Insights

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Business owners: When it comes to IRS audits, be prepared

May 30, 2017

If you recently filed for your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business owner should know about the process. Catching the IRS’s eye Many business audits occur…

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A “back door” Roth IRA can benefit higher-income taxpayers

May 30, 2017

A potential downside of tax-deferred saving through a traditional retirement plan is that you’ll have to pay taxes when you make withdrawals at retirement. Roth plans, on the other hand, allow tax-free distributions; the tradeoff is that contributions to these plans don’t reduce your current-year taxable income. Unfortunately, your employer might not offer a Roth…

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Looking for concentration risks in your supply chain

May 30, 2017

Concentration risks are a threat to your supply chain. These occur when a company relies on a customer or supplier for 10% or more of its revenue or materials, or on several customers or suppliers located in the same geographic region. If a key customer or supplier experiences turmoil, the repercussions travel up or down…

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Hire your children to save taxes for your business and your family

May 24, 2017

It can be difficult in the current job market for students and recent graduates to find summer or full-time jobs. If you’re a business owner with children in this situation, you may be able to provide them with valuable experience and income while generating tax savings for both your business and your family overall. Shifting…

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Real estate investor vs. professional: Why it matters

May 24, 2017

Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are deductible only against passive income, with the excess being carried forward. Of…

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It may be time for your company to create a strategic IT plan

May 24, 2017

Many companies take an ad hoc approach to technology. If you’re among them, it’s understandable; you probably had to automate some tasks before others, your tech needs have likely evolved over time, and technology itself is always changing. Unfortunately, all of your different hardware and software may not communicate so well. What’s worse, lack of…

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Operating across state lines presents tax risks — or possibly rewards

May 17, 2017

It’s a smaller business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets. Doing so has become so much more feasible that many businesses quickly find themselves crossing state lines.…

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Want to help your child (or grandchild) buy a home? Don’t wait!

May 17, 2017

Mortgage interest rates are still at low levels, but they likely will increase as the Fed continues to raise rates. So if you’ve been thinking about helping your child — or grandchild — buy a home, consider acting soon. There also are some favorable tax factors that will help: 0% capital gains rate. If the…

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3 hot spots to look for your successor

May 17, 2017

Picking someone to lead your company after you step down is probably among the hardest aspects of retiring (or otherwise moving on). Sure, there are some business owners who have a ready-made successor waiting in the wings at a moment’s notice. But many have a few viable candidates to consider — others have too few.…

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Important Update to WV Local Sales and Use Tax

May 17, 2017

Effective July 1, 2017, the following ten West Virginia cities will begin imposing municipal sales and use tax at the rate of 1%.   ·         Bluefield ·         Follansbee ·         Moundsville ·         New Cumberland ·         Princeton ·         Shepherdstown ·         Sistersville ·         St. Albans ·         Wardensville ·         Wayne This will be in addition to the municipalities that are…

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