’re increasing in popularity all the time. If you buy one, you may be eligible for a federal tax break. The tax…
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Estate Planning with Minor Dependents
By Elaine Dougherty, CPA Married and unmarried couples with minor children need to think about their plans for their children’s care if the unthinkable happens. An estate plan can help map out your wishes if one or both guardians pass away. Having the proper legal documents will ensure that your wishes are followed. These documents…
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Construction Leases: New Reporting Requirements are Here
By Kristin Moody, CPA, CFE In February 2016, the Financial Accounting Standards Board issued an accounting standards update codified under section 842, Leases. And now, after several delays and amendments, the new reporting requirements for leases under GAAP are finally here. The standard and applicable amendments are applicable for fiscal years beginning after December 15,…
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Vehicle expenses: Can individual taxpayers deduct them?
It’s not just businesses that can deduct vehicle-related expenses on their tax returns. Individuals also can deduct them in certain circumstances. Unfortunately, under current law, you may not be able to deduct as much as you could years ago. For years prior to 2018, miles driven for business, moving, medical and charitable purposes were potentially…
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Social Security benefits: Do you have to pay tax on them?
Some people who begin claiming Social Security benefits are surprised to find out they’re taxed by the federal government on the amounts they receive. If you’re wondering whether you’ll be taxed on your Social Security benefits, the answer is: It depends. The taxation of Social Security benefits depends on your other income. If your income…
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Checking in on Your Accounts Payable Processes
Accounts payable is a critical area of concern for every business. However, as a back-office function, it doesn’t always get the attention it deserves. Once in place, accounts payable processes tend to get taken for granted. Following are some tips and best practices for improving your company’s approach. Be strategic Too often, businesses take a…
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