Insights
Business website expenses: How they’re handled for tax purposes
Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted. But there are established rules that generally apply to the deductibility of business expenses and provide business taxpayers launching a website with some guidance about proper treatment. In addition, businesses can turn to…
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Understanding taxes on real estate gains
Let’s say you own real estate that has been held for more than one year and is sold for a taxable gain. Perhaps this gain comes from indirect ownership of real estate via a pass-through entity such as an LLC, partnership or S corporation. You may expect to pay the standard 15% or 20% federal…
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Do you owe estimated taxes? If so, when is the next one due?
Federal estimated tax payments are designed to ensure that certain individuals pay their fair share of taxes throughout the year. If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest, dividends, self-employment income, capital gains,…
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Consumer Compliance Trends
By: Kelly Shafer, CPA In this article we will review the top consumer compliance issues identified by the FDIC in a recent supervisory report and examine upcoming trends that are expected to gain attention from examiners during the latter half of 2024 and into 2025. The FDIC’s consumer compliance supervisory report released in the spring…
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Be aware of the tax consequences of selling business property
If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more…
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Certain charitable donations allow you to avoid taxable IRA withdrawals
If you’re a philanthropic individual who is also obligated to take required minimum distributions (RMDs) from a traditional IRA, you may want to consider a tax-saving strategy. It involves making a qualified charitable distribution (QCD). How it works To reap the possible tax advantages of a QCD, you make a cash donation to an IRS-approved…
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Six tax issues to consider if you’re getting divorced
Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, several tax concerns may need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are six issues to be aware of if you’re in the process of…
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Maximizing Tax Savings Through Effective Estate Planning
By: Layne Blasingim, CPA Estate planning isn’t just about figuring out who receives your assets when you pass; it’s also a strategic approach to minimize possible tax liabilities. With careful planning, individuals can ensure that their hard-earned wealth goes to their intended heirs rather than paid out in taxes. Savvy estate planning can use a…
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Using Per Diem for Your Employees
By: Chris Lambert, CPA, CGMA, CCIFP You may have heard of other contractors offering Per Diems – or you may get asked by your employees if you offer Per Diems. They are an easy way to reimburse employees for costs incurred with business travel, but what exactly is a Per Diem? Per diem derives from…
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What might be ahead as many tax provisions are scheduled to expire?
Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections. Our current situation The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made sweeping changes. Many of its provisions are set to expire on December 31, 2025. With this…
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