Insights

You may be entitled to tax breaks if caring for an elderly relative

June 11, 2024

There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive quality care. In addition, you could also be eligible for tax breaks. Here’s a rundown of four of them: 1. Medical expenses. If the individual qualifies as…

Read More

House rich but cash poor? Consider a reverse mortgage strategy

June 7, 2024

Are you an older taxpayer who owns a house that has appreciated greatly? At the same time, you may need income. Thankfully, there could be a solution with a tax-saving bonus. It involves taking out a reverse mortgage. Reverse mortgage basics With a reverse mortgage, the borrower doesn’t make payments to the lender to pay…

Read More

New Regulatory Resource Available for Vendor Management

May 20, 2024

By: Kelly Shafer, CPA Changing technology combined with increased regulatory and financial reporting demands have led to banks placing more reliance than ever on outside vendors for various services. While outsourcing certain functions to third parties has brought efficiency and innovation to service delivery, the practice reduces the bank’s control over those functions. Management has…

Read More

QuickBooks Desktop transitions to QuickBooks Online

May 16, 2024

By: Saundra Uy, CPA, CVA, CGMA You may have received an email notifying you that your QuickBooks Desktop 2021 software will be discontinued on May 31, 2024. This notification is accurate but misleading and there are some important exceptions to consider. Recognizing the potential confusion surrounding this software transition, we are committed to clarifying any…

Read More

Pay attention to the tax rules if you turn a hobby into a business

May 10, 2024

Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business. You probably won’t have any tax headaches if your new business is profitable over a certain…

Read More

When partners pay expenses related to the business

May 8, 2024

It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture or law firm. For example, partners in service partnerships may incur entertainment expenses in developing new client relationships. They may also incur expenses for: transportation to get to…

Read More

Taxes when you sell an appreciated vacation home

May 8, 2024

Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home. Scenario 1: You’ve never used the home as your primary residence In this case, the…

Read More

Growing your business with a new partner: Here are some tax considerations

May 7, 2024

There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to the business. Assume that your basis in…

Read More

When businesses may want to take a contrary approach with income and deductions

May 6, 2024

Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to? One reason might be tax law changes that raise tax rates. The Biden administration has proposed raising the corporate federal income…

Read More

The pros and cons of turning your home into a rental

May 1, 2024

If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one- and two-bedroom residences were $1,487 and $1,847, respectively, according to the latest Zumper National Rent Report. In some parts of the country, rents are much higher or lower than the…

Read More

SUBSCRIBE TO OUR NEWSLETTER

Receive timely news and updates from our newsletter.

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