Insights: Tax Services

Using Per Diem for Your Employees

July 9, 2024

By: Chris Lambert, CPA, CGMA, CCIFP You may have heard of other contractors offering Per Diems – or you may get asked by your employees if you offer Per Diems.  They are an easy way to reimburse employees for costs incurred with business travel, but what exactly is a Per Diem? Per diem derives from…

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What might be ahead as many tax provisions are scheduled to expire?

July 3, 2024

Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections. Our current situation The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made sweeping changes. Many of its provisions are set to expire on December 31, 2025. With this…

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The tax consequences of selling mutual funds

July 1, 2024

Do you invest in mutual funds or are you interested in putting some money into them? If so, you’re part of a large group. According to the Investment Company Institute, 116 million individual U.S. investors owned mutual funds in 2023. But despite their widespread use, the tax rules involved in selling mutual fund shares can…

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2024 Q3 tax calendar: Key deadlines for businesses and other employers

June 27, 2024

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. July…

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Social Security tax update: How high can it go?

June 25, 2024

Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. However, many people don’t fully understand the Social Security tax they pay. If you’re an employee If you’re an employee, your wages are hit with the 12.4% Social Security tax up to the annual wage ceiling. Half…

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Should you convert your business from a C to an S corporation?

June 19, 2024

Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations and S corporations. In some cases, a business may decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in…

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Tax tips when buying the assets of a business

June 14, 2024

After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways: Buy the assets of the business, or Buy the seller’s entity ownership interest if the target business…

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Figuring corporate estimated tax

June 12, 2024

The next quarterly estimated tax payment deadline is June 17 for individuals and businesses, so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated tax without triggering the penalty for underpayment of estimated tax. Four possible options The required installment…

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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…

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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…

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