Tax-favored ways to build up a college fund

June 17, 2021

If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible options. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities for eligible…

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Plan ahead for the 3.8% Net Investment Income Tax

June 16, 2021

High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. The NIIT applies to you only if modified adjusted gross income (MAGI) exceeds: $250,000 for married taxpayers filing jointly and surviving spouses…

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Recordkeeping DOs and DON’Ts for business meal and vehicle expenses

June 10, 2021

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting…

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Hiring your minor children this summer? Reap tax and nontax benefits

June 4, 2021

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income,…

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Suttle & Stalnaker, PLLC Announces New Management Team

May 27, 2021

Tricia Clark, Wally Suttle and Drema Foster elected to firm leadership Charleston, WV – May 2021 – Suttle & Stalnaker, PLLC, a public accounting firm with offices in Charleston, Morgantown and Parkersburg, is pleased to announce the appointment of Patricia Clark as the new Managing Partner-Elect, Wallace Suttle, II as Chief Financial Officer and Drema…

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An S corporation could cut your self-employment tax

May 25, 2021

If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation. Fundamentals of self-employment tax The self-employment tax is imposed on 92.35%…

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Look at your employee handbook with fresh eyes

May 19, 2021

For businesses, so much has changed over the past year or so. The COVID-19 pandemic hit suddenly and companies were forced to react quickly — sending many employees home to work remotely and making myriad other tweaks and revisions to their processes. Understandably, you may not have fully documented all the changes you’ve made. But…

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Who qualifies for “head of household” tax filing status?

May 17, 2021

When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies to file a return as a head of household, which is more favorable than single? To qualify, you must maintain a household, which for more…

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The 2020 tax filing deadline is coming up: Do you need an extension?

May 13, 2021

“Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. The IRS postponed the usual April 15 due date due to the COVID-19 pandemic. If you still aren’t ready to file your return, you should request a 2020 tax filing extension. Anyone can…

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Help ensure the IRS doesn’t reclassify independent contractors as employees

May 10, 2021

Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly error. It can be complex to determine whether a worker is an independent contractor or an…

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