Insights
Vehicle expenses: Can individual taxpayers deduct them?
It’s not just businesses that can deduct vehicle-related expenses on their tax returns. Individuals also can deduct them in certain circumstances. Unfortunately, under current law, you may not be able to deduct as much as you could years ago. For years prior to 2018, miles driven for business, moving, medical and charitable purposes were potentially…
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Social Security benefits: Do you have to pay tax on them?
Some people who begin claiming Social Security benefits are surprised to find out they’re taxed by the federal government on the amounts they receive. If you’re wondering whether you’ll be taxed on your Social Security benefits, the answer is: It depends. The taxation of Social Security benefits depends on your other income. If your income…
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Checking in on Your Accounts Payable Processes
Accounts payable is a critical area of concern for every business. However, as a back-office function, it doesn’t always get the attention it deserves. Once in place, accounts payable processes tend to get taken for granted. Following are some tips and best practices for improving your company’s approach. Be strategic Too often, businesses take a…
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Standard Mileage Rates Increase
As gas prices continue to soar, the Internal Revenue Service (IRS) announced on June 9 an increase in the optional standard mileage rate for the final six months of 2022. Starting July 1 through December 31, 2022, the standard mileage rate for the business use of employees’ vehicles will increase four cents from 58.5 cents…
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AICPA Announces Natalie Luppold as 2022 ‘Standing Ovation’ Award Recipient
Las Vegas, Nev. – The American Institute of CPAs (AICPA) recognized Natalie Luppold, CPA, CITP, CISA, CRCM, a member of our Charleston Office, as a recipient of the 2022 AICPA Technology Advisory Standing Ovation Recognition at the AICPA & CIMA ENGAGE 2022 in Las Vegas earlier today. The honor is awarded to those with specialty credentials…
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CECL is Finally Here – What to Know as We Approach Implementation
By Kelly Shafer, CPA The effective date for the current expected credit loss (CECL) standard is fast approaching for all financial institutions that have not yet implemented. While most of us have been holding out hope for yet another extension, in November the Financial Accounting Standards Board (FASB) all but guaranteed that CECL will…
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Documents That Should Be Part of Your Estate Plan
People believe that having an estate plan is simply having a will or your assets in a trust. However, there is much more to an estate plan to ensure that your assets are transferred to your heirs upon your death. There are specific estate planning documents that every estate plan should have, and there are…
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Suttle & Stalnaker Staff Grab Top Awards at WVSCPA Committee Day
Charleston, W.Va. — Suttle & Stalnaker, PLLC, a public accounting firm with offices located in Charleston, Morgantown, and Parkersburg, is pleased to announce that at the recent West Virginia Society of CPAs (WVSCPA) Annual Committee Day, Suttle & Stalnaker’s own Jason Prince and Sean Woody received two of the top awards presented at Committee Day.…
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Caring for an elderly relative? You may be eligible for tax breaks
Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. 1. Medical expenses. If the individual qualifies as your “medical dependent,” and you itemize deductions on your tax return, you can include any medical expenses you…
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Tighten Up Billing and Collections to Mitigate Economic Uncertainties
While many economic indicators remain strong, the U.S. economy is still giving business owners plenty to think about. The nation’s gross domestic product unexpectedly contracted in the first quarter of 2022. Rising inflation is on everyone’s mind. And global supply chain issues persist, spurred on by events such as the COVID-19 lockdowns in China and…
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