Insights
What Gifts Are Subject to the Gift Tax
By: Layne Blasingim, CPA The gift tax is an area of taxation that many taxpayers may not be aware of including the related filing requirements. Though there is an annual exclusion, gift splitting and a large lifetime exclusion, taxpayers should be aware of the possible gifts that could cause filing requirements and possible tax liabilities.…
Read More
Taking your spouse on a business trip? Can you write off the costs?
A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report from Research and Markets. If you own your own company and travel for business, you may wonder whether you can deduct the costs of having…
Read More
Planning for Elder Care
By: Layne Blasingim, CPA What is it? When planning for elder care you must focus on the quality of life the older individual wants to have. Acute and long-term care, surrogate decision-making plans in the event of incapacity, housing and preserving the assets of a loved one are all items that must be planned for.…
Read More
Get ready for the 2023 gift tax return deadline
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…
Read More
Everyone Should Check Their Withholdings
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…
Read More
Is it time to upgrade your business’s accounting software?
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…
Read More
What’s the best accounting method route for business tax purposes?
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…
Read More
The IRS Issues Extensions for Parts of WV
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…
Read More
9 tax considerations if you’re starting a business as a sole proprietor
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…
Read More
Filing jointly or separately as a married couple: What’s the difference?
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,…
Read MoreSUBSCRIBE TO OUR NEWSLETTER
Receive timely news and updates from our newsletter.