Insights: Tax Services

Are scholarships tax-free or taxable?

October 27, 2023

With the rising cost of college, many families are in search of scholarships to help pay the bills. If your child is awarded a scholarship, you may wonder about how it could affect your family’s taxes. Good news: Scholarships (and fellowships) are generally tax-free for students at elementary, middle and high schools, as well as…

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Business automobiles: How the tax depreciation rules work

October 23, 2023

Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle.…

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What types of expenses can’t be written off by your business?

October 16, 2023

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general…

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Divorcing business owners should pay attention to the tax consequences

September 18, 2023

If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. Transferring property tax-free…

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Purchasing Construction Equipment with Cash or Financing: What is the Impact on Your Financial Statements and Tax Returns?

September 12, 2023

By: Danny Shobe, CPA, CCIFP Having the right equipment to do a job can be highly critical to the success of a construction company. Deciding whether to purchase or rent the necessary equipment is a significant decision all construction company management teams and owners face each year. Once one chooses to purchase equipment, the next…

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Selling your home for a big profit? Here are the tax rules

September 1, 2023

Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in July of 2023 rose 1.9% over July of 2022 after a couple years of much higher increases. The median home price was $467,500 in the Northeast,…

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Guaranteeing a loan to your corporation? There may be tax implications

August 30, 2023

Let’s say you decide to, or are asked to, guarantee a loan to your corporation. Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications. If your corporation defaults on the loan and you’re required to pay principal or…

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The tax consequences of employer-provided life insurance

August 25, 2023

If your employer provides life insurance, you probably find it to be a desirable fringe benefit. However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications. You’re taxed on income you didn’t receive The first $50,000 of group term…

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Pocket a tax break for making energy-efficient home improvements

August 16, 2023

An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home more energy efficient — and there’s a cool tax break that may apply. Thanks to the Inflation Reduction Act of 2022, you may be able to…

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Moving Mom or Dad into a nursing home? 5 potential tax implications

August 14, 2023

More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking about taxes. But there may be tax consequences. Let’s take a look at five possible tax breaks. 1. Long-term medical care The costs of qualified long-term care, including nursing home care,…

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