by ABIP | Nov 3, 2022 | Business, News, Newsletter, Taxes
Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer income into 2023 by delaying end-of-year invoices so that...
by ABIP | Nov 1, 2022 | Individuals, News, Newsletter, Taxes
With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2022. General Tax Planning Strategies General tax planning strategies for individuals include accelerating or deferring...
by ABIP | Oct 6, 2022 | Individuals, News, Newsletter, Real Estate, Taxes
For many people buying a home – whether it’s a fixer-upper in an up-and-coming neighborhood or that custom home you’ve always dreamed of – is a milestone event. While there is often a steep learning curve associated with buying and owning a home,...
by ABIP | Oct 5, 2022 | Accounting, Business, News, Newsletter
Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business’s success. In fact, a healthy cash flow is more important than your business’s ability to deliver its goods and...
by ABIP | Oct 4, 2022 | Business, Newsletter, Taxes
Understanding marginal and effective tax rates are important for tax planning purposes; however, many taxpayers don’t fully understand the differences. Let’s take a closer look: Marginal Tax Rate The United States has a progressive tax system. The more...
by ABIP | Oct 3, 2022 | Accounting, News, Newsletter, Taxes
When the IRS needs to ask a question about a taxpayer’s tax return, notify them about a change to their account, or request a payment, it often mails a letter or notice to the taxpayer. Taxpayers should know that the IRS sends millions of these letters and...
by ABIP | Sep 1, 2022 | Accounting, Individuals, Newsletter, Real Estate
Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property,...
by ABIP | Sep 1, 2022 | Accounting, Business, Individuals, Newsletter
According to the US Small Business Administration, small businesses employ half of all private-sector employees in the United States. However, a majority of small businesses do not offer their workers retirement savings benefits. If you’re like many other small...
by ABIP | Sep 1, 2022 | Accounting, Individuals, Newsletter, Taxes
Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses – including the cost of buying health...
by ABIP | Sep 1, 2022 | Accounting, Business, Individuals, Newsletter, Taxes
The Inflation Reduction Act (IRA), signed into law on August 16, 2022, includes provisions affecting businesses, individuals, the clean-energy industry, healthcare, and more. Let’s take a look: Businesses Sec. 461(l) Business Loss Limitation. The pass-through...
