Bartering is a taxable transaction even if no cash is exchanged

March 19, 2024

If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new — it’s the oldest form of trade — but the internet has made it easier to engage in with other businesses. However, if your business begins…

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How renting out a vacation property will affect your taxes

March 14, 2024

Are you dreaming of buying a vacation beach home, lakefront cottage or ski chalet? Or perhaps you’re fortunate enough to already own a vacation home. In either case, you may wonder about the tax implications of renting it out for part of the year. Count the days The tax treatment depends on how many days…

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If you didn’t contribute to an IRA last year, there’s still time

March 11, 2024

If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2024, filing date and…

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New option for unused funds in a 529 college savings plan

March 7, 2024

With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax deductible, but they grow tax deferred. Earnings used to pay qualified education expenses can be withdrawn tax-free. However, earnings used for other purposes may be subject to income tax plus a…

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Tax-wise ways to take cash from your corporation while avoiding dividend treatment

March 5, 2024

If you want to withdraw cash from your closely held corporation at a low tax cost, the easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits,” but it’s not deductible by the corporation. 5…

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What Gifts Are Subject to the Gift Tax

March 1, 2024

By: Layne Blasingim, CPA  The gift tax is an area of taxation that many taxpayers may not be aware of including the related filing requirements.  Though there is an annual exclusion, gift splitting and a large lifetime exclusion, taxpayers should be aware of the possible gifts that could cause filing requirements and possible tax liabilities.…

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Taking your spouse on a business trip? Can you write off the costs?

February 28, 2024

A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report from Research and Markets. If you own your own company and travel for business, you may wonder whether you can deduct the costs of having…

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Planning for Elder Care

February 26, 2024

By: Layne Blasingim, CPA What is it? When planning for elder care you must focus on the quality of life the older individual wants to have. Acute and long-term care, surrogate decision-making plans in the event of incapacity, housing and preserving the assets of a loved one are all items that must be planned for.…

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Get ready for the 2023 gift tax return deadline

February 23, 2024

Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if it’s not required. Who must file? The annual gift tax exclusion has increased…

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Everyone Should Check Their Withholdings

February 22, 2024

By: Saundra Uy CPA, CVA, CGMA Did you or your employees get your W-2 or file your income tax return, only to notice that your federal or state income taxes withheld from your paychecks were too low, or even zero?  Especially in the day and age of direct deposit, many employees do not take a close…

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