Insights: Tax Services

Managing your Finances as a Small Business Owner

August 11, 2023

By: Steve Morgan, CPA, MBA Sometimes financial tasks can be daunting to a small business owner. However, managing the financial aspects of a small business is crucial for its success. Below is a financial checklist that can help small businesses stay organized and compliant:  Register your business: Ensure you have correctly registered your business with…

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Can you deduct student loan interest on your tax return?

August 10, 2023

The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you can deduct the interest you pay on your tax return. The answer may be yes, subject to certain limits. The deduction is phased out if your…

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Solo business owner? There’s a 401(k) for that

August 7, 2023

If you own a successful small business with no employees, you might be ready to set up a retirement plan. Now a 401(k) might seem way out of your reach — only bigger companies can manage one of those, right? Not necessarily. Two ways to contribute With a solo 401(k), the self-employed can make large annual deductible contributions to…

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Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”

August 2, 2023

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death…

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Leveraging Common AI Tools to Boost Small Business Success

August 1, 2023

By: Saundra Uy, CPA, CVA, CGMA In today’s rapidly evolving business landscape, small businesses face numerous challenges to stay competitive and thrive. However, technological advancements, specifically in artificial intelligence (AI), have opened new possibilities for small business owners. AI tools have become more accessible, affordable, and user-friendly, providing small businesses with powerful resources to streamline…

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A tax-smart way to develop and sell appreciated land

July 31, 2023

Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill. In this scenario, the tax rules generally treat you as a real estate dealer. That means your entire profit — including…

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WV Update – Personal Property Tax

July 24, 2023

By: Tricia Clark, CPA As you might remember, West Virginia passed a law this past legislative session to allow a state refundable income tax credit for WV personal property taxes on automobiles. Effective for taxes paid in 2024 and claimed on your 2024 WV income tax return. Last Thursday, WV State Revenue Secretary, Dave Hardy,…

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Everyone Should Check Their Mid-Year Withholdings – Have You?

July 23, 2023

By: Saundra Uy, CPA, CVA, CGMA Did you or your employees get your W-2 or file your income tax return, only to notice that your federal or state income taxes withheld from your paychecks were too low, or even zero? Especially in the day and age of direct deposit, many employees do not take a…

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Depreciation Update – Changes to Bonus Election

July 18, 2023

By: Morgan Hunt, CPA Do you own a business that frequently purchases machinery, equipment, computers, or other assets? Are you contemplating purchasing such assets this year or next? Now may be the time to take advantage of the opportunity to maximize your tax savings! Beginning in 2023, there is an annual reduction in the bonus…

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Starting a business? How expenses will be treated on your tax return

July 17, 2023

Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). The Bureau measures this by tracking the number of businesses applying for Employer Identification Numbers. If you’re…

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