by Lori Bowden | Dec 3, 2024 | Newsletter, Real Estate, Taxes
Have you purchased property recently? If so, are you interested in lowering your taxable income? A cost segregation study can help lower your taxable income in the year of completing a study, which generally is the year the property is placed in service. What is Cost...
by Lori Bowden | Dec 2, 2024 | Individuals, Newsletter, Taxes
As the end of the year approaches, many people give more thought to supporting charities they favor. To avoid losing valuable charitable deductions if you itemize, you’ll need specific documentation, depending on the type and size of your gift. Here’s a breakdown of...
by Lori Bowden | Dec 1, 2024 | Individuals, Newsletter, Taxes
Many Americans have become victims of natural disasters in 2024. Wherever you live, unexpected disasters may cause damage to your home or personal property, creating a “personal casualty loss.” This is defined as damage from a sudden, unexpected or unusual event, such...
by Lori Bowden | Nov 4, 2024 | Individuals, Newsletter, Taxes
As the holidays approach, it’s time to consider tax planning moves that will help lower your 2024 taxes, as well as set you up for tax savings in future years. Here are seven year-end tax planning ideas to consider. 1. Strategize on the Standard Deduction vs....
by Lori Bowden | Nov 3, 2024 | Business, Newsletter, Taxes
Now is a good time to consider year-end moves that can help reduce your business’s 2024 taxes. The effectiveness of a particular action depends on the circumstances of your business. Here are several possibilities. Time Income and Deductions A tried-and-true tactic...
by Lori Bowden | Nov 2, 2024 | Business, Newsletter, Taxes
To prepare for a business audit, an IRS examiner generally researches the specific industry and issues on the taxpayer’s return. Examiners may use IRS Audit Techniques Guides (ATGs). A little-known secret is that these guides are available to the public on the IRS...
by Lori Bowden | Nov 1, 2024 | Individuals, Newsletter, Taxes
In recent years, the residential real estate market has surged in many areas. That means many homes have greatly appreciated, and the $250,000 home sale gain exclusion ($500,000 for joint filers) isn’t always sufficient to protect a home sale from federal income...
by Lori Bowden | Oct 4, 2024 | Individuals, Newsletter, Taxes
When running a business as an S Corporation, compliance with tax regulations can be both intricate and essential, especially when it involves health insurance for shareholders. One of the most overlooked aspects is how to handle health insurance benefits for...
by Lori Bowden | Oct 3, 2024 | Business, Newsletter, Taxes
Some small businesses struggle with employee morale for a variety of reasons, one of which may be economic uncertainty. If you want to boost employees’ spirits without a big financial outlay, an achievement awards program is a relatively low-cost fringe benefit that...
by Lori Bowden | Oct 2, 2024 | Business, Fraud, Newsletter
While the use of paper checks has greatly diminished, thieves still view them as a source for stealing revenue. In fact, the Financial Crimes Enforcement Network warns that many thieves are returning to old-fashioned financial theft, using paper checks. That’s one...
