Are you unfairly burdened by a spouse’s tax errors? You may qualify for “innocent spouse relief”

Navigating the complexities of tax law can be difficult, especially when faced with an unexpected tax bill due to the errors of a spouse or ex-spouse. The reason for such a bill has to do with the concept of “joint and several” liability. When a married couple files a joint tax return, each spouse is […]

QBI can reduce your tax bill

Are you a small business owner looking to reduce your 2024 tax bill? Thanks to the Tax Cuts and Jobs Act, owners of pass-through entities may be able to claim tax deductions based on their qualified business income (QBI) and certain other income. This deduction can be up to 20% of your QBI, subject to […]

Third quarter estimated tax payments due soon

If you’re a taxpayer who needs to make quarterly estimated tax payments, mark your calendar for Sept. 15. That’s the due date for the third estimated payment for 2024. You should generally make estimated tax payments if you have taxable income that isn’t subject to withholding and you expect to owe tax of at least […]

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 Uncle Sam the standard 15% or 20% […]

Are you affected by the business interest limitation?

Will your company be affected by the business interest tax deduction limitation in 2024? Generally, interest paid or accrued by a business is deductible up to 30% of adjusted taxable income (ATI). Taxpayers with average annual gross receipts that don’t exceed an applicable threshold for the three previous years are exempt from the interest deduction […]

Do you have an emergency preparedness plan?

September is National Preparedness Month. The IRS is reminding taxpayers to develop an emergency preparedness plan or, if they already have one, to update it for 2024. In light of recent extreme weather events, such as violent tornadoes and flash flooding, it’s in your best interest to have a plan. Key steps to take include […]

Improve financial reporting with an effective audit committee

External auditors have primary responsibility for audit quality. However, the audit committee plays an important oversight role in the financial reporting process. Here are some best practices to consider when evaluating the composition of your company’s audit committee. Understanding the audit committee’s purpose Audit committees act as gatekeepers over financial reporting. This means overseeing the […]

On the cash basis and want to cut taxes?

Many small businesses use the cash basis of accounting, which means they record income when they receive it and generally deduct business expenses in the year they pay them. If your business follows this method, it might make sense to accelerate deductible expenses such as rent and insurance, paying them before year end. You might […]

Test your Knowledge: Settling tax debt for less than the amount owed

Settling tax debt for less than the amount owed

Did you win at the Casino?

Did you play the slots or try your hand at roulette over the long Labor Day weekend? If you won anything, you should know that gambling winnings are taxable. This includes winnings from casinos, lotteries, sports betting sites, bingo and poker games. Casual (as opposed to professional) gamblers are required to report gambling winnings on […]