Insights: Tax Services
WV Update – Personal Property Tax
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?
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
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
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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When can seniors deduct Medicare premiums on their tax returns?
If you’re age 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially for married couples with both spouses paying them. But there may be an advantage: You may qualify for a tax break for paying…
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Strengthening Business Operations: The Importance of Internal Controls for Vendors, W-9 Tax Forms, and Issuing 1099s
Written By: Saudra Uy, CPA CVA CGMA Effective internal controls are the backbone of any well-managed business. They play a crucial role in safeguarding assets, ensuring accurate financial reporting, and mitigating the risk of fraud. When it comes to vendor management and tax compliance, implementing robust internal controls is vital. In this article, we will…
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Hiring family members can offer tax advantages (but be careful)
Summertime can mean hiring time for many types of businesses. With legions of working-age kids and college students out of school, and some spouses of business owners looking for part-time or seasonal work, companies may have a much deeper hiring pool to dive into this time of year. If you’re considering hiring your children or spouse,…
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2023 Q3 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. 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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Will your Estate be Subject to the Estate Tax?
By: Layne Blasingim When someone passes away, they may leave behind assets such as property (real and/or personal), investments, checking accounts and savings accounts. The process of transferring these assets to their beneficiaries is called estate administration. As part of this process, the estate may be subject to taxes and required to file an estate…
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Rules of Thumb: 1099s for Legal Settlements and Attorneys
Written by: Saundra Uy CPA, CVA, CGMA For most businesses, 1099 rules are the same across the board. In general, business payments made for services of $600 or more in a calendar year to a non-incorporated vendor require that the business issue a Form 1099 to that vendor. However, 1099s rules for attorneys are unique…
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