When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Filing a return as [...]
Is your company teetering on the edge of bankruptcy? In the wake of the pandemic, many small businesses are suffering financial distress from inflation, labor shortages, rising interest rates, tighter [...]
Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to [...]
Financial problems rarely happen overnight. Early detection increases the chances of a successful turnaround. Here are four red flags to watch out for: Late financial statements. When financials are delayed, [...]
As part of your exit strategy or your estate plan, let's say your team of advisors has helped you determine that selling your business will help you best achieve your [...]
Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut [...]
You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal [...]
The federal income tax treatment of business-related meal and entertainment expenses has been a moving target the last few years. If you're confused about what rules currently apply, you're not [...]
April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers: [...]
Every tax season, business owners must familiarize themselves with tax law changes that went into effect for that tax year. Fortunately, businesses don't have to contend with sweeping changes for [...]
Did you give large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. [...]
In a divorce, when either or both spouses own a closely held business, the dissolution of the marriage becomes more complex. There are several questions to consider: Should the couple [...]
Seniors who must take withdrawals from their IRAs may be able to benefit from a special tax provision for qualified charitable distributions (QCDs). Briefly stated, this provision allows people in [...]
As you know, we spend a lot of time in this e-newsletter talking about tax return filing responsibilities. But not everyone is required to file. If a person's income [...]
The Brookings Institution estimates parents will spend about $310,605 to raise a child born in 2015 until the age of 17. This figure is adjusted for future projected inflation but [...]