Get ready for the 2023 gift tax return deadline

February 23, 2024

Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if it’s not required. Who must file? The annual gift tax exclusion has increased…

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Everyone Should Check Their Withholdings

February 22, 2024

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 close…

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Is it time to upgrade your business’s accounting software?

February 21, 2024

By now, just about every company uses some kind of accounting software to track, manage and report its financial transactions. Many businesses end up using several different types of software to handle different accounting-related functions. Others either immediately or eventually opt for a comprehensive solution that addresses all their needs. Although there’s some truth to the…

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What’s the best accounting method route for business tax purposes?

February 19, 2024

Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. Thus, it may be prudent for your…

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The IRS Issues Extensions for Parts of WV

February 12, 2024

On Friday, February 9, 2024, the IRS issued a notice that provides an extension of time for filing and paying taxes for individuals and business in select parts of West Virginia that were affected by severe storms that began on August 28, 2023.  The counties covered by this notice include Boone, Calhoun, Clay, Harrison and…

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9 tax considerations if you’re starting a business as a sole proprietor

February 9, 2024

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here are nine considerations: 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you’re currently eligible to claim…

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Filing jointly or separately as a married couple: What’s the difference?

February 7, 2024

When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks and your correct tax. The five filing statuses are: Single Married filing jointly, Married filing separately, Head of household, and Qualifying surviving spouse. If you’re married,…

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Update on IRS efforts to combat questionable Employee Retention Tax Credit claims

February 1, 2024

The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the ERTC expired for most employers at the end of the third quarter of 2021, it could still be claimed on amended returns after that. According…

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If you gave to charity in 2023, check to see that you have substantiation

January 30, 2024

Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a letter, can you still claim a deduction for the gift on your 2023 income tax return? It depends. What the law requires To prove a…

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Is your business subject to the new BOI reporting rules?

January 19, 2024

The Corporate Transparency Act (CTA) was signed into law to help the government prevent crimes commonly associated with illegal business activities such as terrorist financing and money laundering. If your business can be defined as a “reporting company” under the CTA, you may need to comply with new beneficial ownership information (BOI) reporting rules took…

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