Update on depreciating business assets

September 21, 2023

The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due to high inflation, the adjustments for 2023 were big. Here are the numbers that small business owners need to know. Section 179 deductions For qualifying assets placed in service in…

Read More

Divorcing business owners should pay attention to the tax consequences

September 18, 2023

If you’re getting a divorce, you know the process is generally filled with stress. 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 in many cases, your marital property will include all or part of it. Transferring property tax-free…

Read More

Purchasing Construction Equipment with Cash or Financing: What is the Impact on Your Financial Statements and Tax Returns?

September 12, 2023

By: Danny Shobe, CPA, CCIFP Having the right equipment to do a job can be highly critical to the success of a construction company. Deciding whether to purchase or rent the necessary equipment is a significant decision all construction company management teams and owners face each year. Once one chooses to purchase equipment, the next…

Read More

SECURE 2.0 – IRS Delays Roth Catch-up Contribution Requirement to 2026

September 5, 2023

By: Drema Foster, PAFM One of the key provisions of the SECURE 2.0 Act passed at the end of 2022 included a requirement that those earning over $145,000 in 2023 would have to make their 401(k) Catch-Up contributions as Roth (on an after-tax basis) beginning January 1, 2024. Those 50 years and older can contribute…

Read More

Selling your home for a big profit? Here are the tax rules

September 1, 2023

Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in July of 2023 rose 1.9% over July of 2022 after a couple years of much higher increases. The median home price was $467,500 in the Northeast,…

Read More

Guaranteeing a loan to your corporation? There may be tax implications

August 30, 2023

Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications. If your corporation defaults on the loan and you’re required to pay principal or…

Read More

The tax consequences of employer-provided life insurance

August 25, 2023

If your employer provides life insurance, you probably find it to be a desirable fringe benefit. However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications. You’re taxed on income you didn’t receive The first $50,000 of group term…

Read More

Pocket a tax break for making energy-efficient home improvements

August 16, 2023

An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home more energy efficient — and there’s a cool tax break that may apply. Thanks to the Inflation Reduction Act of 2022, you may be able to…

Read More

Moving Mom or Dad into a nursing home? 5 potential tax implications

August 14, 2023

More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking about taxes. But there may be tax consequences. Let’s take a look at five possible tax breaks. 1. Long-term medical care The costs of qualified long-term care, including nursing home care,…

Read More

Managing your Finances as a Small Business Owner

August 11, 2023

By: Steve Morgan, CPA, MBA Sometimes financial tasks can be daunting to a small business owner. However, managing the financial aspects of a small business is crucial for its success. Below is a financial checklist that can help small businesses stay organized and compliant:  Register your business: Ensure you have correctly registered your business with…

Read More


Receive timely news and updates from our newsletter.

  • This field is for validation purposes and should be left unchanged.