Insights
West Virginia Steam Coal Severance Tax Decrease
In the closing moments of the recent legislative session at the West Virginia Capitol, Gov. Jim Justice signed a bill that will decrease severance tax on thermal (steam) coal from 5% to 3%. This decrease will be implemented over the next three years and works out to about 40 cents per ton. Additionally, this savings…
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Casualty loss deductions: You can claim one only for a federally declared disaster
Unforeseen disasters happen all the time and they may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act, eligible casualty loss victims could claim a deduction on their tax returns. But there are new restrictions that make these deductions much more difficult to take. What’s considered a casualty for…
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Three questions you may have after you file your return
Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we’re frequently asked at this time of year. Question #1: What tax records can I throw away now? At a minimum, keep tax records related to your return for…
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Deducting business meal expenses under today’s tax rules
In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors and employees. What can you deduct on your tax return for these expenses? The rules changed under the Tax Cuts and Jobs Act (TCJA), but you can still claim some valuable write-offs. No more…
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How entrepreneurs must treat expenses on their tax returns
Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.…
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Divorcing business owners need to pay attention to tax implications
If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and your marital property will include all or part of it. Transferring property tax-free You can generally divide most…
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Seniors: Medicare premiums could lower your tax bill
Americans who are 65 and older qualify for basic Medicare insurance, and they may need to pay additional premiums to get the level of coverage they desire. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But one aspect of paying premiums might be positive: If…
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Two Suttle & Stalnaker Employees Receive Prestigious Elijah Watt Sells Award
We are proud to announce that two Suttle & Stalnaker employees, Cailin Thompson, an Audit Staff Accountant and Sarah Henderson, a Tax Staff Accountant, have been honored with the prestigious Elijah Watt Sells Award which recognizes outstanding performance on the CPA Examination. Each spring, since 1923, the American Institute of CPAS (AICPA) recognizes CPA candidates…
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Responding to the nightmare of a data breach
It’s every business owner’s nightmare. Should hackers gain access to your customers’ or employees’ sensitive data, the very reputation of your company could be compromised. And lawsuits might soon follow. No business owner wants to think about such a crisis, yet it’s imperative that you do. Suffering a data breach without an emergency response plan…
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Prepare for the worst with a business turnaround strategy
Many businesses have a life cycle that, as life cycles tend to do, concludes with a period of decline and failure. Often, the demise of a company is driven by internal factors — such as weak financial oversight, lack of management consensus or one-person rule. External factors typically contribute, as well. These may include disruptive…
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