Accounting | Business Management Company

The tax score of winning

October 6, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax

Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the tax rules Whether you win […]

Selling a home: Will you owe tax on the profit?

September 14, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax, Uncategorized

Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South and $508,300 in […]

Think like a lender before applying for a business loan

September 10, 2021 / by Sherie Johnson / Newsletter, Small Business

Commercial loans, particularly small business loans, have been in the news over the past year or so. The federal government’s Paycheck Protection Program has been helpful to many companies, though fraught with administrative challenges. As your business pushes forward, you may find yourself in need of cash in the months ahead. If so, more traditional […]

ABLE accounts may help disabled or blind family members

August 20, 2021 / by Sherie Johnson / Small Business, Tax

There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related […]

There’s currently a “stepped-up basis” if you inherit property — but will it last?

July 20, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax, Uncategorized

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, […]

Don’t assume your profitable company has strong cash flow

June 16, 2021 / by Sherie Johnson / Uncategorized

Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you make an … you probably know how the rest of the expression goes. A dangerous assumption that many business owners make is that, if their companies are profitable, their cash flow must also be strong. […]

Still have questions after you file your tax return?

May 20, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax

Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when you will receive your refund? The IRS has an online tool that can […]

Retiring soon? Recent law changes may have an impact on your retirement savings

April 8, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax, Uncategorized

Retiring soon? Recent law changes may have an impact on your retirement savings If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which […]

The COVID-19 relief law: What’s in it for you?

January 12, 2021 / by Sherie Johnson / Deadlines, Newsletter, Small Business, Tax, Uncategorized

The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR). Direct […]

Can you qualify for a medical expense tax deduction?

December 17, 2020 / by Sherie Johnson / Small Business, Tax

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes. Itemizers must meet a threshold For […]

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